DEWA announces IPO launch to sell 6.5% Stake of the company

DEWA announces IPO launch to sell 6.5% Stake of the company

Dubai Electricity and Water Authority PJSC (“DEWA”) formally announced its intention to float 6.5% of its issued share capital to be listed on the Dubai Financial Market (“DFM”).

DEWA, now DEWA PJSC, was created in 1992 as a result of the merger of the Dubai Electricity Company and the Dubai Water Department. It is now a globally-leading fully integrated utilities company and the exclusive provider of electricity and potable water to Dubai’s 3.5 million residents and millions of people who visit every year.

DEWA is a key enabler of Dubai’s energy transition to net zero and 100% clean energy by 2050, and it is focused on enabling a clean future for its customers and communities.

"Dubai’s wise leadership has enabled the Emirate to grow into a thriving, diversified global economy in just a few decades. This is a historical moment for DEWA as the first government entity in Dubai to go public. It reflects the immense faith and confidence by our wise leadership and the government of Dubai. As the exclusive provider of electricity and water services to Dubai, DEWA is incredibly proud to have played a part in the success of the Emirate.

Dubai’s fast paced development has resulted in a rapid increase in the demand for electricity and water. And DEWA has grown along with Dubai’s expanding economy, population, and world-class competitive infrastructure, emphasising the Emirate’s position as a global city. DEWA is therefore both integral to, and benefits from, Dubai’s past and current economic growth. And we are playing a key role in Dubai’s green energy transition process.

DEWA has a world-class governance system and continuous record of good governance across all its operations. With the highest standards of efficiency, quality, and availability, DEWA is ready to meet the increasing demand for electricity and water in the Emirate, as the population is expected to grow from around 3.5 million people today to 5.8 million people by 2040.

Central to DEWA’s strategy is supporting Dubai’s energy transition to net zero by 2050 – we are focused on enabling a clean future for our customers and communities. DEWA supports the Dubai Net Zero Carbon Emissions Strategy 2050 and is well-aligned to the Dubai Clean Energy Strategy 2050, which aims to provide 100% of Dubai’s energy production capacity from clean energy sources by 2050. Looking ahead, DEWA will support the UAE’s strategic growth ambitions by providing Dubai’s millions of residents and visitors with world-class services and innovative energy solutions. And that in turn will enrich lives while ensuring the happiness and wellbeing of all our stakeholders."

HE Saeed Mohammed Al Tayer

Accomplishments achieved by DEWA

  • As Dubai’s exclusive provider of electricity and potable water to over 1 million customers, DEWA is a key part of Dubai’s economic growth story and is at the heart of the Emirate’s energy transition. It operates state-of-the-art infrastructure that is critical to Dubai, its residents, and its visitors.
  • DEWA currently has 13.4 gigawatts (GW) of installed electricity capacity with a substantial pipeline of additional expected capacity.
  • By 2030, DEWA’s total installed capacity from the Mohammed bin Rashid Al Maktoum Solar Park is expected to reach 5 GW
  • DEWA has a 70% stake in Empower, the world’s largest district cooling services provider by connected capacity, with a total contracted capacity of approximately 1.6 million refrigeration tonnes.

Access all the IPO information here.

News Source: DEWA

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