Invest in DEWA
Dubai Electricity and Water Authority PJSC ("DEWA") is a globally leading fully integrated utilities company and the exclusive provider of electricity and potable water in Dubai.
DEWA has grown along with Dubai’s expanding economy, population and infrastructure. With the highest standards of efficiency, quality, and availability, DEWA is ready to meet the increasing demand for electricity and water in the Emirate, which is planning to grow from around 3.5 million people in 2022 to 5.8 million people by 2040.
DEWA is integral to, and benefits from, Dubai’s past and current economic growth, while also playing a key role in Dubai’s clean energy transition process, which is a central pillar of the Group’s strategic direction.
DEWA’s operational excellence, market position and service quality give the company a very attractive financial profile with high visibility over cash flow generation and shareholder returns.
Looking ahead, DEWA remains focused on creating the maximum value for our customers and shareholders, alike.
An investment in DEWA is an investment in the future of Dubai.
DEWA is a globally leading fully integrated utilities company with total investment in gross property, plant and equipment of around AED 201 billion• As Dubai’s exclusive provider of electricity and potable water to over 1 million customers, DEWA is a key part of Dubai’s economic growth story and is at the heart of the Emirate’s energy transition. It operates state-of-the-art infrastructure that is critical to Dubai, its residents, and its visitors.
• DEWA currently has 13.4 gigawatts (GW) of installed electricity capacity with a substantial pipeline of additional expected capacity.
• By 2030, DEWA’s total installed capacity from the Mohammed bin Rashid Al Maktoum Solar Park is expected to reach 5 GW.
• DEWA can currently produce 490 million imperial gallons of desalinated water each day.
• DEWA has a 70% stake in Empower, the world’s largest district cooling services provider by connected capacity, with a total contracted capacity of approximately 1.6 million refrigeration tonnes.
• DEWA is the majority owner of several independent power producers (IPPs) which have a total operational capacity of 2.7 GW, increasing to 7.4 GW by 2030.
• DEWA is also the majority owner of the independent water producer (IWP) project at the Hassyan Water Complex, which will utilise sea water reverse osmosis to produce 120 million imperial gallons daily (MIGD) when production commences in 2024 and 240 MIGD when fully operational by 2030.
DEWA exclusively provides electricity and potable water to Dubai’s 3.5 million residents - and the millions of people that visit every year – as well as district cooling services in parts of Dubai through its subsidiary, Empower• DEWA is a key component of Dubai’s economy and is expected to grow alongside the Emirate.
• Dubai is a vibrant economy that has undergone a massive, fast-tracked transformation over the last few decades. Dubai has successfully diversified its economy with limited reliance on commodities (~1% of GDP), and real GDP is expected to show resilient growth of approximately 3% over the coming year.
• DEWA provides its services to c.3.5 million Dubai residents and the Emirate’s active daytime population of over 4.7 million, which are expected to reach 5.8 million and 7.8 million respectively by 2040, driven by far-reaching economic transformation programmes such as Dubai’s 2040 Urban Master Plan and Dubai’s Clean Energy Strategy 2050, and Dubai’s Net Zero Carbon Emissions Strategy 2050.
• Dubai’s economy is backed by a solid credit profile, strong credit ratings, and a competitive tax environment which, alongside the governments' continuous efforts towards improving the quality of life, will allow Dubai to remain a top destination for the millions of visitors travelling here for work and leisure each year.
DEWA is a key enabler of Dubai’s energy transition to net zero by 2050 and is focused on enabling a clean future for its customers and communities• DEWA supports the Dubai Net Zero Carbon Emissions Strategy 2050 and is well-aligned to the Dubai Clean Energy Strategy 2050, which aims to provide 100% of Dubai’s energy production capacity from clean energy sources by 2050.
• Around 11.4% of DEWA’s energy currently comes from clean sources. This is expected to reach around 14% by the end of 2022.
