DEWA’s strong cash flow paves way for steady $1.69bn dividends, says CEO

DEWA’s strong cash flow paves way for steady $1.69bn dividends, says CEO
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Updated 19 April 2022
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DEWA’s strong cash flow paves way for steady $1.69bn dividends, says CEO

DEWA’s strong cash flow paves way for steady $1.69bn dividends, says CEO

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.