Dubai’s Dewa attracts $11bln investments from IPPs

Dubai’s Dewa attracts $11bln investments from IPPs

Dubai Electricity and Water Authority (Dewa) has attracted Dh40 billion investments from the Independent Power Producer (IPP) model and its investments in the energy sector are estimated to hit Dh86 billion over the next five years.It said investments from the private sector and foreign banks resulted in increased cash flows to the economy of Dubai and the UAE.Under the UAE Energy Strategy 2050, the country aims to achieve an energy mix that combines renewable and clean energy sources to balance economic requirements and environmental goals. The UAE will invest Dh600 billion until 2050 to meet the growing energy demand and ensure the sustainable growth of the economy.Renewable energy is an essential requirement for sustainability and stands at the forefront of the UAE's strategic priorities. The UAE leads in efforts to