Dewa’s chief executive Saeed Al Tayer. Christopher Pike / The National
Dewa’s chief executive Saeed Al Tayer. Christopher Pike / The National

Dewa profit rises on expansion

Dubai Electricity and Water Authority’s annual profit rose 12.7 per cent to Dh5.48 billion last year, benefiting from an increase in connections, the growth of its cooling business and cheaper financing.

The utility provider’s revenues grew last year to Dh17.8bn, an 8 per cent annual increase, according to a release posted on Nasdaq Dubai, where its bonds are listed. Dewa’s revenue from its district cooling business rose by 78 per cent year on year to Dh1.5bn, reflecting the new revenue from Palm Utilities, acquired in November from Istithmar World for $300 million.

The acquisition, completed in November 2013, made Dewa the world’s largest district cooling provider.

Dewa said that the total number of electricity and water connections in the emirate rose to 713,523 at the end of December, a year on year increase of four per cent.

The utility is set to further benefit from the rise in completed housing units in the emirates in the coming years. The property broker CBRE said in December that more than 20,000 new homes are expected to come on the market during the course of 2015, with as many as 65,000 new units to be delivered by 2017.

Dewa’s bottom line for the year was also boosted by a 32 per cent fall in financing costs compared with 2013.

The utility has enough cash on its books to repay a $1bn bond maturing in April, it said in a director’s report.

Dewa’s chief executive Saeed Al Tayer said on Monday that the utility was looking to establish local partnerships in the tourism sector and international community, with an announcement of these deals expected “soon”.

Dewa said last month that it was revising its targets for solar power upwards to account for 15 per cent of total capacity by 2030, up from 5 per cent previously, after falling costs associated with the technology.

The utility announced in December that it had approved a budget of Dh22.9bn for 2015, up from Dh20.6bn in 2014.

* With additional reporting from LeAnne Graves

Follow The National's Business section on Twitter

The specs: 2019 Mini Cooper

Price, base: Dh141,740 (three-door) / Dh165,900 (five-door)
Engine: 1.5-litre four-cylinder (Cooper) / 2.0-litre four-cylinder (Cooper S)
Power: 136hp @ 4,500rpm (Cooper) / 192hp @ 5,000rpm (Cooper S)
Torque: 220Nm @ 1,480rpm (Cooper) / 280Nm @ 1,350rpm (Cooper S)
Transmission: Seven-speed automatic
Fuel consumption, combined: 4.8L to 5.4L / 100km

Getting there

Etihad Airways flies daily to the Maldives from Abu Dhabi. The journey takes four hours and return fares start from Dh3,995. Opt for the 3am flight and you’ll land at 6am, giving you the entire day to adjust to island time.  

Round trip speedboat transfers to the resort are bookable via Anantara and cost $265 per person.  

Bob Honey Who Just Do Stuff
By Sean Penn
Simon & Schuster

Washmen Profile

Date Started: May 2015

Founders: Rami Shaar and Jad Halaoui

Based: Dubai, UAE

Sector: Laundry

Employees: 170

Funding: about $8m

Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures

Company Profile

Company name: EduPloyment
Date started: March 2020
Co-Founders: Mazen Omair and Rana Batterjee
Base: Dubai, UAE
Sector: Recruitment
Size: 30 employees
Investment stage: Pre-Seed
Investors: Angel investors (investment amount undisclosed)


July 5, 1994: Jeff Bezos founds Cadabra Inc, which would later be renamed to, because his lawyer misheard the name as 'cadaver'. In its earliest days, the bookstore operated out of a rented garage in Bellevue, Washington

July 16, 1995: Amazon formally opens as an online bookseller. Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought becomes the first item sold on Amazon

1997: Amazon goes public at $18 a share, which has grown about 1,000 per cent at present. Its highest closing price was $197.85 on June 27, 2024

1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs

2000: Amazon Marketplace opens, allowing people to sell items on the website

2002: Amazon forms what would become Amazon Web Services, opening the platform to all developers. The cloud unit would follow in 2006

2003: Amazon turns in an annual profit of $75 million, the first time it ended a year in the black

2005: Amazon Prime is introduced, its first-ever subscription service that offered US customers free two-day shipping for $79 a year

2006: Amazon Unbox is unveiled, the company's video service that would later morph into Amazon Instant Video and, ultimately, Amazon Video

2007: Amazon's first hardware product, the Kindle e-reader, is introduced; the Fire TV and Fire Phone would come in 2014. Grocery service Amazon Fresh is also started

2009: Amazon introduces Amazon Basics, its in-house label for a variety of products

2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013

2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS

2014: The Amazon Echo is launched, a speaker that acts as a personal digital assistant powered by Alexa

2017: Amazon acquires Whole Foods for $13.7 billion, its biggest acquisition

2018: Amazon's market cap briefly crosses the $1 trillion mark, making it, at the time, only the third company to achieve that milestone

Ant-Man and the Wasp

Director: Peyton Reed

Starring: Paul Rudd, Evangeline Lilly, Michael Douglas

Three stars


Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8