MSCI adds Dubai's DEWA to emerging markets index effective May 30

Gulf Business

14-05-2025

Image: DEWA
DEWA, Dubai's exclusive electricity and water services provider and the largest listed company on the Dubai Financial Market (DFM) by market capitalisation, was among the largest additions to the index by full company value.
'This inclusion marks a pivotal milestone in DEWA's journey as a publicly listed company and reinforces our growing relevance on the global investment stage,' said Saeed Mohammed Al Tayer, vice chairman and MD and CEO of DEWA. 'Our fundamentals, governance, and operating standards reflect global best practices.'
DEWA has a market cap exceeding Dhs130bn
DEWA has a market capitalisation exceeding Dhs130bn, a strong dividend track record, and a clean energy agenda aligned with Dubai's net-zero ambitions.
The company's inclusion is expected to result in increased visibility, improved liquidity, and passive capital inflows from institutional and index-linked funds that track MSCI benchmarks.
The MSCI Emerging Markets Index, tracked by an estimated $7tn in assets, is a widely followed benchmark that captures large- and mid-cap representation across 24 emerging markets including China, India, Brazil, Saudi Arabia, and the UAE.
Index additions often lead to non-discretionary capital inflows from passive investors, creating consistent buy-side pressure on newly added stocks.
DEWA's addition underscores the growing relevance of the UAE's capital markets and reflects rising investor appetite for stable, yield-generating infrastructure assets in the region.
The utility major's
Robust quarter earnings
The inclusion in the MSCI Emerging Markets Index follows a robust financial performance for Q1 2025. DEWA reported quarterly revenue of Dhs 5.96 billion, EBITDA of Dhs2.43bn, and a net profit of Dhs496m.
Operating profit stood at Dhs838m, while net cash from operations reached a record Dhs3.85bn — 17.86 per cent higher than the same period last year—raising the company's cash and cash equivalents to Dhs8.17bn.
The utility also saw continued demand growth, generating 10.5 TWh of electricity (including 1.86 TWh from clean sources) and producing 35.61 billion imperial gallons of desalinated water during the quarter.
With 17,579 MW of installed generation capacity — 20 per cent of which comes from clean energy sources — DEWA remains a key player in Dubai's energy transition. It plans to expand clean energy capacity to 7.5 GW by 2030, representing 34 per cent of the generation mix.