Dubai Electricity and Water Authority (DEWA) has attracted investments worth Dh43.6 billion over the past decade through its Independent Power and Water Producer (IPWP) model.
The model encourages partnerships between the government and private sectors, leading to the lowest Levelised Cost Of Energy (LCOE) in solar projects worldwide and setting a global benchmark for solar energy pricing.
“The regulatory and legislative frameworks in Dubai, which allow the private sector to participate in energy generation projects, encourage international investors and developers to participate in the Mohammed bin Rashid Al Maktoum Solar Park’s projects, which DEWA is implementing using the IPP model,” said Saeed Mohammed Al Tayer, MD & CEO of DEWA.
Dubai offers an ideal business environment for investors. Data from Financial Times Ltd’s “fDi Markets” shows Dubai as the top global hub for foreign direct investment (FDI) for the third consecutive year, attracting over Dh39.2 billion in FDI in 2023 and creating approximately 45,000 jobs.
DEWA has been a significant player in attracting foreign investments through its pioneering IPWP model since 2014. Key projects include the Mohammed bin Rashid Al Maktoum Solar Park, set to reach a production capacity of over 5,000MW by 2030 with an investment of Dh50 billion. To date, DEWA has completed five phases of the solar park and is currently working on the 1,800MW sixth phase, costing around Dh5.5 billion.
Another significant DEWA project is the Hassyan Power Complex, a 2,400MW natural gas power station using cutting-edge technology. Additionally, DEWA is developing a 180 million imperial gallons per day (MIGD) seawater reverse osmosis (RO) desalination project in Hassyan, investing Dh3.4 billion.
This initiative aligns with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, to position Dubai as a global leader in the green economy.
DEWA reported EBITDA of Dh2.6 billion, operating profit of Dh995 million and revenue of Dh5.8 billion for Q1 of 2024, according to a filing with the Dubai Financial Market (DFM), where its shares are traded.
