Dubai Electricity and Water Authority (Dewa) has set up an international subsidiary to develop energy and water projects globally and expand its reach.
Dewa International, a wholly owned independent subsidiary, will develop conventional and clean energy projects using “advanced technologies”, while partnering with global organisations for joint projects, the utility said in a statement to the Dubai Financial Market, where its shares trade.
The launch is aimed at extending Dewa’s “successful model to global markets and further strengthening Dubai’s position as a source of knowledge and expertise in energy, water, sustainability and digital transformation”, said Sheikh Ahmed bin Saeed, chairman of the Dubai Supreme Council of Energy.
Dewa, the exclusive electricity and water utility provider in Dubai, generates, transmits and distributes power and potable water throughout the emirate.
The company, which listed on the DFM in April 2022, also owns 80 per cent of district cooling services provider Empower. Its investment portfolio includes 10 companies, including Mai Dubai, a manufacturer and distributor of bottled water, Digital Dewa, a digital business solutions company, and Etihad Esco, which offers energy-efficient solutions.
In the first quarter of this year, Dewa reported that net profit attributable to shareholders reached Dh904.6 million ($246 million), up nearly 82 per cent annually. Revenue during the period rose about 8 per cent to Dh6.45 billion.
Dewa attributed the strong results “amid a challenging geopolitical backdrop” to the “continued strength of Dubai’s economy and sustained demand for electricity, water and cooling services”. Its customer base increased by 19,803 accounts during the quarter.
Clean energy accounted for 18.5 per cent of total power generated during the quarter, the company said. It also added 60 million imperial gallons per day (MIGD) of desalination capacity, taking total installed water desalination capacity to 555 MIGD.
The company also runs the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world.
“We have mastered the entire value chain: generation, transmission, distribution, as well as expansion planning, development, financing, project management, operations and maintenance, as well as our unique position as both offtaker and shareholder in major projects,” Saeed Al Tayer, managing director and chief executive of Dewa said.
The company has also strengthened its operational and financial capabilities by adopting the Independent Water and Power Producer model, he said.
“Global demand for energy and water infrastructure is expected to exceed $20 trillion by 2035. Amid rapidly evolving geopolitical dynamics, energy security and sustainability have become global priorities,” Mr Al Tayer said.
International expansion will help Dewa access a global pipeline of large, high-value opportunities, he said. The new company has already started identifying projects, building the pipeline, and establishing the partnership ecosystems.
“We will work closely with governments, developers, and financial institutions that share our standards and long-term vision. We invite partners not only to be part of the journey, but to co-develop and co-invest in projects globally,” Mr Al Tayer added.