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Dubai Utility Earns $3.3b Revenue in First Half of 2022

DEWA says nearly 10 percent of this generation is from Solar. (WAM)
DEWA says nearly 10 percent of this generation is from Solar. (WAM)
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Dubai Utility Earns $3.3b Revenue in First Half of 2022

DEWA says nearly 10 percent of this generation is from Solar. (WAM)
DEWA says nearly 10 percent of this generation is from Solar. (WAM)

Dubai Electricity and Water Authority (DEWA) reported Thursday a quarterly revenue of AED7.01 billion ($1.9 billion) and a net profit of AED2.61 billion ($710 million) in its second quarter 2022 financial results. For the first half 2022, DEWA's revenue is AED12.08 billion, and net profit is AED3.30 billion.

DEWA's first half revenue increase of 15 percent to AED12.08 billion was mainly driven by an increase in demand. Energy demand in Dubai during the first half of 2022 increased by 6.3 percent compared to the same period in 2021.

Demand for energy in the first half of 2022 reached 23.27 TWh compared to 21.9 TWh in the first half of 2021.

Nearly 10 percent of this generation is from Solar. Similarly, water demand in the same period grew by 6.4 percent, state news agency WAM reported.

DEWA's peak demand in the first half of 2022 was 9.4 GW, representing a 7 percent increase over last year.

By the end of the second quarter, DEWA served 1,126,121 customers, representing a 5.12 percent increase from the same time last year.

Saeed Mohammed Al Tayer, MD & CEO of DEWA, said: "DEWA's half year financial results demonstrate our commitment to advancing strategic priorities of sustainability focused smart growth, enhanced customer happiness, operational excellence and attractive capital returns for our shareholders."

"In line with our strategy, we continue to provide a robust infrastructure to keep pace with rapid developments in Dubai and provide our services to more than a million customers according to the highest standards of availability, reliability, efficiency, and safety."

In the first half of 2022, DEWA's installed capacity increased by 700 megawatts (MW) to 14,117 MW. This includes 600 MW from the Hassyan Power Complex, which runs on natural gas and 100 MW from the 5th phase of the Mohammed bin Rashid Al Maktoum Solar Park (MBR Solar Park), which runs on photovoltaic (PV) solar panels. MBR Solar Park is the largest single-site solar park in the world, built on the Independent Power Producer (IPP) model, with a planned capacity of 5,000 MW by 2030.

By June 2022, DEWA's 250 MW pumped-storage hydroelectric power station, which is being constructed in Hatta, was 44 percent complete. It will have a storage capacity of 1,500 megawatt-hours and a life span of up to 80 years. This is the first power station of its kind in the GCC.

In addition, DEWA achieved 85 percent completion of its 120 MIG Nakhali water reservoir, 84percent completion of its 60 MIG Lusaily Reservoir, and 11 percent completion of its 120 MIG Hassyan Reservoir.

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Saudi Arabia Completes 90% of Arabian Shield Survey

Drilling and excavation work at a site in the Arabian Shield region, Saudi Arabia (SPA)
Drilling and excavation work at a site in the Arabian Shield region, Saudi Arabia (SPA)
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Saudi Arabia Completes 90% of Arabian Shield Survey

Drilling and excavation work at a site in the Arabian Shield region, Saudi Arabia (SPA)
Drilling and excavation work at a site in the Arabian Shield region, Saudi Arabia (SPA)

Saudi Arabia is advancing its exploration of mineral resources in the Arabian Shield, a region covering 630,000 square kilometers, about a third of the country.

The Kingdom has completed 90% of the survey and released geological data covering 400,000 square kilometers, or 65% of the total survey area.

Speaking to Asharq Al-Awsat, CEO of the Saudi Geological Survey Abdullah Al-Shamrani affirmed that this aims to attract investment in the mining sector.

The Arabian Shield is crucial for Saudi Arabia, as it contains key metallic minerals such as silver, gold, zinc, and copper.

The Arabian Shield runs along the Red Sea coast and the Gulf of Aqaba, from northern Jordan to the Saudi-Yemeni border. It covers regions such as Tabuk, Madinah, Makkah, Al-Baha, Asir, and Jazan, spanning 630,000 square kilometers, or about one-third of Saudi Arabia's land.

The geological survey in this area plays a key role in developing the sector, providing accurate data to attract both local and international investments.

This supports economic growth and helps diversify income sources in line with Saudi Arabia's Vision 2030.

In a statement to Asharq Al-Awsat at the fourth edition of the world’s leading platform on minerals, the Future Minerals Forum (FMF), Al-Shamrani revealed that a new batch of geological data covering 65% of the geophysical survey in the Arabian Shield was released.

This move opens up new opportunities for mining investors.

The project started in 2021, when the survey began collecting and analyzing data on the mineral wealth in the Arabian Shield.

After nine months of work, the database now covers 400,000 square kilometers, providing detailed information to guide investment decisions in mineral exploration, according to Al-Shamrani.

These data are not just technical but are driving increased demand for mining licenses, highlighting the value of accurate information in attracting investment.

Thanks to digital tools, investors worldwide can easily access this data, supporting investment in promising mining projects. With each new update, Saudi Arabia gets closer to completing the full survey of the Arabian Shield.

Al-Shamrani explained that the data includes interconnected layers of geophysical and geochemical information, such as analysis and drilling results. Each new update provides valuable insights for investors, helping them make data-driven decisions.

He also expected that the remaining data sets would be released soon, completing all work in the Arabian Shield.

Mustafa Maki, head of the National Geological Database Initiative at the Saudi Geological Survey, told Asharq Al-Awsat that the new coverage of the airborne geophysical survey includes magnetic and radiometric data, showing a 5% increase over previous periods.

Forty-three new squares have been added, bringing the total to 164 out of 252.

The data is now being processed and will soon be available to investors and visitors through the Saudi Geological Database.

The Saudi Geological Survey has launched new coverage for the surface geochemical survey of valley sediments, adding maps showing the distribution of individual elements and their statistical data.

This expansion covers an additional 20% of the previous area, bringing the total to 10 out of 50 geological squares.

The survey includes data on 57 out of 75 chemical elements, mapped to show their distribution in the squares. Statistical information on these elements has also been released, according to Maki.

Maki emphasized that geological data is crucial for the mining industry worldwide. Investors rely on this data to decide whether to proceed with investments or detailed exploration.

He added that the data from the Saudi Geological Survey, including geophysical and geochemical surveys, provides a strong knowledge base for investors.

This, along with technical reports and other geological data, helps investors make informed decisions about mining and exploration in the Arabian Shield.

Rana Zamai, Chair of the Women’s Empowerment Committee in Mining at the Ministry of Industry and Mineral Resources, confirmed to Asharq Al-Awsat that all necessary requirements for establishing the Women in Mining Association have been completed.

The association is expected to be launched on the upcoming International Women's Day.

Zamai highlighted that a special networking event was held at the FMF, bringing together women from the public and private sectors in mining from 80 countries.

The event was attended by five female leaders from major women’s mining organizations, representing countries like the UK, South Africa, Australia, and Türkiye.

She also pointed out that a key highlight this year was the participation of 25 geology students from King Abdulaziz University, the first group of its kind in Saudi Arabia. The students are expected to graduate in three to four years.