Dubai Electricity and Water Authority (DEWA) demonstrated remarkable resilience and strategic foresight in its 2024 financial performance, reaffirming its commitment to creating long-term value for stakeholders while advancing Dubai’s sustainability ambitions and digital transformation agenda.

Amid global economic shifts and rising demand for utility services, DEWA’s performance reflects its agility in navigating change, investing in the future and delivering reliable services through smart infrastructure and sustainable energy systems.

Strong financial performance

In 2024, DEWA achieved record-breaking financial results, with consolidated annual revenue rising by 6.17% to AED 30.98 billion. This growth was primarily driven by higher demand for electricity, water and cooling services. Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 6.4% year-on-year to AED 15.73 billion, while net profit after tax rose to AED 7.23 billion. These results underscore DEWA’s operational excellence, cost optimisation efforts and ability to meet Dubai’s growing utility needs sustainably and efficiently.

The Mohammed bin Rashid Al Maktoum Solar Park, a vast solar energy facility located in Dubai. It features an extensive array of solar panels spread across the desert landscape, highlighting its role as one of the largest solar parks in the world. The park includes a prominent solar tower, surrounded by a circular arrangement of mirrors, which is part of a concentrated solar power system. Additionally, the site hosts a Sustainability & Innovation Centre and an R&D Centre, emphasizing its commitment to advancing renewable energy technologies and sustainable practices. The UAE flag is visible, symbolizing the country's dedication to clean energy initiatives.
The Mohammed bin Rashid Al Maktoum Solar Park, a vast solar energy facility located in Dubai

Strategic investments in sustainability

Sustainability remains a core pillar of DEWA’s long-term strategy. Central to this vision is the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world based on the independent power producer (IPP) model. The park is a key enabler of the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050. The integration of a 1,000MW battery energy storage system as part of the park’s seventh phase will enhance grid resilience and increase the share of clean energy. Once completed, the solar park’s capacity will exceed the original 5,000MW target, reaching 7,260MW. This will increase the share of clean energy in Dubai’s energy mix from 25% to 34% and boost the reduction of carbon emissions to approximately eight million tonnes by 2030, from the initial target of 6.5 million tonnes.

Other flagship projects include the Green Hydrogen Plant, which produces 20kg of green hydrogen per hour, and the Hatta pumped-storage hydroelectric power plant, a 250MW project that is part of DEWA's drive to diversify its renewable and clean sources in Dubai. The project, the first of its kind in the GCC, has a storage capacity of 1,500 megawatt-hours.

Driving digital transformation

DEWA continues to lead in digital innovation, integrating Fourth Industrial Revolution technologies, including artificial intelligence (AI), the Internet of Things (IoT) and blockchain, to transform its operations and services. AI helps DEWA predict energy demand, optimise infrastructure performance and proactively manage maintenance. IoT sensors deliver real-time data to enable smarter energy distribution while blockchain enhances transparency, billing and cyber security.

DEWA was among the first global utilities to deploy Microsoft Copilot and integrate ChatGPT into customer service via its virtual assistant, Rammas. The authority has expanded the use of generative AI to enhance internal functions across HR, finance, cyber security, compliance and customer experience, through initiatives such as ‘Rammas for You’ and ‘Rammas at Work’.

A green hydrogen project facility situated in a desert landscape. The facility appears to be part of a larger renewable energy complex, possibly utilizing solar power to produce hydrogen fuel. The infrastructure includes several buildings and structures, surrounded by a fenced perimeter, indicating a secure and controlled environment for green hydrogen production. This project highlights the integration of advanced technology and sustainable practices to generate clean energy, contributing to efforts in reducing carbon emissions and promoting environmental sustainability.
A green hydrogen project facility situated in a desert landscape

ESG performance reinforces global leadership

DEWA’s environmental, social and governance (ESG) initiatives continue to strengthen its global position. In 2024, DEWA ranked first worldwide in 12 key performance indicators, according to a leading international consultant. It also topped utilities in the UAE and ranked second in the region for brand value, according to the Brand Finance Middle East 150 report. DEWA’s Sustainability and Innovation Centre and its Research and Development (R&D) Centre at the solar park position Dubai as a hub for clean energy research, spanning solar power, smart grids, energy storage and desalination technologies.

D33: Empowering growth and innovation

The Dubai Economic Agenda D33, launched in 2023, aims to double Dubai’s economy over the next decade and cement its status as a top global city. DEWA is playing a key role in supporting this vision through infrastructure development, smart city integration and renewable energy innovation. D33’s emphasis on digital transformation and sustainability aligns with DEWA’s strategic priorities, creating opportunities for collaboration across sectors including logistics, technology and green manufacturing.

Charting a course for the future

DEWA’s 2024 performance is a testament to its resilience, innovation and commitment to shaping a sustainable and digitally enabled future. As it accelerates its contribution to Dubai’s economic and environmental goals, DEWA continues to set a benchmark for utilities worldwide – making an impact today while preparing for the challenges of tomorrow.