DEWA's general assembly approves dividend payment of $844mln to shareholders for H2 of 2024
Dubai Electricity and Water Authority (DEWA) reported that its shareholders have, in the general assembly held today, approved the payment of total dividend of AED3.1 billion for H2 of 2024, with a record date of 31st March 2025.
The meeting, chaired by Matar Humaid Al Tayer, Chairman of the Board of Directors of DEWA, was attended by Saeed Mohammed Al Tayer, MD&CEO of DEWA and Members of the Board of Directors of DEWA as well as 92.2% of the shareholders. During the meeting, a Board of Directors was elected for the next three years.
Matar Humaid Al Tayer, Chairman of DEWA, 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, MD & CEO of DEWA, said, 'In 2024, DEWA Group delivered another year of strong performance, reporting consolidated full-year revenue of AED30.98 billion, EBITDA of AED15.73 billion and net profit after tax of AED7.23 billion Our consolidated annual revenue grew by 6.17%, 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%; the world's lowest water network losses at 4.5%; the world's lowest Customer Minutes Lost (CML) of less than one minute per year—setting a global benchmark for reliability,' noted Al Tayer.
'I am optimistic about our outlook for 2025, driven by the continued growth in tourism, residential, commercial and industrial demand; the expanding active daytime population in Dubai; and opportunities for business expansion and infrastructure development,' added Al Tayer.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
3 days ago
- Gulf Today
Dubai Airports and Etihad Esco light up path to sustainability
Dubai Airports has signed an agreement with Etihad Energy Services Company (Etihad ESCO), a wholly owned subsidiary of Dubai Electricity and Water Authority (DEWA), to launch the final phase of its airport-wide lighting retrofit project, a key milestone in its ongoing sustainability agenda and a major step towards energy-efficient operations at both of Dubai's airports. This newly signed phase will see over 180,000 conventional lighting fixtures replaced with energy-saving alternatives across Dubai International (DXB) and Dubai World Central - Al Maktoum International (DWC), with Concourse A at DXB being the largest single area covered. Combined with the first phase completed earlier and covering 150,000 lighting units at DXB, the project will upgrade more than 330,000 lighting units in total, making it one of the most extensive airport lighting retrofit initiatives in the region. The project is expected to cut annual energy consumption by 47 million kilowatt-hours (kWh), equivalent to powering over 4,300 homes for an entire year, a significant result that highlights the real-world impact of operational sustainability. The initiative will also deliver annual cost savings of more than Dhs 20 million, contributing to Dubai Airports' efforts to optimise efficiency while supporting Dubai's wider environmental targets. Saeed Mohammed Al Tayer, MD & CEO of DEWA, said: 'Aligned with the UAE's commitment to climate change resilience and sustainable growth, DEWA is dedicated to supporting Dubai's journey towards a green economy. This aligns with the Dubai Clean Energy Strategy 2050 and the Dubai Net-Zero Carbon Emissions Strategy 2050. The partnership between Dubai Airports and Etihad ESCO is a prime example of our collective efforts to promote energy efficiency, reduce emissions and advance Dubai's Clean Energy Strategy. Through initiatives like this large-scale retrofit, we are actively building a greener, more resilient future to support our country's needs and ambitions.' Paul Griffiths, CEO of Dubai Airports, said: 'In partnership with Etihad ESCO and DEWA, this project highlights the power of collaboration in achieving measurable sustainability results. Airports are significant energy consumers, and that gives us both the opportunity and the responsibility to lead meaningful change. This lighting project goes beyond efficiency upgrades; it is about embedding sustainability into the core of our day-to-day operations. Every kilowatt-hour saved moves us closer to reducing our environmental impact and building a more resilient future. It sets the benchmark for what a truly sustainable airport can and should achieve.' Dr Waleed Alnuaimi, CEO of Etihad Energy Services Company, added: 'At Etihad ESCO, we are driven by the mission to transform Dubai's infrastructure as an outstanding example of energy efficiency. This final phase of the lighting retrofit project with Dubai Airports is a testament to how strategic partnerships and innovative solutions can deliver measurable impact - from substantial energy savings to a reduced carbon footprint. It reaffirms our shared vision of making Dubai a global leader in sustainable development.' Installation work is scheduled to begin later this year and conclude by H2 2027. This milestone reflects Dubai Airports' commitment to decarbonising operations through practical, high-impact projects and reinforces Dubai's position as a global hub for sustainable aviation infrastructure. Meanwhile, the US production of renewable diesel and biodiesel fell sharply in the first quarter of 2025 (1Q25) because of uncertainty related to federal biofuel tax credits and negative profit margins. US Energy Information Administration, Petroleum Supply Monthly and Short-Term Energy Outlook, May 2025, forecasts production of both fuels to increase as the year progresses but biodiesel production to remain less than in 2024. US renewable diesel production averaged about 170,000 b/d in 1Q25, down 12% from 1Q24. The decrease in renewable diesel production was not as large on a percentage basis as the decrease in biodiesel production, mostly because renewable diesel production increased at a greater rate than biodiesel production in 2024. Reduced output at renewable diesel plants was partially offset by the nearly 20% increase in renewable diesel production capacity since 1Q24. However, compared with 4Q24, when renewable diesel production capacity was comparable to current levels, 1Q25 production was down almost 25%. Poor profitability in 1Q25 contributed to production declines. Diamond Green Diesel, Phillips 66, and Marathon all reported operating losses from renewable diesel in the quarter. In addition, trade press has suggested negative margins for biodiesel. Another reason US production of biomass-based diesels declined in 1Q25 was uncertainty about federal biofuel tax credits. Before 2025, producers and importers of biomass-based diesel received a $1 per gallon (gal) blender's tax credit (BTC) for each gallon blended with petroleum diesel. Under the Inflation Reduction Act, the BTC was slated to be replaced with the Section 45Z Clean Fuel Production Credit in 2025. WAM
