Dubai Electricity & Water Authority (DEWA) Listing on Dubai Financial Market

HE Saeed Mohammed Al Tayer, MD&CEO of Dubai Electricity and Water Authority (DEWA), said, “First of all, I would like to extend my thanks and gratitude to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai; His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, for the announcement made by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum to list Dubai Electricity and Water Authority in the Dubai Financial Market, as he chaired the Higher Committee for the Development of Capital Markets and Exchanges in Dubai. The move reflects the forward-looking vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum to increase the value of Dubai's financial markets and its stock exchanges to AED 3 trillion, as well as strengthening the financial sector and investor confidence. This also consolidates Dubai's position as a global financial and economic hub.”

Al Tayer added, "DEWA has achieved world-class results in the technical and financial performance indicators that are on a par with major global utilities. It has diversified its sources of income through pioneering projects in various fields in the energy and water sectors according to the highest standards of reliability and efficiency. DEWA enjoys a strong financial performance backed by investment in assets aggregating nearly AED 200 billion. We have more than one million customers, with around 7% annual increase in the number of new accounts. We have projects valued at around AED 86 billion that are planned to be commissioned in the next five years, to meet the increasing demand for electricity and water in the Emirate. This is achieved through a clear strategy and a roadmap to transform Dubai into a center of excellence for new technologies necessary to achieve net zero emissions and reach 100% clean energy by 2050. DEWA has succeeded in gaining the confidence of major investors to work in its major projects, especially in renewable and clean energy using the Independent Power Producer (IPP) model. Through this model, DEWA has attracted about AED40 billion. With its portfolio of diversified projects, DEWA is transforming Dubai into a global hub for clean energy, using different disruptive technologies, with a focus on diversifying the energy mix, as we strive to improve the quality of life for all the people living in the UAE.”

Al Tayer emphasized that listing DEWA in the Dubai Financial Market confirms the confidence of global investors in Dubai Government and its organizations, as well as the strong position DEWA enjoys. He noted that the move will help DEWA expand its scope of work and will contribute to providing new jobs for Emiratis, support the business sector and strengthen strategic partnerships between the public and private sectors. The listing will also encourage creativity and innovation, and enhance Dubai's position as a leading platform for global investments and a major tourist destination; supporting the Dubai 2040 Urban Master Plan, which aims to make Dubai the best city to live in.