DEWA: Best In-House Corporate Finance Team GCC 2016
Considered one the best-run utility companies in the world, the Dubai Electricity and Water Authority (DEWA) serves more than 760,000 households and businesses in the Emirate and consistently obtains a customer satisfaction rate of over 94%.
DEWA’s efforts in energy efficiency have contributed to achieving several milestones globally, surpassing major European and American companies in different areas. For example, losses in power transmission and distribution networks were reduced to 3.3%, compared to 6-7% in Europe and the USA. Water network losses decreased to 8.2%, compared to 15% in North America.
DEWA’s results are among the best internationally for customer minutes lost per year. DEWA’s figures reached 3.87 minutes, compared to 15 minutes recorded by leading utilities in the European Union. The UAE, represented by DEWA, has been ranked first in the Middle East and North Africa and fourth globally for the third consecutive year for getting electricity as per the World Bank’s Doing Business 2016 report.
With an eye to meeting the future energy demand, the utility has embarked on a AED2.6bn (£530m/€640m) expansion drive to boost water, electricity and renewable energy projects, according to the highest international standards to contribute to organising the best edition of Dubai Expo 2020.
Energy investment will be AED65bn over the next five years, in an effort to meet the emirate’s increasing demand for water and electricity as well as to promote the growth of green economy, set new international standards and create a competitive edge for the UAE in clean energy technology and energy efficiency.
DEWA targets to produce a 5,000 MW through the Mohammed bin Rashid Al Maktoum Solar Park and recently signed a deal to build a 2,400 MW clean coal power plant. The company’s in-house finance team has gained a stellar reputation for securing the best possible deals by leveraging the utility’s sound finances, international rating, and excellence in corporate governance.
The CFI.co judging panel has no doubts whatsoever that the Dubai Electricity and Water Authority merits the 2016 Best In-House Corporate Finance Team GCC.
