Month: February 2023

DUBAI, Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), announced a 5.5% increase in energy demand in Dubai for 2022, reaching 53,180 GWh compared to 50,401 GWh in 2021.

The increase reflects the robust performance of Dubai’s economy, population growth, and expansion across all key activities. In line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, DEWA aims to develop efficient infrastructure and increase production capacity to meet growing demand while incorporating smart technologies.

The company has outperformed major European and American utilities with a reduced line loss of 2.2% and a world-record low electricity Customer Minutes Lost of 1.19 minutes per customer.

Source: Emirates News Agency

DUBAI, The Dubai Financial Market Company (PJSC) reported a 41.7% increase in net profit for the fiscal year ending December 31, 2022, reaching AED147.1 million compared to AED103.8 million in 2021.

The company also reported a 19% increase in total revenue, reaching AED351.2 million. In the fourth quarter of 2022, the company posted a net profit of AED58.1 million and total revenue of AED113.4 million. The Board of Directors approved the annual results and recommended a cash dividend of AED134.7 million, equivalent to 1.68% of the capital. The Board also recommended a new fixed dividend policy, stipulating that the company distributes a minimum of 50% of its net profit annually.

Helal Al Marri, Chairman of DFM Company, commented on the company’s achievements in 2022, stating that the year was promising for DFM. He attributed the strong results for the fiscal year to the strength of the company’s operating model and progress made in transforming the business, pursuing new opportunities, and developing UAE capital markets.

Al Marri believes that DFM’s modern infrastructure, innovative regulations, and dynamic business model will drive sustained growth and position Dubai as a hub for global financial activity.

Helal Al Marri continued, saying that DFM’s focus on capital market development strategy has produced results, making DFM a leader in new IPOs and listings with 5 successful IPOs of government-related and private companies. He also highlighted the launch of a new general index that provides best practices for indices and greater transparency for investors.

Al Marri also mentioned DFM’s efforts to diversify asset classes with the introduction of crude oil contract trading (Micro Oman Crude Oil Futures) and the launch of new equity futures, positioning DFM as one of the leading regional markets in terms of investment opportunities and asset class diversity.

DFM had a strong close to the year with a 24.5% increase in trading value to AED90 billion compared to 2021, and a 41.4% increase in market capitalization of listed securities to AED582 billion. The DFM General Index also rose by 4.4%. Foreign investors accounted for 48.7% of DFM’s trading value with net purchases of AED5 billion and held 19% of the market capitalization at the end of the year. DFM attracted 167,332 new investors in the past year, a 23 times increase from 2021, bringing the total number of investors to over 1 million from 212 nationalities, showcasing the success of DFM’s digital onboarding.

Source: Emirates News Agency

HE Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA), announced that energy demand in Dubai increased in 2022 by around 5.5% compared to 2021. Energy demand in 2022 reached 53,180 gigawatt-hours compared to 50,401 gigawatt-hours in 2021.

Al Tayer said that the increase in energy demand reflects the strong performance of all economic sectors in Dubai, in addition to the continuous growth in population and the expansion the Emirate is witnessing in all key activities.

“In line with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to achieve sustainable and comprehensive development in Dubai, DEWA contributes to developing an infrastructure that is among the most efficient worldwide. This supports Dubai Economic Agenda ‘D33’, which aims to double the size of Dubai’s economy over the next decade and consolidate its position among the top three global cities. We continue to raise the production capacity of electricity and water as well as increase the capacity and efficiency of the transmission and distribution networks. This is to keep pace with the growing demand for electricity and water as well as the future needs of customers, developers and businesses while providing a convenient margin. To achieve this, DEWA uses the latest smart technologies and scientific planning. DEWA’s production capacity has increased to 14,517 megawatts of electricity and 490 million imperial gallons of desalinated water per day,” said Al Tayer.

DEWA’s results surpass major European and American utilities in several key performance indicators. Line losses from electricity transmission and distribution networks were reduced to 2.2% compared to around 6-7% in Europe and the USA. DEWA has achieved a new world record in electricity Customer Minutes Lost (CML) per year. Dubai recorded 1.19 minutes per customer, compared to around 15 minutes recorded by leading utility companies in the European Union.

Source: Dubai Electricity and Water Authority