Dubai Electricity & Water Authority Forges New Path in Green Mobility

Dubai Electricity and Water Authority (DEWA) takes a significant step towards sustainability with a new partnership with Parkin, Dubai's largest supplier of paid public parking facilities.

Dubai Electricity & Water Authority Forges New Path in Green Mobility

Summary

DEWA signs a memorandum of understanding with Parkin to increase the number of EV 'Green Charger' stations, promoting the use of electric vehicles and enhancing sustainability in line with the UAE's National Electric Vehicles Policy and the Dubai Green Mobility Strategy 2030.

The Dubai Electricity and Water Authority (DEWA), a significant player in Dubai's expanding economy, infrastructure, and population, recently made a significant move towards sustainability. DEWA has signed a memorandum of understanding (MoU) with Parkin, Dubai's largest supplier of paid public parking facilities, to increase the number of EV 'Green Charger' stations across the city.

This initiative is a part of the UAE's commitment to sustainability and green mobility, supporting the National Electric Vehicles Policy and the Dubai Green Mobility Strategy 2030. As of April 2024, Dubai boasted over 30,000 electric vehicles (EVs), a figure expected to rise in the future. The number of customers registered with the EV Green Charger initiative also saw an increase, reaching over 15,000 by March 2024.

DEWA's commitment to sustainability is evident in this move, and it aligns with the global shift towards green energy and electric vehicles. This strategic partnership with Parkin could potentially enhance DEWA's market presence and positively affect its market cap, which currently stands at 122,000,000,000.

However, over the past three months, DEWA has seen a slight downward trend in its yield, with a 3-month yield of -0.05% and a 1-month yield of -0.03%. This trend could be a temporary setback or a sign of a more significant issue. As such, potential investors should carefully consider these factors.

Source

Press Release

Summary

Dubai Electricity and Water Authority (DEWA) has signed a memorandum of understanding (MoU) with Parkin, Dubai's largest supplier of paid public parking facilities, to increase the number of EV 'Green Charger' stations. The initiative aims to enhance sustainability and promote the use of electric vehicles (EVs). As part of the UAE's commitment to sustainability and green mobility, the move supports the National Electric Vehicles Policy and the Dubai Green Mobility Strategy 2030. As of April 2024, there were over 30,000 EVs in Dubai, with the figure expected to rise in the future. The number of customers registered with the EV Green Charger initiative also increased to over 15,000 by March 2024.

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