Dubai-based energy utility DEWA is paying Dh3.1b as its first dividend since this month’s IPO

“DEWA has kept pace with Dubai’s growth and has developed world-class infrastructure that will contribute significantly to the emirate’s attractiveness as a preferred business and residential destination,” said Matar Humaid Al Tayer, Chairman of DEWA.

DEWA has recorded “major milestones” since the DFM listing in April. In the first half of 2022, revenue was Dh12.08 billion, up 15 percent, while net profit was Dh3.3 billion, up 33 percent.

These results were derived using a 6.3 percent growth in electricity demand and 6.4 percent growth in water demand.

“Our ongoing projects are progressing well and these include investments in clean energy IPPs at Mohammed Bin Rashid Al Maktoum Solar Park, the largest single-site IPP-based solar park in the world; and other green investments such as the 250 MW Hatta pumped storage project and the 40 MIGD seawater reverse osmosis plant,” said Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA.