Dubai Electricity and Water Authority (DEWA) has reported a record-breaking revenue of AED 30.98 billion for the fiscal year 2024, marking a significant 6.18% increase from the previous year. The surge in revenue is primarily attributed to rising demand for electricity, water, and cooling services across the emirate as Dubai continues its rapid economic and infrastructural expansion.
Key Financial Highlights
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Total Revenue: AED 30.98 billion (6.18% year-on-year growth)
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EBITDA: AED 15.70 billion
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Net Profit: AED 12.08 billion
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Growth Drivers: Increased demand for utilities, expansion of smart grid solutions, and efficiency improvements in operations
Sustained Growth in Utility Demand
DEWA has seen a continuous rise in energy consumption, fueled by Dubai’s growing population, booming real estate sector, and increased industrial activity. The utility provider has been investing in renewable energy sources and smart infrastructure to ensure sustainable growth while keeping up with the increasing demand.
Investment in Renewable Energy and Sustainability
As part of Dubai’s Clean Energy Strategy 2050 and Net Zero by 2050 initiatives, DEWA has continued expanding its renewable energy capacity. Key developments include:
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Mohammed bin Rashid Al Maktoum Solar Park: One of the world’s largest solar parks, with a target capacity of 5,000 MW by 2030.
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Green Hydrogen Project: Launched as a pilot initiative to explore the potential of hydrogen energy.
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Smart Grid Enhancements: Increased adoption of AI and IoT-based solutions to optimize electricity and water distribution.
DEWA remains committed to innovation and sustainability, with ambitious plans to enhance Dubai’s energy infrastructure. The authority aims to continue investing in smart grid technology, clean energy, and advanced water desalination techniques to support the emirate’s long-term economic goals.
With a strong financial performance and forward-looking strategies, DEWA is well-positioned to drive Dubai’s transition towards a more sustainable and energy-efficient future.