عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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)
TT
TT

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.

Most Viewed

 
 
Business

G7 Energy Ministers Confirm Readiness to Release Oil Stockpiles

Out of service signs are pictured on unleaded petrol and diesel fuel pumps at a petrol service station in Cambridge, eastern England on March 09, 2026. (Photo by Paul ELLIS / AFP)
Out of service signs are pictured on unleaded petrol and diesel fuel pumps at a petrol service station in Cambridge, eastern England on March 09, 2026. (Photo by Paul ELLIS / AFP)
TT
TT

G7 Energy Ministers Confirm Readiness to Release Oil Stockpiles

Out of service signs are pictured on unleaded petrol and diesel fuel pumps at a petrol service station in Cambridge, eastern England on March 09, 2026. (Photo by Paul ELLIS / AFP)
Out of service signs are pictured on unleaded petrol and diesel fuel pumps at a petrol service station in Cambridge, eastern England on March 09, 2026. (Photo by Paul ELLIS / AFP)

Energy ministers from the Group of Seven nations confirmed readiness to ⁠take necessary steps to support ⁠global energy supplies, ⁠including possible joint release of strategic oil stockpiles, Japan's Industry Minister Ryosei Akazawa told a ⁠briefing on ⁠Tuesday.

The International Energy Agency (IEA) hosted a meeting of G7 energy ministers at its headquarters in Paris, chaired by Minister Roland Lescure of France, which holds the G7 presidency.

At the virtual meeting, the agency provided an update on its view of the situation in global oil and gas markets, which have been significantly affected by the conflict in the Middle East.

Lescure said the group is prepared to release emergency stockpiles if required.

“We are ready to take the necessary measures, including drawing on strategic reserves to stabilize the market,” Lescure said.

“We are not there yet,” he told reporters in Brussels, after hosting a meeting of G7 finance ministers.

“We are monitoring the markets, the impact on the macroeconomy but also on our citizens,” he said, adding that coordination among major economies remains central to the response.

“Everyone is willing to take measures to stabilize the market, including the US,” Lescure said.

“We have asked the IEA to elaborate scenarios for a potential oil stock release, we need to be ready to act at any moment,” he added.

For its part, the agency said in a statement, “We discussed all the available options, including making IEA emergency oil stocks available to the market. IEA Member countries currently hold over 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government obligation.”

European governments are on edge about the prospect of a repeat of the energy crisis they faced in 2022 after Russia ⁠invaded Ukraine, when prices surged to record peaks, forcing some industries to shut down operations.

The EU imports more than 90% of its oil and around 80% of its gas, making European countries highly ⁠exposed to fluctuations in global oil and gas prices.

European Commission chief Ursula von der Leyen is due to propose measures to tackle the politically sensitive issue at an EU summit next week.

Being “completely dependent on expensive and volatile imports” of fossil fuels puts Europe at a disadvantage to other regions, von der Leyen said in a speech.

“Developments in the Middle East remind us once again of the risks of relying still too much on fossil fuels,” von der Leyen said, adding that reducing Europe's nuclear energy sector was a “strategic mistake.”

On Tuesday, the EU called on member states to help consumers and businesses by lowering taxes on energy where possible, as war in the Middle East saw oil and gas prices surge.

“If you are at all able to lower taxes on energy, especially on electricity, there is a huge potential” to reduce consumer bills, EU's energy chief Dan Jorgensen said at Parliament in Strasbourg on Tuesday.

Jorgensen said cutting taxes could help ease the financial burden on households as rising energy costs continue to affect consumers across the union.

According to the European Commission Joint Research Center, around 48 million people in Europe, roughly one in ten, cannot afford to heat their homes adequately.

Business

CEO: Exxon Evacuated Non-essential Middle East Staff

An Exxon gas station sign in Dallas, Friday, March 6, 2026. (AP Photo/Tony Gutierrez)
An Exxon gas station sign in Dallas, Friday, March 6, 2026. (AP Photo/Tony Gutierrez)
TT
TT

CEO: Exxon Evacuated Non-essential Middle East Staff

An Exxon gas station sign in Dallas, Friday, March 6, 2026. (AP Photo/Tony Gutierrez)
An Exxon gas station sign in Dallas, Friday, March 6, 2026. (AP Photo/Tony Gutierrez)

Exxon Mobil has evacuated non-essential employees from its operations in the Middle East, CEO Darren Woods said in an interview on Tuesday, as the US-Israel war on Iran continues.

Some operations have been scaled back to manage oil inventory levels as traffic through the Strait of Hormuz has been challenged, he said. ⁠Exxon is a ⁠minority partner in oil and gas projects in the UAE, Qatar and Saudi Arabia.

"Our first and highest priority is making sure our people remain safe, and we evacuated folks who weren't critical or essential to the operations that we were providing support for," Reuters quoted Woods as saying.

Traffic ⁠through the Strait of Hormuz, an important waterway between Iran and Oman that sees one-fifth of the world's oil supply pass through it, has effectively halted after Iran threatened to attack tankers that attempt to pass.

US President Donald Trump on Monday threatened to escalate the war with Iran if it blocked oil shipments from the Middle East, even as he predicted a quick end to the conflict.

With exports strained, oil producers have ⁠cut output ⁠at some oilfields as storage capacity runs out.

"The ability to manage ... inventory becomes very challenged, and many of the operations are pulling back simply to manage inventory levels as the logistics in the supply chain and the flow through the Strait get worked (through) with time," Woods said.

About 20% of Exxon's oil and gas production is in the Middle East, according to analysts from Jefferies. Nearly 60% of the US oil major's liquefied natural gas business is concentrated in the region, according to TD Cowen.

Business

EU Opposes Removing Oil Sanctions on Russia to Cool Energy Prices

Pumpjacks operated by Aera Energy work the wells at the Midway-Sunset field near Taft in Kern County, California, on March 8, 2026. (Photo by Frederic J. BROWN / AFP)
Pumpjacks operated by Aera Energy work the wells at the Midway-Sunset field near Taft in Kern County, California, on March 8, 2026. (Photo by Frederic J. BROWN / AFP)
TT
TT

EU Opposes Removing Oil Sanctions on Russia to Cool Energy Prices

Pumpjacks operated by Aera Energy work the wells at the Midway-Sunset field near Taft in Kern County, California, on March 8, 2026. (Photo by Frederic J. BROWN / AFP)
Pumpjacks operated by Aera Energy work the wells at the Midway-Sunset field near Taft in Kern County, California, on March 8, 2026. (Photo by Frederic J. BROWN / AFP)

EU economy chief Valdis Dombrovskis said Tuesday the European Union did not support removing sanctions on Russian oil despite soaring energy prices, AFP reported.

"We must continue to exert maximum pressure on Russia," he said when asked about US President Donald Trump's announcement he will waive some sanctions on oil, warning easing restrictions would "reinforce Russia's capacity to wage war, undermining Ukraine".