April 19, 2022 6:28 pm
DEWA in a strong position to distribute 6.2 billion dirhams
Empower IPO to be announced soon; not during current quarter
Saeed Mohammed Al Tayer. Managing Director & CEO. Dubai Electricity & Water Authority (DEWA).
Following a stellar initial public offering (IPO), the Dubai Electricity and Water Authority (DEWA) is in a strong position to distribute 6.2 billion dirhams 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.
Moreover, Al Tayer said that the Empower IPO will be announced soon, but not during the current quarter.