Energy Dewa’s 2024 revenue hits $8bn on rising demand By Pramod Kumar February 11, 2025, 10:10 AM Unsplash.com/Casey Horner Dewa generated 6.62 TWh of clean power in 2024, a 7.5 percent increase over the previous year Dubai Electricity and Water Authority (Dewa), which trades on the Dubai Financial Market, said revenue hit an all-time high of AED31 billion ($8 billion), rising 6 percent annually, thanks to growing demand for electricity, water and cooling. As a result, net profit jumped 6 percent year on year to AED16 billion. Clean power accounted for 11 percent of the total power generated in 2024, reached nearly 7 TWh last year, 8 percent up over the previous year, the company said. Dewa listed 18 percent of its shares on the Dubai Financial Market in 2022. Ahead of the results, the shares were down 6 percent on the year closing at AED2.65 on February 9. Desalinated water production grew by 5 percent year on year to a record high of 150 billion imperial gallons. Customer accounts reached 1.27 million at the end of 2024, up 5 percent year on year. Dewa advances fourth phase of $4.3bn Dubai solar park UAE plans $6bn solar energy storage plant UAE ramps up cloud seeding to combat water shortage The utility provider has proposed a dividend payout of AED3 billion for the second half of 2024, expected to be distributed in April. The company expects to pay a minimum annual dividend of AED6.2 billion in the first five years starting October 2022. In December 2024 Dewa said it was implementing a smart grid that will cost AED7 billion ($1.91 billion) up to 2035, focusing on efficient and reliable operations.
