DEWA readies $1.7bn investment warchest
DEWA announces cash set aside to bring projects online.
Dubai Water and Electricity Company (DEWA) has set aside a $1.7bn warchest to continue bringing new projects online.
In a press statement made to announce the March launch of utilities exhibition WETEX, the organisation’s chief executive indicated that the money would also be used to complete a number of current projects.
“This show comes at a time when DEWA has allocated Dhs6.42bn ($1.7bn) to implement new projects and complete current ones in the fields of electricity and water, as part of its strategy to enhance the productivity of its network and plants," DEWA CEO and managing director Saeed Mohammed Al Tayer said.
Al Tayer provided no further details as to how the money would be disbursed.
The changing domestic environment has led to DEWA’s decision to boost private sector involvement in Dubai’s power and water market by launching the emirate’s first Independent Water and Power Plant (IWPP).
The IWPP model is already heavily in use in neighbouring Abu Dhabi, Saudi Arabia and Oman.
DEWA says that over thirty companies have applied to advise the utility on the Hassyan IWPP. The closing date for bidding is February 22.