• DEWA has launched its Carbon Dioxide Emission Reduction programme and targets a reduction of Scope 1 GHG emissions of 35% by 2030 against Business As Usual.
• DEWA’s Mohammed bin Rashid Al Maktoum Solar Park is the largest single-site solar park in the world. It has an installed capacity of approximately 1.5 GW with total capacity reaching 5 GW by 2030. At full capacity, it is expected to reduce Dubai’s carbon emissions by more than 6.5 million tonnes annually.
• In addition to solar power, DEWA is building a 250 MW pumped-storage hydroelectric power station in Hatta. It is the first of its kind in the Arabian Gulf, with a storage capacity of 1,500 MWh.
• In February 2022, it was announced that the Hassyan Power Plant, the Group’s only dual fuel plant, would be converted to operate only on natural gas.
• DEWA is looking to increase the number of its electric vehicle charging stations around Dubai from over 320 in 2021 to more than 1,000 by 2025. This has encouraged more people to buy electric vehicles in Dubai.
• DEWA aims to produce 100% of its desalinated water using a mix of clean energy and waste heat by 2030.
• In May 2021, DEWA launched a green hydrogen project, the first of its kind in the Middle East and North Africa. DEWA is conducting a detailed study to develop a strategy and roadmap for green hydrogen technologies.
DEWA has a consistent track record of operational excellence and the highest standards of service quality• DEWA is a leading utilities provider, with key performance indicators around reliability and availability of power surpassing prominent European and American peers.
• DEWA has reduced its power transmission and distribution network losses to just 3.3% in 2021, compared to 6-7% in Europe and North America.
• DEWA has reduced its annual customer minutes lost to 1.43 minutes, compared to the 15 minutes recorded by leading utilities in Europe and North America.
• DEWA’s water network losses have decreased to 5.3%, compared to the 15% benchmarked in Europe and North America.
• DEWA’s continuous improvements in operational efficiency are at the level of the highest international benchmarks.
Technological innovation is part of DEWA’s DNA, affirming its leading position as a digitalised utilities company• DEWA continuously invests in innovative technologies to enhance its operations and deliver robust end-to-end solutions.
• DEWA is investing AED 7 billion in Smart Grid initiatives over the course of 2014-2035. This includes advanced metering infrastructure for power and water, big data and analytics, automation and additional technology infrastructure, advanced systems security, and further systems integration.
• DEWA is proud to be both the first entity in the UAE to utilise artificial intelligence and the first non-telco entity to receive an Internet of Things license, with a 98.7% smart adoption of DEWA’s services as of Q4 2021.
• DEWA invests in technologies such as DAQRI virtual reality to support engineers at power stations, the HoloLens 3D real-data representation for efficient decision making and the Rammas AI Assistant to streamline customer care.
• In January 2022, DEWA launched DEWA-SAT 1, a 3U nanosatellite, part of its Space-D Programme, becoming the world’s first utilities and energy infrastructure company to use nanosatellites and space technologies such as satellite imagery to improve operations, maintenance, and the planning of energy networks.
DEWA has a very attractive financial profile with high visibility over cash flow generation and shareholder returns• Operational excellence, pioneering investments in new technologies and assets, and supportive government policies give DEWA high visibility over cash flows and shareholder returns.
• DEWA is the sole provider of electricity, water, and district cooling in Dubai, with strong top line revenues of AED 23.8 billion in 2021, reflecting a CAGR (2019-2021) of 2.0%.
• DEWA’s cost reflective and transparent tariff framework serves the interests of all stakeholders while providing strong and sustainable profits and an attractive return on investment for shareholders.
• In 2021 DEWA’s Adjusted EBITDA was AED 12.1 billion (a 50.7% margin), with net income of AED 6.6 billion (a 27.5% margin).
• DEWA has a strong balance sheet with low net debt of just AED 17.6 billion (1.5x ND/EBITDA) in 2021.