Press releases, Reports & Disclosures for Dubai Electricity & Water Authority PJSC

On 22nd January 2024, Aakash Nijhawan, the Group Head of Investor Relations at Dubai Electricity and Water Authority PJSC (DEWA), notified Mr. Hamed Ahmed Ali, the CEO of Dubai Financial Market, about a Board of Directors meeting. The meeting is scheduled for Thursday, February 8th, 2024 at 9:00 am. The agenda includes the release of DEWA's preliminary and unaudited financial statements for the year 2023 and discussion of other business matters.

The Dubai Electricity and Water Authority (DEWA) has started operational testing for the 829 MW fourth phase of its H-Station power plant in Al Aweer. The tests include the initial operation of turbines and power generators and connecting to the power grid. The project, which is worth AED 1.1 billion, will increase the total capacity of the H-Station to 2,825 MW. The testing will ensure the quality and reliability of the units’ operations on the network and will continue until the project is completed in Q2 2024. The project is being implemented by a consortium including Siemens Energy and Elsewedy Power, with contributions from other local and regional companies.

The Dubai Electricity and Water Authority (DEWA) commissioned 1,414 distribution substations of 11kV across Dubai in 2023. The project took 996,648 man-hours and was executed according to high health and safety standards. This is part of DEWA's initiative to build a state-of-the-art infrastructure to keep pace with sustainable development requirements in Dubai, supporting the goals of the Dubai 2040 Urban Masterplan. The total number of medium voltage substations (11 kV and 6.6 kV) reached 44,015 stations by the end of 2023. All substations were implemented according to the highest standards of quality, efficiency, and safety using the latest digital technologies.

The Dubai Electricity and Water Authority (DEWA) has set two new records at the Mohammed bin Rashid Al Maktoum Solar Park. The park now hosts the 'Tallest Concentrated Solar Power Tower' at 263.126 metres and the 'largest thermal energy storage plant' at 5,907 megawatt hours using Concentrated Solar Power (CSP) based on parabolic basin complex with Molten Salt technology. These records were set in the park's 4th phase, which uses CSP and photovoltaic solar panel technologies. The certificates were received by DEWA's MD & CEO, HE Saeed Mohammed Al Tayer, at COP28, hosted by the UAE at Expo City Dubai.

Dubai Electricity and Water Authority PJSC (DEWA) has announced record operating and financial results for Q3 2023, marking the highest reported quarterly revenue, operating profit, EBITDA and net profit in the company's history. DEWA reported a 10.2% growth in quarterly revenue, 13.9% growth in operating profit, and 9.9% growth in EBITDA. The company also saw a robust net profit growth of 6.9%. There was a quarterly growth of 8.8% for electricity generation and 5.4% for water. The company's net cash from operating activities increased by AED 754 million to AED 9.8 billion, an 8.3% increase compared to the same period last year. Total power generation in Q3 reached 18.897 TWh, a growth of approximately 8.8% compared to the same quarter in 2022.

The Board of Directors of Dubai Electricity and Water Authority PJSC (DEWA) held a meeting on November 10th, 2023, where they approved the company's financial statements for the third quarter, which ended on September 30th, 2023. General business matters were also reviewed and considered during the meeting. The notification was sent by Aakash Nijhawan, the Group Head of Investor Relations.

The CEO of the Dubai Financial Market, Mr. Hamed Ahmed Ali, was notified of a meeting of the Board of Directors of the Dubai Electricity and Water Authority (DEWA) scheduled for November 10th, 2023 at 9:00am. The meeting's agenda includes reviewing the company's financial statements for the quarter ending September 30th, 2023, and discussing other business matters. The notification was sent by Aakash Nijhawan, the Group Head of Investor Relations for DEWA.

Dubai Electricity and Water Authority (DEWA) will pay AED 3.1 billion in dividends to shareholders on October 26th, 2023. The payment, which equates to 6.2 fils per share, was authorized by DEWA's board and is applicable to all shareholders recorded as of October 18th, 2023. The company's CEO, Saeed Mohammed Al Tayer, has stated that DEWA's strategy is focused on sustainable growth, innovative operational excellence, and delivering robust returns to shareholders.

The Dubai Electricity and Water Authority (DEWA) has received the ISO 37301:2021 certification in Compliance Management, making it one of the first local and international entities to achieve this. The certification recognizes DEWA's adherence to all relevant laws, legislation, and requirements in its operations. The certificate was awarded to DEWA's CEO, Saeed Mohammed Al Tayer, by the Bureau Veritas team. DEWA aims to enhance a culture of compliance among its employees and stakeholders, and is committed to achieving net-zero by 2050. The company has been following governance standards since 2008 and has won three Global Good Governance Awards in 2022.