DEWA

Investor FAQs

Home
Investor Relations
EasyPay
Dubai Electricity & Water Authority
Investor Relations
Overview Invest in DEWA Projects and Subsidiaries ESG Announcements Share Information Financial Calendar FAQs Contact

Investor FAQs

Get answers to commonly asked questions about investing in DEWA.

  • 1. What is DEWA?
    DEWA was created in 1992 as a result of the merger of the Dubai Electricity Company and the Dubai Water Department. DEWA is the exclusive electricity and water utility provider in Dubai. The Group generates, transmits and distributes electricity and potable water to end users throughout Dubai.
    DEWA owns 70% of Empower, currently the world’s largest district cooling services provider by connected capacity, and owns, manages, operates and maintains district cooling plants and affiliated distribution networks across Dubai. The Group also comprises a number of other businesses including Mai Dubai, a manufacturer and distributor of bottled water, Digital DEWA, a digital business solutions company, and Etihad ESCO, a company focused on the development and implementation of energy efficient solutions.
    DEWA has grown along with Dubai’s expanding economy, population and infrastructure, as Dubai’s fast pace of development has resulted in a rapid increase in the demand for electricity and water. With the highest standards of efficiency, quality, and availability, DEWA is ready to meet the increasing demand for electricity and water in the Emirate, which is planning to grow from around 3.5 million people today to 5.8 million people by 2040. DEWA is therefore both integral to, and benefits from, Dubai’s past and current economic growth, while also playing a key role in Dubai’s green energy transition process, which is a central pillar of the Group’s strategic direction.
    The Group currently has approximately 11.4% of its power capacity from clean energy sources, which is the highest proportion of energy from clean sources in the region (as compared to other regional utility companies). DEWA supports the Dubai Net Zero Carbon Emissions Strategy 2050 and is well-aligned to the Dubai Clean Energy Strategy 2050, which aims to provide 100% of Dubai’s energy production capacity from clean energy sources by 2050. The Group also expects to supply 100% of water capacity from desalinated water by 2030 using clean energy and waste heat.
  • 2. Where is DEWA listed?
    DEWA is listed on the Dubai Financial Market (DFM).
  • 3. What is DEWA’s ticker symbol?
    DEWA's symbol is 'DEWA' with the following ISIN “AED001801011".
  • 4. How many DEWA shares are listed on the DFM?
    DEWA floated 9,000,000,000 existing ordinary shares, representing 18% of its total share capital.
  • 5. How can I buy shares in DEWA?
    Please visit the 'How to Trade on DFM' section on the Dubai Financial Market for information around purchasing DEWA shares.
  • 6. I live outside of the UAE, can I buy DEWA shares?
    Please visit the 'How to Trade on DFM' section on the Dubai Financial Market for information around purchasing DEWA shares.
  • 7. I am a foreigner living in the UAE, can I buy shares?
    Please visit the 'How to Trade on DFM' section on the Dubai Financial Market for information around purchasing DEWA shares.
  • 8. What are the key business segments within DEWA?
    DEWA is made up of several business segments:
    • DEWA is a globally leading fully integrated utilities company, with generation capacity of 13.4 gigawatts of electricity as well as 490 million imperial gallons of desalinated water each day.
    • DEWA owns 70% of Empower, currently the world’s largest district cooling services provider by connected capacity, and owns, manages, operates and maintains district cooling plants and affiliated distribution networks across Dubai.
    • DEWA is currently party to five “Independent Power Producer” (IPP) projects, with a total capacity of approximately 2.7 GW as of 2021, including solar PV, concentrated solar power (“CSP”) as well as natural gas. The capacity of the Group’s IPP projects is expected to increase up to 7.4 GW by 2030. In addition, the Group has one “Independent Water Producer” (IWP) project, the Hassyan seawater reverse osmosis desalination plant, which has an initial planned capacity of approximately 120 MIGD and is targeted to have a capacity of 240 MIGD by 2030.
    • DEWA also comprises a number of other businesses including Mai Dubai, a manufacturer and distributor of bottled water, Digital DEWA, a digital business solutions company, and Etihad ESCO, a company focused on the development and implementation of energy efficient solutions.
  • 9. Who are DEWA’s customers and what are DEWA’s core markets?
    DEWA provides its services to c.3.5 million Dubai residents and the Emirate’s active daytime population of over 4.7 million, which are expected to reach 5.8 million and 7.8 million respectively by 2040, driven by far-reaching economic transformation programmes such as Dubai’s 2040 Urban Master Plan and Dubai’s Clean Energy Strategy, and Dubai’s Net Zero Strategy 2050.
  • 10. Why should I invest in DEWA?
    DEWA has a very attractive financial profile with high visibility over cash flow generation and shareholder returns. As at 31 December 2021, the Group had revenues of approximately AED 23.8 billion, adjusted EBITDA of approximately AED 12.1 billion and net income of approximately AED 6.6 billion, with a net debt to EBITDA ratio of 1.5x. The Group’s revenues between 2019 and 2021 grew at a compound annual growth rate (CAGR) of 2.0%. The Company intends to pay dividends twice each fiscal year after the Offering in April and October of each year. The Group expects to pay a minimum dividend amount of AED 6.2 billion per annum, over the next five years (October 2022- April 2027). Additionally, DEWAs growth is further supported by a number of factors:
