Dewa Achieves Record Nine-Month Profit Driven by Soaring Demand for Utility Services

The Dubai Electricity and Water Authority (Dewa) has announced a record-breaking profit for the first nine months of 2026, propelled by a significant increase in demand for its essential utility services across the emirate. Net profit attributable to the company's owners surged by 11 per cent year-on-year, exceeding Dh7.1 billion ($1.93 billion) in the period ending September, according to a regulatory filing with the Dubai Financial Market. Dewa's revenue also reached a new high, climbing 3.3 per cent to approximately Dh25.7 billion. Earnings before interest, taxes, depreciation, and amortisation (Ebitda), a key profitability indicator, rose by 2.5 per cent to Dh13.43 billion. This revenue growth was attributed to heightened demand across Dewa's electricity, water, district cooling, and other business segments. Saeed Al Tayer, chief executive of Dewa, stated, "We continue to advance our journey towards net zero by 2050, while strengthening our contribution to Dubai’s sustainable economic growth and global competitiveness," referencing the UAE's broader economic and societal goals for achieving zero emissions. In the third quarter of 2026 alone, net profit saw an 8.3 per cent annual increase to Dh3.9 billion, with revenue up 5.4 per cent to nearly Dh10.9 billion, although Ebitda experienced a slight decrease of over 1 per cent to Dh6.11 billion. Dewa highlighted that the third quarter results reflect Dubai's ongoing economic expansion, evidenced by rising electricity demand, increased clean energy generation, and enhanced operational efficiency. "As the emirate continues to develop, Dewa remains committed to providing the essential power and water services and innovative smart and digital solutions needed to support households, businesses and economic activity," the utility company affirmed. Dewa is actively expanding its clean energy portfolio, notably with plans for the seventh phase of the Mohammed bin Rashid Solar Park, which will integrate large-scale battery storage. The utility also operates a network of electric vehicle charging stations, catering to the growing adoption of EVs. Mr. Al Tayer commented that Dewa's initiatives demonstrate its "ability to keep pace with Dubai’s growing energy needs while steadily increasing the contribution of clean energy." Furthermore, Dewa has previously explored green hydrogen production, including a pilot facility developed in collaboration with Siemens Energy at the solar park, though this remains an exploratory venture without specific project timelines or investment commitments announced. In June, Dewa established Dewa International to pursue global projects and partnerships, leveraging Dubai's expertise in developing large-scale electricity, water, and clean energy infrastructure. The international arm aims to identify investment opportunities and participate in projects outside the UAE by collaborating with governments, developers, and financial institutions. Earlier this month, Dewa International entered into an agreement with China's Shanghai Electric to explore energy and water investments in international markets, aligning with Dubai's strategy to broaden its presence in the global utilities sector. Dewa's shares closed 1.11 per cent higher at Dh2.74 on the Dubai Financial Market on Thursday.