“Listing DEWA in the Dubai Financial Market confirms the confidence of global investors in Dubai Government and its organizations, as well as the strong position DEWA enjoys,” said Al Tayer. Image Credit: WAM

Dubai: The Dubai-owned utility entity DEWA currently has assets of nearly Dh200 billion and projects with a combined value of around Dh86 billion, according to a top official.

The updates on DEWA’s financial and operational status comes after the company was confirmed as the first of 10 IPOs Dubai is planning for leading government-owned enterprises. These numbers should be enough to enthuse investors eyeing the possibility of taking part in the upcoming IPO.

The projects will be commissioned in the next five years, “to meet the increasing demand for electricity and water in the emirate,” said Saeed Mohammed Al Tayer, Managing Director and CEO of Dubai Electricity and Water Authority. “This is achieved through a clear strategy and a roadmap to transform Dubai into a center of excellence for new technologies necessary to achieve net zero emissions and reach 100 per cent clean energy by 2050.

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“DEWA has succeeded in gaining the confidence of major investors to work in its major projects, especially in renewable and clean energy using the Independent Power Producer (IPP) model. Through this model, DEWA has attracted about Dh40 billion.

“With its portfolio of diversified projects, DEWA is transforming Dubai into a global hub for clean energy, using different disruptive technologies, with a focus on diversifying the energy mix, as we strive to improve the quality of life for all the people living in the UAE.”

Growing customer base

As of now, DEWA’s customer accounts total more than 1 million, with the average annual increase at 7 per cent. Last year was a monumental one for the utility entity, as it stood up to the challenge of handling the sudden and sustained spike in power usage during the peak COVID-19 months. During the phase, average usage shot up 6.6 per cent - the biggest such gain since 2012, according to DEWA records.

“The move will help DEWA expand its scope of work and will contribute to providing new jobs for Emiratis, support the business sector and strengthen strategic partnerships between the public and private sectors,” said Al Tayer.