DEWA affirms its role as sole utilities supplier in Dubai

DEWA affirms its role as sole utilities supplier in Dubai

HE Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority PJSC (DEWA), received a delegation of institutional investors and equity research analysts, from Damac Invest, Citadel, C Worldwide, Cap Ann, GIC, Old Mutual, USS, Introspect Capital and Morgan Stanley.

The meeting, which was 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.

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, and sustainability-focused green growth prospects, key investment themes, and demand drivers. He emphasized that given DEWA’s role as the sole utilities 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 the year 2022, DEWA delivered the best full year consolidated and standalone financial performance in its operating history. For the full year 2022, DEWA has increased its total dividend pay-out to its shareholders to AED 9.90bn, representing a 60% 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% of Dubai’s total power production capacity from clean energy sources by 2050. DEWA intends to have 25% 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.

News Source: Dubai Media Office

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