Dubai, UAE—Dubai Electricity and Water Authority (DEWA) has received a cash dividend of $553 million from its 70 percent owned subsidiary, Emirates Central Cooling Systems Corporation (EMPOWER).
Thanks to the dividend, DEWA plans to make a one-time special dividend payment to its shareholders.
Saeed Mohammed Al Tayer, MD & CEO of DEWA, said: “As a result of the cash dividend received by DEWA from EMPOWER, DEWA intends to seek all necessary approvals to make a one-time special dividend payment to its shareholders. The timing and size of the special dividend are under study. This one-time special dividend is intended to be an additional payment to shareholders over DEWA’s stated annual dividend policy of paying AED6.2 billion in dividends.”
“DEWA and its operating portfolio of companies have made excellent progress in 2022, delivering on their promise to drive sustainable business growth, whilst supporting the Emirate of Dubai, maintaining record operational performance, providing our customers with digitally savvy cutting edge solutions and maximising returns for our shareholders. We intend to continue to look for ways to optimize total returns for our shareholders and our intention to make a one-time special dividend payment to our shareholders supports this objective,” said Al Tayer.