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DEWA discusses strengthening cooperation with Citibank

HE Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA) received a delegation from Citibank. The delegation included Ignacio Gutiérrez-Orrantia, Head of Banking, Capital Markets and Advisory (BCMA) for Europe, Middle East and Africa; Elissar Farah Antonios, CEO of Citi UAE; Miguel Azevedo, Head of Investment Banking, Middle East and Africa; and Nabil Haddad, Director – Corporate Banking at Citibank Dubai. The meeting was attended by Thomas Varghese, Chief Financial Officer at DEWA.

The visit aimed to strengthen relations between DEWA and Citibank and learn about DEWA’s future projects.

During the meeting, Al Tayer highlighted DEWA’s strategic and investment plans. DEWA’s growth plans are aligned to Dubai’s 2040 Urban Master Plan, Dubai’s Clean Energy Strategy 2050 and Dubai’s Net Zero Carbon Emissions Strategy 2050 which aims to provide 100% of Dubai’s energy production capacity from clean energy sources by 2050.  

Al Tayer said that DEWA keeps pace with the increase in demand for energy and water services in Dubai according to the highest quality, availability, and efficiency standards. DEWA has ample liquidity on its balance sheet to allow it to pursue growth opportunities. DEWA will continue to make disciplined capital investments, achieving cost savings while growing its footprint and maintaining a high level of safety, quality and customer happiness. DEWA currently provides its services to 3.5 million Dubai residents and the Emirate’s active daytime population of over 4.7 million. These numbers are expected to grow to 5.8 million and 7.8 million respectively by 2040.