Dubai Electricity and Water Authority (DEWA) ended March 2026 with borrowings of AED 43,725.0 million, up AED 5,148.7 million from AED 38,576.3 million three months earlier. The increase included a new AED 5,000 million term loan, taken in the quarter DEWA raised its stake in the district cooling company Empower from 56% to 80%.
The Empower purchase
DEWA's Q1 2026 cash flow statement shows AED 5,189 million paid for the additional 24% of Empower, which became an 80% subsidiary on February 10, 2026. District cooling brought in AED 618.2 million of revenue in the first quarter, against AED 538.3 million a year earlier.
Earnings still rising
The borrowing comes alongside strong earnings. DEWA's preliminary 2025 results showed revenue of AED 32.84 billion and EBITDA of AED 17.37 billion, and its net profit for the first half of 2026 was AED 3.33 billion, up 15.02%. Moody's has rated the company A3 with a stable outlook since May 2024.
Investment and dividends
DEWA says it invested AED 11.72 billion in 2025, while its audited segment note shows AED 12,100.3 million of capital expenditure. It also pays a minimum dividend of AED 6.2 billion a year under a policy that runs for five years from October 2022. Borrowings had fallen from AED 38,887.6 million at the end of 2023 to AED 36,172.8 million at the end of 2024, so the March 2026 figure is 20.9% above the end-2024 level.
Where DEWA's revenue comes from, which projects take its capital spending, and what its tariffs, networks and resilience measures show are covered in the full report. The full report, Utility Intelligence Profile: Dubai Electricity and Water Authority, is available for USD 99 at https://ourfuturewaterintelligence.com/reports/dubai-electricity-and-water-authority-utility-intelligence-profile. For a free overview, read the Dubai Electricity and Water Authority Utility Snapshot at https://ourfuturewaterintelligence.com/utilities/dubai-electricity-and-water-authority.