DEWA in a strong position to distribute 6.2 billion dirhams
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.