Dewa raised Dh22.41 billion from its initial public offering amid strong investor demand. AFP
Dewa raised Dh22.41 billion from its initial public offering amid strong investor demand. AFP
Dewa raised Dh22.41 billion from its initial public offering amid strong investor demand. AFP
Dewa raised Dh22.41 billion from its initial public offering amid strong investor demand. AFP

Dewa expects to post a profit of about $2bn in 2022


Alvin R Cabral
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The Dubai Electricity and Water Authority expects to record an annual profit of Dh7.3 billion ($1.98bn) in 2022, following the listing of the utility earlier this month.

Dewa is set to announce its first-quarter results in May and has recorded a “strong performance” so far this year, Saeed Al Tayer, managing director and chief executive of Dewa, told CNBC Arabia on Friday.

“Dewa has strong cash flows and will not need to take on debt … We have no issues for the next five years and we will not seek loans, thanks to a well-studied business plan,” he said.

“Our projects are ongoing. We continue to develop these projects and the infrastructure according to the highest international standards.”

The utility, which listed on the Dubai Financial Market on April 12, raised Dh22.41bn from its initial public offering amid strong investor demand.

The IPO was the largest in the Middle East and Europe since Saudi Aramco's listing in 2019.

The utility's shares were trading at Dh2.85 on Friday, up from its listing price of Dh2.48. Dewa currently has a market value of about $39bn and is the largest on the DFM.

The utility, which posted an increase of about 75 per cent in its 2021 profit to about Dh7bn, has benefitted from growing demand for electricity in Dubai as the economy continues to make a strong recovery from the coronavirus-induced slowdown.

Revenue reached Dh23.8bn and the value of assets at the end of 2021 climbed to Dh169.5bn.

As of December 31, Dewa had a total electricity generation capacity of 13,417 megawatts and a daily water capacity of 490 million imperial gallons through eight majority-owned and operated plants.

It has projects valued at about Dh86bn that are due to be commissioned in the next five years to meet the increasing demand for electricity and water in the emirate, Dewa said last year.

Business will grow as Dubai's population is expected to grow to 5.8 million by 2040, from 3.5 million currently. Energy demand rose 11 per cent last year, nearly triple the company's estimates.

Along with catering to the rising demand for water and energy, Dewa's projects also support Dubai's urban and economic plans, Mr Al Tayer said on Friday.

“We also continue to raise the efficiency and effectiveness of production stations, transport and production networks to provide services according to the best standards,” he said.

Dewa has strong cash flows and will not need to take on debt ... We will not seek loans, thanks to a well-studied business plan
Saeed Al Tayer,
managing director and chief executive of Dewa

Dewa is also playing a key role in executing Dubai's Clean Energy Strategy 2050, which aims to ensure that 75 per cent of the emirate's energy is generated by clean sources by 2050.

The utility is currently developing the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar project in the world, which will have a capacity of 5,000MW upon completion in 2030, with a total investment of Dh50bn.

Dewa is also undertaking a Dh50 million hydrogen pilot project with Germany's Siemens Energy and is expected to release its strategy on hydrogen this year.

Earlier this week, Dewa said that its EV Green Charger initiative has provided more than 8,800 megawatt-hours — equivalent to the annual energy capture of some wind turbines — to its users.

That has allowed owners of electric vehicles on Dubai's roads to travel more than 58 million kilometres since 2015 while cutting refuelling costs by about three quarters, as more users opt for more eco-friendly modes of transport.

Overall, the generation capacity of clean energy is currently about 11.4 per cent of the total average, Mr Al Tayer said.

Asked if Dewa's IPO success will encourage a listing of its affiliated units, Mr Al Tayer said, “secondary offerings of the companies affiliated with us will be announced if they are approved”.

Earlier this week, Mr Al Tayer said the IPO of Dubai-based district cooling provider Emirates Central Cooling Systems Corporation — better known as Empower — will happen “soon” but not in the current quarter.

“We will announce the date at the right time,” he said, without elaborating.

Plans to list the company, which is a joint venture between Dewa and Dubai's Tecom Investments Group, were first announced in December last year.

Match info

Uefa Nations League Group B:

England v Spain, Saturday, 11.45pm (UAE)

MATCH INFO

Azerbaijan 0

Wales 2 (Moore 10', Wilson 34')

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
RESULTS

5pm: Maiden (PA) Dh80,000 2,200m
Winner: Arjan, Fabrice Veron (jockey), Eric Lemartinel (trainer).

5.30pm: Maiden (PA) Dh80,000 1,400m​​​​​​​
Winner: Jap Nazaa, Royston Ffrench, Irfan Ellahi.

6pm: Al Ruwais Group 3 (PA) Dh300,000 1,200m​​​​​​​
Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinal.

6.30pm: Shadwell Gold Cup Prestige Dh125,000 1,600m​​​​​​​
Winner: AF Sanad, Bernardo Pinheiro, Khalifa Al Neyadi.

7pm: Shadwell Farm Stallions Handicap (PA) Dh70,000 1,600m​​​​​​​
Winner: Jawal Al Reef, Patrick Cosgrave, Abdallah Al Hammadi.

7.30pm: Maiden (TB) Dh80,000 1,600m​​​​​​​
Winner: Dubai Canal, Harry Bentley, Satish Seemar.

If you go

The flights

The closest international airport for those travelling from the UAE is Denver, Colorado. British Airways (www.ba.com) flies from the UAE via London from Dh3,700 return, including taxes. From there, transfers can be arranged to the ranch or it’s a seven-hour drive. Alternatively, take an internal flight to the counties of Cody, Casper, or Billings

The stay

Red Reflet offers a series of packages, with prices varying depending on season. All meals and activities are included, with prices starting from US$2,218 (Dh7,150) per person for a minimum stay of three nights, including taxes. For more information, visit red-reflet-ranch.net.

 

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
Kat Wightman's tips on how to create zones in large spaces

 

  • Area carpets or rugs are the easiest way to segregate spaces while also unifying them.
  • Lighting can help define areas. Try pendant lighting over dining tables, and side and floor lamps in living areas.
  • Keep the colour palette the same in a room, but combine different tones and textures in different zone. A common accent colour dotted throughout the space brings it together.
  • Don’t be afraid to use furniture to break up the space. For example, if you have a sofa placed in the middle of the room, a console unit behind it will give good punctuation.
  • Use a considered collection of prints and artworks that work together to form a cohesive journey.
Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

Fixtures

Opening day Premier League fixtures for August 9-11

August 9

Liverpool v Norwich 11pm

August 10

West Ham v Man City 3.30pm

Bournemouth v Sheffield Utd 6pm

Burnley v Southampton 6pm

C Palace v Everton 6pm

Leicester v Wolves 6pm

Watford v Brighton 6pm

Tottenham v Aston Villa 8.30pm

August 11

Newcastle v Arsenal 5pm

Man United v Chelsea 7.30pm

 

Company%20profile
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Abramovich London

A Kensington Palace Gardens house with 15 bedrooms is valued at more than £150 million.

A three-storey penthouse at Chelsea Waterfront bought for £22 million.

Steel company Evraz drops more than 10 per cent in trading after UK officials said it was potentially supplying the Russian military.

Sale of Chelsea Football Club is now impossible.

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

The bio

Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.

Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.

Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.

Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.

Updated: April 22, 2022, 12:38 PM`