Managing Director, CEO said Dubai Electricity and Water Authority “DEWA” Saeed Mohammed Al Tayer, said that the company was not affected by the rise in fuel prices globally.
In an interview with Al-Arabiya, Al-Tayer indicated that the rise in interest rates would not pose any risks to the company’s indebtedness.
He stated that “DEWA” is linked to long-term contracts to avoid the repercussions of price volatility.
Al Tayer stated that the ratio of DEWA’s net debt to earnings before interest and taxes is 2.1 times, explaining that the increase in interest will not affect the company’s indebtedness.
Al Tayer indicated that there is an increase in energy demand in Dubai by 6.3% during the first half of 2022, compared to the same period a year ago.
He revealed that the demand for energy reached 23 TWh in the first half, compared to 21.9 TWh in the first half of 2021, indicating that 10% of the electricity is produced by relying on solar energy.
As for the water sector, Al Tayer indicated that the demand for water increased by 6.4%, adding: “This means that there is a growth in energy and water.”
He pointed out that DEWA is studying all the special aspects and all options available in the Empower IPO, and we will announce all the details in due course.