Over the past few decades, Dubai has made significant progress in becoming a global hub for trade, tourism, and a green economy, making it one of the world's most inspiring, successful, and attractive cities for investments in all areas. This achievement is due to the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai; and the follow-up of 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. At Dubai Electricity and Water Authority (DEWA), we work in line with the UAE Centennial 2071, the Eight Principles of Dubai, the 50-Year Charter, the Dubai Clean Energy Strategy 2050, the Dubai Net Zero Carbon Emissions Strategy 2050, which aims to provide 100% of the energy production capacity from clean energy sources by 2050, and other government strategies that aim to ensure the happiness of citizens, residents, and visitors.
Since its establishment, DEWA has made considerable achievements and is ranked as one of the best utilities in the world. DEWA provides its services to more than one million customers in Dubai, according to the highest standards of efficiency, reliability, and availability. To meet the increasing demand for electricity and water in Dubai, DEWA continues to develop pioneering infrastructure projects. DEWA's installed capacity has reached 14,617MW of electricity and 490 million imperial gallons per day (MIGD) of desalinated water. In line with its vision to become a globally leading sustainable innovative corporation committed to achieving Net-Zero by 2050, DEWA is steadily moving towards reducing its carbon footprint to achieve a sustainable net-zero carbon by 2050. The production capacity of clean energy in Dubai has reached over 14.6% of Dubai's total power production capacity using photovoltaic solar power (PV) and concentrated solar power (CSP) at the Mohammed bin Rashid Al Maktoum Solar Park. DEWA also supports Dubai's progress in leading the future by reworking traditional concepts of work mechanisms to suit rapid global changes and strengthen Dubai's position as an incubator for creativity and a beacon of innovation.
The secret of DEWA's success lies in applying the principles and practices of excellence across all its operations and activities, as well as strategic planning, including them within its corporate culture. DEWA has a world-class governance system and continuous record of good governance across all its operations within a comprehensive system of integrated corporate work to improve work mechanisms, enhance efficiency, productivity, and encourage creativity and innovation. This has contributed to achieving competitive global results and DEWA's practices have become a benchmark for many organizations around the world. DEWA's results surpass major European and American utilities in several indicators. Losses from electricity transmission and distribution networks were reduced to 2.2% compared to 6-7% in Europe and the USA. Water network losses were also reduced to 4.5% compared to 15% in North America. DEWA has achieved a new world record in electricity Customer Minutes Lost (CML) per year. Dubai recorded 1.19 minutes per customer, compared to around 15 minutes recorded by leading utility companies in the European Union.
In April 2022, DEWA was listed on the Dubai Financial Market (DFM). DEWA became the largest listed company in the market, with a market value of AED 124 billion (USD 33.8 billion). The offering included the sale of 9 billion shares, representing 18% of its capital. In 2022, DEWA (PJSC) achieved record standalone 2022 net profit of AED 11.1 billion, and consolidated 2022 net profit of AED 8.0 billion. For the full year 2022, DEWA has increased its total dividend pay-out to its shareholders to AED 9.90 billion, representing a 60% increase from the company’s minimum annual dividend policy.
While we feel proud of DEWA’s achievements, we will continue developing unique experiences that enhance the happiness of all stakeholders and contribute to making Dubai the happiest and smartest city in the world. We will work to innovate proactive solutions for the challenges over the next 50 years to achieve the vision of the wise leadership to make the UAE the world’s leading nation by its Centennial in 2071.
HE Saeed Mohammed Al Tayer
MD & CEO of DEWA.