Dubai Electricity and Water Authority

Electricity, water and the Dubai service network

As of: 2026-06-30

Dubai Electricity and Water Authority PJSC is the DFM-listed electricity and water utility for Dubai. The core business spans generation, transmission and distribution of electricity, together with desalination and distribution of water. It is an infrastructure and service business; the listed company's perimeter is not the whole Dubai government investment portfolio.

The authority was established on 1 January 1992 by combining the Dubai Electricity Company and Dubai Water Department. Trading in its listed shares began on 12 April 2022. These dates describe the operating institution and its listing, respectively—not two different founding dates.

Editorial perspective: the integrated network links production investment to customer connections and continuing consumption. Additional capacity and additional accounts are different operating measures: neither, on its own, tells the reader how much cash will reach shareholders.

Control and management

As of: 2026-08-12

At 30 June 2026, the interim notes identify Dubai Investment Fund as the holder of 82% and local and international investors as holders of 18%. The ultimate controlling party is the Government of Dubai. The transfer from the Department of Finance to Dubai Investment Fund is disclosed in the notes; the latter is the named direct controlling shareholder in this snapshot.

The 12 August release identifies Saeed Mohammed Al Tayer as Vice Chairman and MD & CEO. This is a dated issuer disclosure, not a continuously updated board register. Government control and public minority ownership coexist; government ownership should not be interpreted as a guarantee of the share price or future dividends.

Group activities and a change in minority ownership

As of: 2026-06-30

Selected wholly owned businesses at 30 June 2026 include Mai Dubai LLC in bottled water, Digital DEWA LLC in digital activities, Data Hub Integrated Solutions LLC (MORO), and Al Etihad Energy Services Company LLC in building efficiency. Holding companies associated with power projects are also disclosed. A wholly owned holding company does not establish full economic ownership of every underlying generating plant.

On 10 February 2026, the group acquired an additional 24% of Emirates Central Cooling Systems Corporation PJSC (EMPOWER), raising its interest from 56% to 80%. Note 18 classifies this as an acquisition of non-controlling interest without a change in control. It is therefore not the first consolidation of EMPOWER and should not be used to describe all subsequent group growth as an acquired revenue contribution.

EMPOWER remains separately listed. Its district-cooling business adds a different service stream to DEWA's electricity and water activities; DEWA's shareholders own their interest through the parent, not a direct holding in every subsidiary.

Generating assets and water technology

As of: 2026-06-30

The issuer reports system installed generation capacity of 17,979 MW at 30 June 2026. The selected locations below describe that operating system, not equity-weighted capacity owned entirely by DEWA. Installed MW measure capability, not electricity produced during a period.

Desalination system capacity was 555 MIGD: million imperial gallons per day. The mix includes thermal multi-stage flash at Jebel Ali and seawater reverse osmosis at Jebel Ali, Palm Jumeirah and Hassyan. These daily-capacity units must not be confused with quarterly water volumes.

Hassyan SWRO Block A, adding 60 MIGD, had been commissioned. The additional 120 MIGD expected during 2026 was still a forward-looking statement in the release, not capacity already confirmed in operation.

Quarterly output is not the half-year result

As of: 2026-06-30

For Q2 2026 alone, the release reports electricity generation of 15.78 TWh and desalinated water production of 40.25 billion imperial gallons. Clean power accounted for 3.14 TWh, or 19.9% of quarterly generation. These operational data cover a different period from the six-month financial table below.

Editorial interpretation: output, customer growth and capacity additions help explain the demand and investment setting, but cannot replace a cash-flow analysis. The source's clean-energy classification is reported as the issuer's measure, not an independent environmental certification.

Half-year consolidated financial snapshot

As of: 2026-06-30

The table uses the unaudited condensed consolidated interim statements for the six months ended 30 June, in AED thousand without conversion. Group profit after regulatory movements and tax is distinct from profit attributable to owners. The latter excludes non-controlling interests.

Revenue and operating profit increased against the comparable half-year, while operating cash generation declined. Profit improvement therefore should not be described as an equivalent improvement in operating cash flow. Management attributes the profit performance to demand, customer growth and operating discipline; that explanation is the issuer's assessment, not a quantified causal decomposition.

No final FY2025 income table is reproduced here: the distinct annual statement was not fully verified for this profile. Preliminary annual figures are not substituted for final accounts. The year-end balance comparatives below come from the current interim notes and are not a substitute for a full annual review.

Borrowings, cash and investment spending

As of: 2026-06-30

Borrowings in note 19 include bank overdrafts and subsidiary financing; lease liabilities are separate. The gross cash balance and cash for cash-flow-statement purposes also differ, because the latter deducts overdrafts. The table therefore preserves the source labels rather than presenting an unqualified net-debt estimate.

The authority obtained an AED 5,000 million two-year term loan during the period, with a fixed annual interest rate of 3.8% and principal due in full at maturity. That maturity applies to this facility, not all group debt.

H1 2026 cash purchases of property, plant and equipment, net of movements in capital project payables, retention payables and other long-term liabilities, were AED 4,112,115 thousand. This is the specifically labelled cash-flow line, not total accounting additions or a future capex budget. Operating cash flow, investment needs and shareholder distributions must be considered together.

Expansion and distributions: completed versus expected

As of: 2026-08-12

The issuer's plan for 2030 envisages power capacity exceeding 23 GW and water capacity of 735 MIGD. These are management plans, not current assets. Execution depends on project delivery, funding and demand; announced capacity must remain separate from commissioned capacity.

The release says AED 3.1 billion for H2 2025 was distributed on 20 April 2026. A further AED 3.1 billion for H1 2026 was expected in late October 2026, subject to necessary approvals. That expectation is not a completed payment or an unconditional entitlement.

Editorial perspective: expansion through solar generation and reverse osmosis changes the technology mix, but this profile does not assume independently verified emissions savings or automatic margin improvement. A useful follow-up is whether new capacity enters service on schedule while cash generation supports both investment and distributions.

Regulation, execution and shareholder economics

As of: 2026-06-30

Note 24 describes electricity and water prices as subject to oversight or approval by the Supreme Council of Energy, with regulatory deferral accounting for fuel-cost recovery. Revenue, regulatory movements and final profit are therefore distinct lines; a utility should not be analysed as though it can freely reset all customer prices.

Editorial interpretation: project delays, fuel costs, interest and refinancing needs, collection timing and demand can affect the cash available to owners. Control of a subsidiary does not eliminate payments to its minority owners. The interim statements and the issuer's outlook give a dated starting point, not a valuation or a buy/sell recommendation.

Official contacts and source dates

As of: 2026-08-12

Investor relations: dewainvestors@dewa.gov.ae. Media enquiries: media@dewa.gov.ae. Official website: https://www.dewa.gov.ae ; investor reporting: https://www.dewa.gov.ae/en/investor-relations . The interim statements give the registered postal address as P.O. Box 564, Dubai, United Arab Emirates.

No corporate telephone is added because one was not verified in these consulted disclosures. Financial and ownership snapshots retain the 30 June 2026 date; plans, distributions and management identification are attributed to the 12 August 2026 release. Source links below lead to official documents; all page references count physical PDF pages.

Sources

1. S1 · DEWA condensed consolidated interim financial information, H1 2026 (unaudited) · 2026-06-30
2. S2 · DEWA H1 2026 results release, 12 August 2026 · 2026-08-12