DUBAI, UAE – Dubai Electricity and Water Authority (DEWA) which is listed on the Dubai Financial Market (DFM) on Monday reported that its shareholders approved the payment of total dividend of US$1.29 billion (AED 4.77 billion) with a record date of April 20, 2023.
This approval came during DEWA’s general assembly, which was held at the Address Boulevard Hotel, Dubai as well as virtually.
The meeting, chaired by Matar Humaid Al Tayer, Chairman of the Board of Directors, was attended by Saeed Mohammed Al Tayer, MD and CEO of DEWA and members of the Board of Directors as well as 91 percent of the shareholders of the utility.
For shareholders who invested in DEWA’s shares prior to the dividend record date of April 20, 2023, (with a Last Entitlement Date of April 18, 2023), the next twelve-month dividend yield is at 6.3 percent, considering an IPO share price of US$0.67 (AED 2.48) per share.
Given a two-day settlement time frame, shareholders must be on DEWA’s share register by the last entitlement date of April 18, 2023.
Chairman of the Board of Directors of DEWA, said, “Thanks to the insightful vision and directives of the wise leadership of President Sheikh Mohamed bin Zayed Al Nahyan, and Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the UAE has become a prominent global player in the green economy, with Dubai consolidating its position as a hub for trade, finance, and tourism.”
He said, “DEWA is a crucial player in ensuring that Dubai’s infrastructure keeps pace with the increasing demand for energy and water. Our unwavering efforts have strengthened Dubai’s record of achievements, and established its global leadership, especially in the shift towards renewable and clean energy.”
He added, “In 2022, DEWA delivered the best full year consolidated and standalone financial performance in its operating history. As a result, we have increased our dividend payout for the year 2022 by 60 percent to US$2.69 billion (AED 9.9 billion).”
Matar Humaid Al Tayer further said, “Our achievements reflect DEWA’s world-class governance system, efficiency, sustainability and innovation.”
He said, “Our circular economy strategy supports the ongoing efforts to optimize resource usage and enhance social, economic, and environmental value, promoting sustainability.”
He added, “We have adopted several policies and plans that align with ambitious national strategies.”