RIYADH: Following a stellar initial public offering, the Dubai Electricity and Water Authority is in a strong position to distribute 6.2 billion dirhams ($1.69 billion) in dividends, the utility’s CEO, Saeed Al-Tayer, told Al Arabiya.
“Based on the study we conducted and our business plan, the company has long financial sustainability and a strong cash flow position,” so there is no need to borrow, Al-Tayer noted.
The official said the authority will proceed with its dividend plans, regardless of the size of the upcoming DEWA-backed Empower’s IPO.
Formally known as Emirates Central Cooling Systems Corp., the state-owned district cooling services provider, which is 70 percent owned by DEWA, could go public by the end of this year.
