The Managing Director and CEO of Dubai Electricity and Water Authority, Saeed Mohammed Al Tayer, confirmed that the authority focuses on redefining traditional concepts of work in the service sector through innovation, which is of strategic importance to the authority.
He said that the implementation of the Authority’s strategy has already contributed to providing exceptional returns to the Authority’s shareholders.
In detail, Dubai Electricity and Water Authority (DEWA), listed on the Dubai Financial Market under the symbol (DEWA), confirmed that its remarkable success in implementing its strategy contributes to achieving rewarding returns for shareholders, as the authority’s strategy focuses on achieving sustainable growth and staying at the forefront of operational excellence. Innovative and smart, improving returns for shareholders, in addition to reducing environmental footprint.
DEWA stated that the pillars of sustainable growth for the authority include setting priorities, meeting the needs of the Emirate of Dubai, maximizing returns from the portfolio of operating assets, providing sustainable and innovative returns, and expanding the operational scope of its subsidiaries portfolio throughout the UAE, taking into account international growth. and partnerships across its operating portfolio.
Saeed Mohammed Al Tayer, Managing Director and CEO of Dubai Electricity and Water Authority, said: “We are working within the framework of the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to provide an advanced infrastructure that contributes to the consolidation of Dubai’s position as a preferred destination for living and working. investment and visit, and meet the growing demand for electricity and water services according to the highest standards of availability, reliability, efficiency and quality.
He added, “We are working to keep pace with demand by implementing pioneering projects to diversify sources of energy production, including various clean and renewable energy sources and technologies available in Dubai, and expanding projects: the Mohammed bin Rashid Al Maktoum Solar Energy Complex, in order to achieve (Dubai Clean Energy Strategy 2050). And (carbon neutrality strategy 2050) for the Emirate of Dubai, to provide 100% of energy production capacity from clean energy sources by 2050 ».
Al Tayer continued: “DEWA’s strategy, growth pillars, and our capital commitments are key factors that contribute to achieving our ambitions in the field of energy transition and reducing carbon emissions to achieve carbon neutrality goals for the year 2050, while supporting strong demand for our portfolio of exclusive products and services in Dubai.” .
He said, “At the authority, we focus on reformulating traditional concepts to work in the service sector through innovation, which is of strategic importance to us. The implementation of our strategy has already contributed to providing exceptional returns to the Authority’s shareholders, which indicates that the Authority’s strategy focuses on ensuring sustainable returns, continuity of growth and doubling the value of growth, which forms the cornerstone of the basic value proposition for shareholders.
DEWA recorded record net profits during the first nine months of 2022, amounting to 6.47 billion dirhams, almost equivalent to the entire net profit of last year. Its revenues also increased by 15%, compared to the same period last year, to reach 20.63 billion dirhams, while the authority is expected to achieve, this year, the best annual financial performance in its history.
DEWA confirmed that it is focusing on anticipating future challenges, preparing for and planning them, and turning them into promising opportunities, pointing to the “green hydrogen” project, the first of its kind in the Middle East and North Africa to produce “green hydrogen” using solar energy.
To encourage green mobility, DEWA has installed 336 green charger stations to charge electric cars in Dubai, and plans to increase the number to 1,000 stations by 2025.
The authority pointed out that it has a world-class portfolio of existing and planned production stations, including: the Jebel Ali station and the Al Awir station, which run on natural gas, the Hassyan station, the Mohammed bin Rashid Al Maktoum Solar Energy Complex, in addition to the hydroelectric station in Hatta, the first of its kind in the Arabian Gulf region.
The authority also referred to the current and planned water production capacity, represented by the Jebel Ali plant, with a capacity of 490 million gallons of desalinated water per day, which is the largest desalination facility in the world, and the Hassyan plant.
Subsidiaries of “Dewa”
DEWA owns most of the shares of Empower, the world’s largest district cooling provider in terms of connected capacity, and currently holds 80% of the market share in Dubai.
Mai Dubai, which is 100% owned by DEWA, has a fully automated water bottling facility that relies entirely on clean solar energy.
Etihad Energy Services Company “Etihad ESCO” is 100% owned by the Dubai Electricity and Water Authority, and it specializes in the field of energy efficiency services in Dubai.
Digital DEWA, which is 100% owned by the Dubai Electricity and Water Authority, runs a group of companies specializing in information and digital technologies.
Dubai Green Fund
The Dubai Green Fund, which is 100% owned by the Authority, is the first specialized fund for green investments in the Middle East and North Africa.
A corporate venture capital fund, 100% owned by DEWA, dedicated to investing in strategic projects and high-growth companies related to DEWA’s utility services business.
Increasing demand for energy and water
Dubai Electricity and Water Authority stated that various factors drive the sustainable growth of the authority, including the growing demand for energy and water in Dubai, as the authority provides its services to the population of Dubai, which number three million and 541 thousand people, and more than 4.7 million people during the day.
These numbers are expected to rise to 5.8 million and 7.8 million, respectively, by 2040.
DEWA indicated that Dubai received, during the first nine months of this year, 10.12 million international visitors, at a time when the volume of energy demand during the first nine months of 2022 reached 40.7 TWh, compared to 38.6 TWh during the same period. From 2021.
The peak energy demand during the first nine months of this year was 9.5 gigawatts, an increase of 3.3% compared to the same period last year.
DEWA pointed out that the growth in demand is directly related to the increase in the use of the authority’s products and services, and thus an increase in profits and returns for shareholders.