Dubai Electricity & Water Authority PJSC

Dubai Electricity and Water Authority PJSC (DEWA) announced that Moody's has upgraded its long-term issuer rating from Baa2 to A3 with a stable outlook. This upgrade reflects positive macroeconomic trends in Dubai, DEWA's strong market position, robust asset base, favorable tariff structure, and strong liquidity profile. DEWA's leadership attributed the upgrade to the visionary guidance of Dubai's leaders. The improved rating is expected to enhance DEWA's financial and operational performance, ensuring consistent dividends for shareholders. According to DEWA's dividend policy, the company plans to pay a minimum annual dividend of AED 6.2 billion for the first five years starting October 2022.

Dubai Electricity and Water Authority (DEWA) has signed a memorandum of understanding (MoU) with Parkin, Dubai's largest supplier of paid public parking facilities, to increase the number of EV 'Green Charger' stations. The initiative aims to enhance sustainability and promote the use of electric vehicles (EVs). As part of the UAE's commitment to sustainability and green mobility, the move supports the National Electric Vehicles Policy and the Dubai Green Mobility Strategy 2030. As of April 2024, there were over 30,000 EVs in Dubai, with the figure expected to rise in the future. The number of customers registered with the EV Green Charger initiative also increased to over 15,000 by March 2024.

Dubai Electricity and Water Authority PJSC (DEWA) reported strong first quarter results for 2024, with revenue reaching AED 5.8 billion, marking a 6.7% increase year-on-year. The company also recorded its highest ever Q1 EBITDA of AED 2.6 billion, up by 9%, and a consolidated operating profit of AED 995 million, a rise of 11.6%. Additionally, DEWA delivered an extra AED 692 million in net cash from operations, reaching AED 3.3 billion, a 26.9% increase. The company attributes these exceptional results to a high demand growth of 6.4% in electricity and 5.9% in water.

On May 9, 2024, the Board of Directors of Dubai Electricity and Water Authority (DEWA) had a meeting where they approved the company's financial statements for the first quarter ending March 31, 2024. Aside from this, the Board also reviewed and considered general business matters. The information was communicated to Mr. Hamed Ahmed Ali, the CEO of Dubai Financial Market, by Aakash Nijhawan, the Group Head of Investor Relations at DEWA.

On 29th April 2024, Mr. Hamed Ahmed Ali, the CEO of Dubai Financial Market, received a notification about a board meeting of the Dubai Electricity and Water Authority PJSC (DEWA). The meeting is scheduled for Thursday, 9th May 2024 at 9:00 am. The agenda includes a review of the company's financial statements for the first quarter ending 31st March 2024 and discussion of other business matters. The notice was sent by Aakash Nijhawan, Group Head of Investor Relations at DEWA.

Dubai Electricity and Water Authority (DEWA) and ACWA Power have announced the financial closure of their 180 million imperial gallons per day seawater reverse osmosis desalination project in Hassyan. The project is a key part of DEWA's strategy to enhance Dubai's water desalination capacity and represents the world's largest project of its kind using this technology under the Independent Water Producer model. The project is worth AED 3.377 billion. The project supports Dubai's Integrated Water Resources Management Strategy 2030, the UAE Water Security Strategy 2036, and the Dubai Clean Energy Strategy 2050. By 2030, DEWA aims to produce all desalinated water with clean energy and waste heat. The project is fully powered by renewable energy.

On 28th March 2024, the General Assembly meeting of the Dubai Electricity and Water Authority PJSC (DEWA) was held. The results of the meeting have been sent to Mr. Hamed Ahmed Ali, the Chief Executive Officer of the Dubai Financial Market, by Aakash Nijhawan, the Group Head of Investor Relations at DEWA.