DEWA welcomes IFC to strengthen cooperation between both organisations

Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), has welcomed a high-level delegation from the International Finance Corporation (IFC), part of the World Bank Group, to strengthen cooperation between both organisations.

The delegation included Sufyan Al-Issa, Head of IFC Mission to the UAE; Katia Kushnareva, Principal Counsel, Global Lead, SOEs, Municipal and Environmental Infrastructure; and Jaikishin Asnani, Senior Investment Officer, Infrastructure Department, MENA and Horn of Africa.

The visit is one of several by international missions and companies to DEWA. Waleed Bin Salman, Executive Vice President of Business Development and Excellence at DEWA, attended the meeting.

During the visit, IFC was briefed on DEWA’s achievements, initiatives and projects. These aim to achieve the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to make Dubai the best city to live, work and visit and become a global hub for economy and trade, promoting comprehensive and sustainable development as well as attracting foreign investments and achieving the happiness of citizens, residents and visitors.

Al Tayer discussed DEWA’s efforts to promote Dubai’s economy. DEWA has become a global role model in the efficiency and reliability of energy. It provides its services according to the highest standards of reliability, efficiency and quality. It keeps pace with the increase in energy demand and water by raising production capacity, which has reached 14,317 megawatts (MW) of electricity and 490 million imperial gallons of desalinated water per day.

DEWA also increases the capacity of the transmission and distribution networks in line with the significant growth witnessed by Dubai. DEWA provides electricity and water services to about 3.5 million people who live in Dubai, and more than 4.7 million people during the day.

Al Tayer highlighted DEWA’s work, activities, development, and continuous progress in its services. He also mentioned the key development projects and other strategic initiatives implemented by DEWA in line with the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 to provide 100 percent of Dubai’s total production capacity from clean energy sources by 2050.

The most important of these projects is the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world based on the Independent Power Producer (IPP) model. It will have a production capacity of 5,000 MW by 2030.

Al Tayer explained that DEWA has plans to invest AED 40 billion in capital expenditure over five years, primarily to expand renewable and clean energy projects. DEWA has a robust infrastructure to meet the growing demand, support a green economy, and enhance the UAE’s competitiveness in clean energy and energy efficiency technologies. DEWA has adopted the Independent Power and Water Producer (IPWP) model, which has contributed to a significant decrease in capital expenditure per megawatt of installed energy.

Through this model, DEWA has attracted investments of about AED 40 billion, achieving several world records in the lowest levelised cost of solar energy and desalinated water. This has made Dubai a global benchmark for solar energy and desalinated water prices.

Al Tayer noted that DEWA’s results surpass major European and American utilities in several indicators. In 2021, losses from electricity transmission and distribution networks were 3.3 percent compared to 6-7 percent in Europe and the USA. Water network losses were also reduced to 5.3 percent compared to about 15 percent in North America, making it one of the lowest water losses worldwide. DEWA has achieved a new world record in electricity Customer Minutes Lost (CML) per year. Dubai recorded 1.43 minutes per customer in 2021, compared to around 15 minutes recorded by leading utility companies in the European Union.

The IFC delegation expressed their admiration of DEWA’s innovative and pioneering projects, praising its pioneering achievements that has consolidated its position as a global model. This has promoted the position of Dubai and the UAE as a global hub for trade, finance and tourism.

News Source: Emirates News Agency