The Dubai Electricity and Water Authority (DEWA) will invest AED40 billion ($10.8 billion) in electricity and water projects in the next five years to meet growing demand, according to the utility giant's CEO and Managing Director Saeed Mohammed Al Tayer.

The capital expenditure will include the expansion of renewable and clean energy projects. 

Around AED16 billion will be allocated towards the expansion of electricity and water transmission and distribution networks, while AED12 billion will be invested to complete the independent power producer projects (IPP) in the Mohammed bin Rashid Al Maktoum Solar Park, the Hassyan Power Complex and the Independent Water Producer (IWP) and other ongoing projects.

The Emirates Central Cooling Systems Corporation (Empower), which is 70 percent owned by the utility firm, also has plans to invest AED3 billion to expand district cooling capacity and network.

Al Tayer said DEWA has strategic partnerships with various local and international companies to implement renewable energy and water desalination projects according to the IPP model.

"DEWA will continue to invest and enhance renewables' generation capacity... in order to meet the increasing demand for electricity and water," Al Tayer said.

(Writing by Cleofe Maceda; editing by Daniel Luiz)