Dewa discusses co-operation with investment organisations
Top officials during the meeting.
The meeting, held at Dewa’s headquarters, was attended by Waleed Bin Salman, Executive Vice President of Business Development and Excellence; Thomas Varghese, Chief Financial Officer and other Dewa officials.
The meeting discussed ways of cooperation between Dewa and the investment organisations, especially in green and sustainable financing and participation in Dewa’s renewable and clean energy projects.
Al Tayer emphasised that Dubai continues to maintain its global leadership and attractiveness as the ideal destination for tourists and visitors and the preferred place for business.
This is supported by a world-class infrastructure and a stimulating environment that facilitates doing business and ensures promising investment opportunities.
During the meeting, Al Tayer presented an overview of Dewa’s operations and its underlying subsidiaries, discussed the company’s strong publicly reported financial and operating performance, sustainability-focused green growth prospects, key investment themes and demand drivers.
He emphasised that given Dewa’s role as the sole utility supplier in Dubai, with a solid consumption backdrop, Dewa enjoys high cash flow visibility, which translates into visible cash returns for shareholders in the form of dividends.
For 2022, Dewa delivered its operating history’s best full-year consolidated and standalone financial performance.
For 2022, Dewa has increased its total dividend pay-out to its shareholders to Dhs9.90 billion, representing a 60 per cent increase from the company’s minimum annual dividend policy.
In addition, Al Tayer covered Dewa’s projects in sustainability, renewable and clean energy, in line with the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 to provide 100 per cent of Dubai’s total power production capacity from clean energy sources by 2050.
Dewa intends to have 25 per cent of its generation capacity from clean and renewable sources by 2030, enhancing operating margins.
Al Tayer highlighted Dewa’s shareholder strategy, which is focused on delivering consistency of returns, durability of growth, and compounding of growth value over time, which forms the bedrock of Dewa’s core value proposition to its investors.
Meanwhile earlier this month the Dubai Electricity and Water Authority (Dewa) and Roads and Transport Authority in Dubai (RTA) and have signed a Memorandum of Understanding (MoU) for a strategic partnership in organising the Dubai International Project Management Forum (DIPMF) for three years (2023-2025).
The forum has attracted more than 13,000 participants from 45 countries in its previous eight editions.
The MoU was signed by Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of RTA, and Saeed Mohammed Al Tayer, MD and CEO of Dewa. Mattar Al Tayer expressed his pleasure in continuing the partnership with Dewa, stating that it contributes to achieving the objectives of the forum, which is to highlight Dubai’s pioneering development experience under the wise leadership of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister, Ruler of Dubai.
The DIPMF has positioned itself as a global platform that attracts experts and specialists from different countries to review the best international practices in project management, excellence, and success in managing infrastructure projects. Mattar Al Tayer stressed that the forum demonstrates how to implement smart, sustainable, and innovative practices in project management to ensure the best results.
Saeed Mohammed Al Tayer commended the role of the DIPMF in presenting Dubai’s experience in project management and sharing the best practices and experiences implemented in Dubai, which has become a global benchmark for best practices in all sectors, especially major projects in infrastructure, services, and real estate.
Dewa’s projects contribute significantly to sustainability, with the Mohammed Bin Rashid Al Maktoum Solar Park being the largest single-site solar park in the world, with a power capacity of 5,000 megawatts (MW) using photovoltaic solar panels (PV) and Concentrated Solar Power (CSP) technologies.
Dewa was formed by merger of the Dubai Electricity Company and the Dubai Water Department that had been operating independently until then. These organisations were established in 1959 by Sheikh Rashid Bin Saeed Al Maktoum, the ruler of Dubai at the time. The objective of the state-run company is making available to the people of Dubai an adequate and reliable supply of electricity and water.
