DEWA and Emirates NBD sign MoU to enhance efficiency of DEWA’s financial operations

As part of its ongoing efforts to adopt advanced digital solutions that enhance efficiency, strengthen governance and improve operational resilience, Dubai Electricity and Water Authority (DEWA) has signed a Memorandum of Understanding (MoU) with Emirates NBD to implement the Virtual Account IBAN solution, supporting the digital transformation of DEWA’s financial operations.

In the presence of HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, the MoU was signed by Mohammed Salem Al Mana, Executive Vice President of Billing Services at DEWA, and Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, in the presence of officials from both organisations. The signing ceremony took place during the 28th edition of the Water, Energy, Technology and Environment Exhibition (WETEX 2026), organised by DEWA from 20 to 22 October 2026 at the Dubai World Trade Centre.

“We are committed to leveraging the latest digital solutions and financial innovations to advance our operations and uphold the highest standards of efficiency, governance and transparency. Our collaboration with Emirates NBD to implement the Virtual Account IBAN solution supports our efforts to build a smarter, more resilient and integrated financial ecosystem. The solution will improve the accuracy of payment management, enhance reconciliation efficiency and streamline financial settlement processes. It will also strengthen oversight and support informed decision-making. Through this collaboration, we look forward to accelerating the digital transformation of our financial operations and enhancing operational excellence in line with our future aspirations,” said Al Tayer.

Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD, said: “Our collaboration with DEWA reflects Emirates NBD's central role in supporting vital public sector institutions with financial solutions grounded in global capability and a strong understanding of local markets. The Virtual Account solution will make incoming payments easier to identify and reconcile, giving DEWA greater visibility and control over its collections, while meeting evolving operational requirements. As a leading regional bank, we continue to advance the corporate banking experience through digital, integrated and co-created solutions that reflect the needs of modern businesses.”

According to the MoU, virtual account numbers will be assigned to customers, entities or various payment channels to automate payment identification, allocation and reconciliation processes, minimise manual intervention, and enhance operational control, monitoring, reporting and auditing within billing services. The solution will also reduce the time and effort required for manual reconciliation and payment tracking.