Zawya
3 days ago
- Zawya
Dubai Airports, Etihad Energy Services Company light path to sustainability with final phase of landmark project
Dubai Airports has signed an agreement with Etihad Energy Services Company (Etihad ESCO), a wholly owned subsidiary of Dubai Electricity and Water Authority (DEWA), to launch the final phase of its airport-wide lighting retrofit project, a key milestone in its ongoing sustainability agenda and a major step towards energy-efficient operations at both of Dubai's airports. This newly signed phase will see over 180,000 conventional lighting fixtures replaced with energy-saving alternatives across Dubai International (DXB) and Dubai World Central – Al Maktoum International (DWC), with Concourse A at DXB being the largest single area covered. Combined with the first phase completed earlier and covering 150,000 lighting units at DXB, the project will upgrade more than 330,000 lighting units in total, making it one of the most extensive airport lighting retrofit initiatives in the region. The project is expected to cut annual energy consumption by 47 million kilowatt-hours (kWh), equivalent to powering over 4,300 homes for an entire year, a significant result that highlights the real-world impact of operational sustainability. The initiative will also deliver annual cost savings of more than AED 20 million, contributing to Dubai Airports' efforts to optimise efficiency while supporting Dubai's wider environmental targets. Saeed Mohammed Al Tayer, MD & CEO of DEWA, said: 'Aligned with the UAE's commitment to climate change resilience and sustainable growth, DEWA is dedicated to supporting Dubai's journey towards a green economy. This aligns with the Dubai Clean Energy Strategy 2050 and the Dubai Net-Zero Carbon Emissions Strategy 2050. The partnership between Dubai Airports and Etihad ESCO is a prime example of our collective efforts to promote energy efficiency, reduce emissions and advance Dubai's Clean Energy Strategy. Through initiatives like this large-scale retrofit, we are actively building a greener, more resilient future to support our country's needs and ambitions.' Paul Griffiths, CEO of Dubai Airports, said: 'In partnership with Etihad ESCO and DEWA, this project highlights the power of collaboration in achieving measurable sustainability results. Airports are significant energy consumers, and that gives us both the opportunity and the responsibility to lead meaningful change. This lighting project goes beyond efficiency upgrades; it is about embedding sustainability into the core of our day-to-day operations. Every kilowatt-hour saved moves us closer to reducing our environmental impact and building a more resilient future. It sets the benchmark for what a truly sustainable airport can and should achieve.' Dr Waleed Alnuaimi, CEO of Etihad Energy Services Company, added: 'At Etihad ESCO, we are driven by the mission to transform Dubai's infrastructure as an outstanding example of energy efficiency and sustainability. This final phase of the lighting retrofit project with Dubai Airports is a testament to how strategic partnerships and innovative solutions can deliver measurable impact – from substantial energy savings to a reduced carbon footprint. It reaffirms our shared vision of making Dubai a global leader in sustainable development.' Installation work is scheduled to begin later this year and conclude by H2 2027. This milestone reflects Dubai Airports' commitment to decarbonising operations through practical, high-impact projects and reinforces Dubai's position as a global hub for sustainable aviation infrastructure.
Zawya
4 days ago
- Zawya
MCDR achieves the highest annual profits since its establishment
Cairo: MCDR announces an exceptional financial performance for the year 2024, with net profits reaching 1.69 billion EGP. This achievement is supported by a 34% growth in revenue from operations, amounting to an increase of 153.7 million EGP compared to 2023, alongside a 78% rise in returns on investments, totaling to 685 million This strong performance reflects the company's robust growth and strategic initiatives aimed at enhancing market stability and investor confidence. Notably, a comprehensive overhaul of the digital infrastructure and the innovative market solutions have contributed significantly to accelerating daily processes, strengthening cybersecurity measures, and achieving high operational performance. MCDR has played a pivotal role in supporting the growth of financial markets by providing advanced financial services to all market participants in accordance with the highest international standards. This is part of a comprehensive vision developed by the current Board of Directors to improve institutional performance. The year 2024 also has also witnessed positive engagement from the company with regulatory decisions issued by the Financial Regulatory Authority, specifically the decision to regulate the Settlement Guarantee Fund. MCDR has implemented flexible and integrated risk management mechanisms in line with modern regulatory environments. In this context, Engineer Hesham Mabrouk, Managing Director, has stated: "Financial results for 2024 clearly attest to the success of the institutional development programs implemented by the company, whether through updating technological infrastructure, strengthening governance, or engaging with regulatory reforms. These results are particularly significant as they represent the highest annual profits since the company's establishment, reflecting the strength of its financial performance and reaffirming its position as a leading entity in the Egyptian financial market. Additionally, the company piloted the 'Egypt Clear' application for dividend disbursement, demonstrating our commitment to providing innovative digital solutions that enhance service efficiency and support our digital transformation and financial inclusion strategies." The company is scheduled to hold its ordinary general assembly this month to approve the previous year's financial statements and review the proposed profit distribution, amid positive indicators encouraging further expansion and sustainable growth. It is noteworthy that Misr for Central Clearing, Depository & Registry is an Egyptian Joint-Stock company established under the Capital Market Law No. 95 of 1992 and governed by Central Depository and Registry Law No. 93 of 2000. It is regarded as one of the main pillars in developing the Egyptian Capital Market, playing a vital role in establishing stability, reducing risks, and providing a safe and attractive investment environment.
