The Dubai Electricity and Water Authority (DEWA) recently held its General Assembly, where several key decisions were made. The Board of Directors was authorized to pay cash dividends of 3.1 billion dirhams (6.2 fils per share) for the first half of 2024 in October 2024. Additionally, the distribution of cash dividends worth 3.1 billion dirhams (6.2 fils per share) for the second half of 2023 was approved and scheduled to be paid to eligible shareholders in April 2024.
During the meeting, the remuneration for the Board of Directors for the financial year ending on December 31, 2023, was also approved as specified in the authority’s corporate governance report. Mattar Humaid Al Tayer, Chairman of the Board of Directors of DEWA, chaired the meeting in the presence of Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA, members of the Board of Directors, and 85.9% of shareholders.
For those who invested in DEWA shares before the dividend record date of April 8, 2024 (with the last due date on April 4, 2024), their return rate during the following twelve months is expected to be 5%. The initial public offering was valued at 2.48 dirhams per share.
Mattar Humaid Al Tayer emphasized DEWA’s crucial role in ensuring Dubai’s infrastructure keeps pace with growing demand for energy and water while contributing to a shift towards renewable and clean energy sources. Saeed Mohammed Al Tayer highlighted DEWA’s achievements in revenue, operating profits, and environmental sustainability in 2023 and expressed optimism for operational and financial prospects in 2024. In particular, DEWA achieved significant milestones in energy production, clean energy generation, and reduction of carbon emissions, positioning it as a leader in global energy sector.
Overall, these decisions are expected to have a positive impact on both DEWA’s stakeholders and Dubai’s overall development plans.
Mattar Humaid Al Tayer emphasized that Dubai Electricity and Water Authority plays a vital role in ensuring that Dubai’s infrastructure keeps up with growing demand for energy and water while contributing to a shift towards renewable and clean energy sources.
Saeed Mohammed Al Tayer highlighted DEWA’s remarkable achievements over the past year in revenue growth