    • Positive tailwinds and market fundamentals of the UAE and Dubai
    • Large scale fully integrated Infrastructure
    • Highly Innovative operations with a renowned management team
    • Sustainable business model with strong ESG management and strategies and operations aligned with the UN SDGs
    • Unprecedented green growth opportunities with a clear roadmap for the future
  • 11. How has DEWA been performing financially?
    As at 31 December 2021, the Group had revenues of approximately AED 23.8 billion (comprised over 95% of regulated or contracted revenues), adjusted EBITDA of approximately AED 12.1 billion and net income of approximately AED 6.6 billion, with a net debt to EBITDA ratio of 1.5x. Of the Group’s 2021 revenues , 9% of revenues was from Empower, and 5% of revenues were from the Group’s IPPs. The Group’s total investment in gross property, plant and equipment, as at 31 December 2021 was around AED 201 billion.
  • 12. When does DEWA’s fiscal year end?
    DEWA’s fiscal year ends on the 31st of December.
  • 13. When does DEWA announce financial results?
    Results are announced within a period not exceeding 45 days after the end of the financial period for the quarterly results, and within 90 days after the end of the financial period for the annual results.
    Please visit our Financial Calendar for specific dates.
  • 14. Are DEWA shares Shari’a-compliant?
    The chairman and executive member of the Internal Sharia Supervision Committees of Emirates NBD PJSC and HSBC Bank Middle East Limited have issued (or are expected to issue) pronouncements confirming that, in their view, the Offering is compliant with Shariah principles. Investors may not rely on these pronouncements and should undertake their own due diligence to ensure that the Offering is Shariah compliant for their own purposes.
  • 15. What is DEWA’s dividend policy?
    The Company intends to pay dividends twice each fiscal year after the Offering in April and October of each year. The Group expects to pay a minimum dividend amount of AED 6.2 billion per annum, over the next five years (October 2022- April 2027). In 2022, DEWA expects to pay a first dividend payment of AED 3.1 billion, for the second half of 2022, by October 2022. This dividend policy is designed to reflect the Group’s expectation of strong cash flow and expected long-term earnings potential, while allowing the Group to retain sufficient capital to fund ongoing operating requirements and continued investment for long-term growth.
    This dividend policy is subject to consideration of the Board of Directors of the cash management requirements of the Group’s business for operating expenses, interest expense and anticipated capital expenditures. In addition, the Group expects that the Board of Directors will also consider market conditions, the then current operating environment in the Group’s markets, and the Board of Directors’ outlook for the Group’s business.
  • 16. Who is eligible to receive a dividend?
    All ordinary shareholders are eligible to receive a dividend if one has been agreed by the Board. Details of the dividend, including percentage, value and date of entitlement will be disclosed as part of a summary of the respective General Assembly resolution related to Shareholders’ Equity.
  • 17. When is the Annual General Meeting (AGM)?
    Announcement of the exact date will be made on the DFM's page, the Financial Calendar section of DEWA's Investor Relations page, and on two daily local newspapers.
  • 18. Am I eligible to attend the AGM?
    All shareholders (and respective proxies) registered in the shareholders registry at the end of the trading session preceding the General Assembly’s Meeting are eligible to attend.
  • 19. How is DEWA going to grow the business?
    Positive tailwinds and market fundamentals support DEWA’s future growth.
    Dubai is a vibrant economy that has undergone a massive, fast-tracked transformation over the last few decades. Dubai has successfully diversified its economy with limited reliance on commodities (~1% of GDP), and real GDP is expected to show resilient growth of approximately 3% over the coming year.
    DEWA provides its services to c.3.5 million Dubai residents and the Emirate’s active daytime population of over 4.7 million, which are expected to reach 5.8 million and 7.8 million respectively by 2040, driven by far-reaching economic transformation programmes such as Dubai’s 2040 Urban Master Plan and Dubai’s Clean Energy Strategy 2050, and Dubai’s Net Zero Carbon Emissions Strategy 2050.
    Furthermore, DEWA supports the Dubai Net Zero Carbon Emissions Strategy 2050 and is well-aligned to the Dubai Clean Energy Strategy 2050, which aims to provide 100% of Dubai’s energy production capacity from clean energy sources by 2050.
    All these factors lead us to believe in the growing demand for energy and water in Dubai. DEWA will continue to spearhead the infrastructure development required to implement the government’s ambitious energy transition and growth targets.
Contact
Reach out to us and we'll get back to you within 2 working days.
Inquiry Form
dewainvestors@dewa.gov.ae