Dewa intends to distribute cash dividends of Dhs 3.1 billion for H1

Dubai Electricity and Water Authority (DEWA or the Company), the Emirate of Dubai’s exclusive electricity and water services provider, which is listed on the Dubai Financial Market (DFM), has announced that the company’s first general assembly meeting will be held physically and virtually on Monday, 10 October 2022.

The Assembly will vote on the recommendation of Board of Directors concerning a cash dividend distribution of Dhs 3.1 billion (Dhs 6.2 fils per share) for the first half of 2022. This is intended to be paid to the Company’s eligible shareholders in October 2022. The Assembly will also vote on the recommendation of the Board of Directors to suspend any further allocation of profit towards legal reserve as the Company’s legal reserve is currently in excess of 50% of the share capital of the Company.

Any shareholder who has the right to attend the General Assembly may delegate someone from other than the Board members or the staff of the company, or securities brokerage company, or its employees, to attend on his behalf as per a written delegation stating expressly that the agent has the right to attend the General Assembly and vote on its decision. A delegated person for a number of shareholders shall not have more than (5%) of the company issued capital after gaining that delegation. Persons lacking legal capacity and are incompetent must be represented by their legal representatives.

Dubai Electricity and Water Authority  reported revenues of Dhs 12.08 billion and net profit of Dhs 3.3 billion in the first half 2022.

Meanwhile, Dubai Electricity and Water Authority (Dewa) and the World Green Economy Organization (WGEO) announced that the theme of the 8th World Green Economy Summit (WGES) is ‘Climate Action Leadership through Collaboration: The Roadmap to Net-zero’. The theme reflects the UAE’s vision of advancing climate action, strengthening partnerships and international efforts to achieve climate goals.

WGES will be held under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on 28-29 September 2022 at the Dubai World Trade Centre. The Summit will discuss cooperation and exchange of knowledge and experience among stakeholders and international and regional organisations from the public and private sectors. The aim is to accelerate climate initiatives and ensure a smooth transition towards a green economy.

 Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy, MD & CEO of DEWA and Chairman of the WGES, will hold a press conference on Tuesday, 13 September 2022, to reveal details of this year’s edition of the Summit, which will focus on four main topics: Energy, Finance, Food Security, and Youth. It will host officials, experts and specialists from around the world. WGES 2022 supports preparations to host the 27th Conference of the Parties to the UN Convention on Climate Change (COP27) which will be held in Egypt in November this year and COP28 which will be held in the UAE next year. COP is the most important international event that focuses on climate action agendas. It strengthens the UAE’s leadership in climate action.

“The World Green Economy Summit continues its role as an ideal platform to exchange experiences, strengthen cooperation, align initiatives and coordinate regional and global efforts to pave the path for a sustainable future and achieve net zero emissions. The Summit will bring together prominent global decision-makers and experts to discuss the current and future needs to consolidate the foundations of a green economy. It also supports the UAE’s efforts in adopting the best practices for sustainability and green innovations, which will help balance economic growth and protect natural resources, while focusing on renewable and clean energy solutions,” said Al Tayer.

Dubai Electricity and Water Authority (Dewa) is committed to promoting Emiratisation in its various divisions. It adopts an integrated strategy to support and prepare UAE nationals to fill all engineering, technical and administrative jobs at Dewa. Dewa continues to attract citizens who are experienced or new graduates. This supports the goals of the UAE national agenda in developing the capabilities of Emirati talents, and its strategy to prepare young citizens to assume leadership in the energy and water sectors, as well as provide quality jobs that are in the interest of the country and its citizens.

“We work according to the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to prepare Emirati leaders to keep pace with rapid changes and various global challenges and opportunities. This achieves the objectives of the UAE Centennial 2071 to make the UAE the world’s leading nation. Dewa provides a positive environment that promotes creativity and innovation and spares no effort to develop and nurture its Emirati talents among the employees, according to the highest international standards.

WAM