DEWA shareholders will receive dividend proceeds shortly after the Dividend Record Date has been approved. Image Credit: Supplied

Dubai’s utility giant Dubai Electricity and Water Authority’s PJSC (DEWA), listed on the Dubai Financial Market (DFM), has confirmed the Company’s second general assembly meeting will be held physically and virtually today (Monday, December 12).

The Assembly will vote on the recommendation of the Board of Directors to distribute a special one-time cash dividend of Dh2.03 billion to its shareholders. If approved, the Dividend Record Date has been set for December 22, the authority confirmed. Shareholders should receive dividend proceeds shortly thereafter.

Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA, said that for the year 2022, DEWA intends to pay its shareholders a total dividend of Dh8.23 billion. On October 26, it paid Dh3.1 billion in dividends for the first half of 2022.

DEWA intends to pay a special one-time dividend payment of Dh2.03 billion (4.06 fils per share) to its shareholders and in April 2023, DEWA will pay Dh3.1 billion to its shareholders for the second half of 2022.

“Details of the second general assembly meeting will be sent by e-mail and by text messages to the shareholders,” said the authority in a public announcement. Dubai Electricity and Water Authority reported revenues of Dh12.08 billion and net profit of Dh3.3 billion in the first half 2022.

H-Station power plant reaches 93 per cent completion

Meanwhile, DEWA has completed 93 per cent of the 829 megawatts (MW) fourth phase of the H-Station power plant in Al Aweer with investments totalling Dh1.1 billion. This phase will increase Al Aweer Power Station Complex total capacity to 2,825MW under climate conditions of 50 degrees Celsius and 30 per cent relative humidity. Key testing and commissioning operations have started in Q4, 2022. The project is expected to be operational in first quarter of 2023.

Saeed Mohammed Al Tayer said that this project is one of DEWA’s key projects to meet the reserve margin criterion set for peak electricity demand in Dubai. It will add to DEWA’s current installed capacity of 14,317 MW of electricity.

Nasser Lootah, Executive Vice President of Generation (Power and Water) Division at DEWA, said that the station is equipped with the latest systems and technologies to reduce emissions to the minimum. He noted that the project’s work is progressing according to schedule, while maintaining the highest levels of health, safety, quality, and efficiency.

The project is being implemented by a consortium comprising Siemens Energy and Elsewedy Power. It includes supplying, installing, testing, and commissioning three Siemens gas turbines with a total capacity of 829MW. The project also includes installing sub devices and equipment from major international companies such as natural gas compressors from Germany’s MAN and a natural gas treatment station from Dutch company Petrogas. Other local and regional companies are also contributing to this project.