DEWA approves AED 3.1 bln dividend payment for H2 2024
Dubai Electricity and Water Authority (DEWA) reported that its shareholders have, in the general assembly have approved the payment of total dividend of AED 3.1 billion for H2 of 2024.
The meeting, chaired by Chairman of the Board of Directors of DEWA, Matar Humaid Al Tayer, was attended by MD & CEO of DEWA Saeed Mohammed Al Tayer, and Members of the Board of Directors of DEWA as well as 92.2 per cent of the shareholders. During the meeting, a Board of Directors was elected for the next three years.
Matar Humaid Al Tayer, said, "Dubai continues to consolidate its position as a global leader in economic growth, sustainability and innovation. At DEWA, we take great pride in being a key pillar of this success, ensuring that the energy and water infrastructure keeps pace with the rapid growth Dubai is witnessing.'
Saeed Mohammed Al Tayer, said, 'In 2024, DEWA Group delivered another year of strong performance, reporting consolidated full-year revenue of AED 30.98 billion, EBITDA of AED 15.73 billion and net profit after tax of AED 7.23 billion Our consolidated annual revenue grew by 6.17 per cent, primarily driven by rising demand for electricity, water, and cooling services.'
'DEWA's network now serves over 1.27 million customer accounts, and we take pride in achieving the world's lowest electricity line losses at 2 per cent; the world's lowest water network losses at 4.5 per cent; the world's lowest Customer Minutes Lost (CML) of less than one minute per year—setting a global benchmark for reliability,' noted Al Tayer.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
8 minutes ago
- Arabian Business
Dubai solar power capacity surges to 3,860MW as clean energy share hits 21.5%
Dubai Electricity and Water Authority (DEWA) has announced a major milestone in its renewable energy drive, revealing that the Mohammed bin Rashid Al Maktoum Solar Park has reached a total production capacity of 3,860 megawatts (MW). The park uses a mix of photovoltaic (PV) solar panels and concentrated solar power (CSP) technologies to deliver clean electricity to the emirate. According to Saeed Mohammed Al Tayer, MD and CEO of DEWA, the expansion includes an additional 800MW from the park's sixth phase, boosting clean energy's share to approximately 21.5 per cent of DEWA's overall generation capacity. Solar energy in Dubai Al Tayer said: 'Our strategies and action plans are inspired by the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, to accelerate the transition towards a sustainable green economy and enhance Dubai's position as a leading global hub for clean and renewable energy. 'The Mohammed bin Rashid Al Maktoum Solar Park is our key project to realise this vision and achieve the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050, which aim to provide 100 per cent of the emirate's energy production capacity from clean sources by 2050. 'By 2030, the solar park's production capacity will reach 7,260MW, with clean energy making up 34 per cent of DEWA's energy mix. This will reduce approximately eight million tonnes of carbon emissions annually'. The Mohammed bin Rashid Al Maktoum Solar Park is the world's largest single-site solar project. Once complete, it is expected to reduce carbon emissions by approximately eight million tonnes annually. Since its inception in 2013 with a modest 13MW first phase, the solar park has undergone a series of ambitious expansions: 2017: 200MW second phase inaugurated, the region's first under the Independent Power Producer (IPP) model 2020: 800MW third phase launched using PV technology with single-axis tracking – a regional first 2023: 950MW fourth phase combined CSP and PV, including a 100MW solar tower and a 600MW parabolic basin system 2023: 900MW fifth phase added using PV panels 2024–2025: Sixth phase (1,800MW) currently under development. DEWA has invited global developers to participate in the seventh phase, which will feature 1,600MW of PV capacity and a 1,000MW/6,000MWh battery energy storage system—set to become one of the largest solar-plus-storage projects in the world. Expandable to 2,000MW, this phase will further enhance grid reliability and sustainability and will also be developed under the IPP model.
Zawya
2 hours ago
- Zawya
DEWA adds 800MW to clean energy capacity in 2025 through solar park
The Dubai Electricity and Water Authority (DEWA) has added 800 megawatts (MW) of new clean energy capacity in 2025 through the sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park, the DFM-listed utility announced on Monday. The solar park's total production capacity has now reached 3,860MW, utilising both photovoltaic (PV) solar panels and concentrated solar power (CSP) technologies, the utility said in a press statement. Clean energy now constitutes around 21.5 percent of DEWA's total energy production capacity, the statement added. DEWA has invited international developers to participate in the implementation of the seventh phase of the Mohammed bin Rashid Al Maktoum Solar Park, which will have a capacity of 1,600MW. This phase, which is expandable to 2,000MW, will utilise PV solar panels and a battery energy storage system with a capacity of 1,000MW for six hours, providing a total storage capacity of 6,000 megawatt-hours (MWh), making it one of the world's largest solar-plus-storage projects. (Writing by Deva Palanisamy; Editing by Anoop Menon) (
Gulf Today
2 hours ago
- Gulf Today
DEWA adds 800MW of clean energy production capacity to its energy mix in 2025
Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA), announced that the total production capacity of the Mohammed Bin Rashid Al Maktoum Solar Park has increased to 3,860 megawatts (MW), using photovoltaic (PV) solar panels and concentrated solar power (CSP) technologies. Since the beginning of this year, DEWA has added 800MW from the sixth phase of the solar park, bringing clean energy's share to approximately 21.5% of its total production capacity. 'Our strategies and action plans are inspired by the vision and directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, to accelerate the transition towards a sustainable green economy and enhance Dubai's position as a leading global hub for clean and renewable energy. The Mohammed Bin Rashid Al Maktoum Solar Park is our key project to realise this vision and achieve the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050, which aim to provide 100% of the emirate's energy production capacity from clean sources by 2050. By 2030, the solar park's production capacity will reach 7,260MW, with clean energy making up 34% of DEWA's energy mix. This will reduce approximately eight million tonnes of carbon emissions annually,' said Al Tayer. The first phase of the Mohammed Bin Rashid Al Maktoum Solar Park, with a capacity of 13MW using PV solar panels, was commissioned in October 2013. In March 2017, the second phase, with a capacity of 200MW, was inaugurated. It also uses PV technology and was the first solar energy project of its kind in the region based on the independent power producer (IPP) model. In November 2020, the third phase of the solar park was inaugurated with a capacity of 800MW. This phase, also using PV technology, was the first in the Middle East and North Africa to use single-axis solar tracking to enhance energy generation. In December 2023, the fourth phase of the solar park was inaugurated with a total capacity of 950MW, combining CSP and PV panels. It uses three hybrid technologies to produce clean energy: 600MW from a parabolic basin complex, 100MW from a solar power tower and 250MW from PV solar panels. In June 2023, the fifth phase, with a capacity of 900MW, was inaugurated using photovoltaic panels. DEWA is currently working to complete the sixth phase of the solar park, with a capacity of 1,800MW using PV panels. DEWA has invited international developers to participate in the implementation of the seventh phase of the Mohammed Bin Rashid Al Maktoum Solar Park, which will have a capacity of 1,600MW. This phase, which is expandable to 2,000MW, will utilise PV solar panels and a battery energy storage system with a capacity of 1,000MW for six hours, providing a total storage capacity of 6,000 megawatt-hours. This will make it one of the world's largest solar-plus-storage projects. The phase will be implemented under the IPP model. WAM
