To promote green and sustainable financing and promoting investments Dubai’s renewable and clean energy projects, Dubai Electricity and Water Authority (DEWA), discussed ways of cooperation with six international firms.
The discussion was held between with the investment organisations viz. William Blair, Millennium Capital, Gemway, Eastspring, Jennison and JP Morgan and DEWA officials, to discuss green and sustainable financing and involvement in DEWA’s renewable and clean energy projects.
Commenting on the meeting, Saeed Mohammed Al Tayer, MD and CEO Al Tayer stressed on the position of Dubai in its global leadership and as the ideal destination for tourists and visitors and the preferred place for business. He pointed out that Dubai’s world-class infrastructure and a stimulating environment facilitate business operations and ascertain bright investment opportunities.
Al Tayer dwelled on DEWA’s operations discussed the firm’s performance, sustainability-focused green growth prospects, key investment themes and demand drivers.
Emphasising on the role of DEWA as the sole utility supplier in Dubai, DEWA can be a profitable option for its shareholders, as it has high cash flow visibility.
In the year, 2022, DEWA increased its total dividend pay-out to its shareholders to Dhs9.90 billion, representing a 60 per cent increase from the company’s minimum annual dividend policy, he revealed. He also talked about DEWA’s projects in sustainability, renewable and clean energy, in line with the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 to provide 100 per cent of Dubai’s total power production capacity from clean energy sources by 2050. He further informed that Dewa aims at having 25 per cent of its generation capacity from clean and renewable sources by 2030.
He also highlighted Dewa’s shareholder strategy, which is focused on delivering consistency of returns, durability of growth, and compounding of growth value over time.
Earlier this month, DEWA and Roads and Transport Authority in Dubai (RTA) also signed a Memorandum of Understanding (MoU) for a strategic partnership in organising the Dubai International Project Management Forum (DIPMF) for three years (2023-2025).
DEWA’s projects have contributed significantly to sustainability, Saeed Mohammed Al Tayer said, giving an example of Mohammed Bin Rashid Al Maktoum Solar Park , which is now the largest single-site solar park in the world, with a power capacity of 5,000 megawatts (MW) using photovoltaic solar panels (PV) and Concentrated Solar Power (CSP) technologies.