The Dubai Electricity and Water Authority (Dewa) reported a 14.6 per cent increase in its fourth-quarter profit, boosted by higher demand for the utility’s electricity, water and cooling services amid continued growth momentum in the emirate.
Profit before other comprehensive income in the three months to the end of December climbed to Dh1.8 billion ($490 million), Dewa said on Thursday in a statement to the Dubai Financial Market, where its shares are traded.
The company’s revenue rose 5.5 per cent annually to Dh7.1 billion.
Dewa’s total power generation in the fourth quarter reached 13.4 terawatt-hours, up nearly 8 per cent over the same period in 2022.
Desalinated water production in the latest reported quarter reached 36.2 billion imperial gallons, a 5.3 per cent increase over the same period a year earlier.
Dewa said it added 11,163 customers in the fourth quarter, with total customers exceeding 1.2 million.
Dubai, one of the main commercial, tourism and financial hubs of the Middle East, has maintained growth momentum since bouncing back from the pandemic-driven slowdown.
Demand for water, electricity and cooling services in Dubai is rising amid the emirate's economic resurgence and population growth.
The emirate is continuing to witness strong population growth, with an addition of 100,240 residents in 2023. The city currently has more than 3.65 million residents, as per Dubai Statistics Centre.
Dubai’s economy expanded by an annual 3.3 per cent in the first nine months of last year, driven by growth in the emirate's tourism and transportation sectors, government data showed in January.
For the full-year 2023, Dewa recorded a 1.4 per cent drop in net profit to Dh7.9 billion despite a 7 per cent increase in revenue to record Dh29.2 billion.
The company said demand for electricity soared to a high of 56.5 terawatt-hours last year, marking a 6.3 per cent increase over 2022.
Clean power accounted for 11 per cent of the total electricity generated in 2023, the utility said.
“We have delivered significant results and record-breaking milestones for Dewa. We have achieved the highest annual revenue and operating profit in Dewa’s history,” said Saeed Al Tayer, managing director and chief executive of Dewa.
“I am optimistic about our operating and financial outlook for 2024 and beyond.”
The UAE, Opec's third-largest producer, has been investing heavily in clean energy projects, ranging from nuclear to solar, to achieve net-zero emissions by 2050.
Last year, Dewa joined forces with Dubai-based Emirates National Oil Company to develop and operate a joint integrated pilot project for the use of hydrogen in mobility.
Dewa may also explore a project involving batteries this year as the share of renewable energy increases in the Dubai utility’s overall mix, Mr Al Tayer said in November.
One of Dewa’s key renewable energy projects is the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world.
It has a planned production capacity of 5,000 megawatts by 2030 using solar photovoltaic panels and concentrated solar power with total investments of Dh50 billion.
When completed, the solar park is expected to reduce 6.5 million tonnes of carbon emissions annually.
“Our strategy, growth pillars and capital commitments are well positioned to deliver on our energy transition ambitions,” Mr Al Tayer said.
Company%20Profile
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Company Profile
Company name: NutriCal
Started: 2019
Founder: Soniya Ashar
Based: Dubai
Industry: Food Technology
Initial investment: Self-funded undisclosed amount
Future plan: Looking to raise fresh capital and expand in Saudi Arabia
Total Clients: Over 50
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Real Madrid 1
Ronaldo (87')
Athletic Bilbao 1
Williams (14')
Honeymoonish
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Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
From exhibitions to the battlefield
In 2016, the Shaded Dome was awarded with the 'De Vernufteling' people's choice award, an annual prize by the Dutch Association of Consulting Engineers and the Royal Netherlands Society of Engineers for the most innovative project by a Dutch engineering firm.
It was assigned by the Dutch Ministry of Defence to modify the Shaded Dome to make it suitable for ballistic protection. Royal HaskoningDHV, one of the companies which designed the dome, is an independent international engineering and project management consultancy, leading the way in sustainable development and innovation.
It is driving positive change through innovation and technology, helping use resources more efficiently.
It aims to minimise the impact on the environment by leading by example in its projects in sustainable development and innovation, to become part of the solution to a more sustainable society now and into the future.
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh289,000
Dengue%20fever%20symptoms
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
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Asia Cup Qualifier
Final
UAE v Hong Kong
Live on OSN Cricket HD. Coverage starts at 5.30am
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THE SPECS
Engine: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
On sale: now
More on Quran memorisation:
Mohammed bin Zayed Majlis
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
SPECS
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The%20specs
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The%20specs
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Five hymns the crowds can join in
Papal Mass will begin at 10.30am at the Zayed Sports City Stadium on Tuesday
Some 17 hymns will be sung by a 120-strong UAE choir
Five hymns will be rehearsed with crowds on Tuesday morning before the Pope arrives at stadium
‘Christ be our Light’ as the entrance song
‘All that I am’ for the offertory or during the symbolic offering of gifts at the altar
‘Make me a Channel of your Peace’ and ‘Soul of my Saviour’ for the communion
‘Tell out my Soul’ as the final hymn after the blessings from the Pope
The choir will also sing the hymn ‘Legions of Heaven’ in Arabic as ‘Assakiroo Sama’
There are 15 Arabic speakers from Syria, Lebanon and Jordan in the choir that comprises residents from the Philippines, India, France, Italy, America, Netherlands, Armenia and Indonesia
The choir will be accompanied by a brass ensemble and an organ
They will practice for the first time at the stadium on the eve of the public mass on Monday evening
Killing of Qassem Suleimani
MATCH INFO
Newcastle United 2 (Willems 25', Shelvey 88')
Manchester City 2 (Sterling 22', De Bruyne 82')
UAE currency: the story behind the money in your pockets
THREE
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