Dubai Electricity and Water Authority, which is listed on the Dubai Financial Market (DFM), said it plans to pay a one-time special dividend to its shareholders. The utility giant has received a cash dividend of AED 2.03 billion from its subsidiary, Empower.

DEWA holds a 70% stake in district cooling firm Empower, which announced its IPO and listing plans on Monday. Empower paid DEWA this dividend on September 29th, according to a statement.

“As a result of the cash dividend received by DEWA from EMPOWER, DEWA intends to seek all necessary approvals to make a one-time special dividend payment to its shareholders. The timing and size of the special dividend are under study,” Saeed Mohammed Al Tayer, MD & CEO of DEWA, said. 

"This one-time special dividend is intended to be an additional payment to shareholders over DEWA’s stated annual dividend policy of paying AED 6.2 billion in dividends," he added.

DEWA’s dividend policy is to pay a minimum dividend of AED 6.2 billion per year over the next five years.

DEWA will be making the first dividend payment of 6.2 fils per share (3.1 billion AED) for H1, 2022 on October 26th, 2022.

For H2, 2022, DEWA expects to pay 6.2 fils per share (3.1 billion AED) in April, 2023, subject to all approvals.

(Writing by Seban Scaria seban.scaria@lseg.com; editing by Daniel Luiz)