DEWA Goes International

Research evidence excerpt

DEWA Goes International

United Arab Emirates | Utilities

DEWA EquityJuneResearch22, 2026

FLASH NOTEDEWA Goes International

DEWA’s creation of an international business arm signals a shift toward RATING HOLD

global growth. The move positions DEWA as a potential competitor to ACWA, PRICE AED2.81^

although with broader capabilities across the full utility value chain. While this PRICE TARGET | % TO PT AED3.00 | +7%

move supports long-term growth, it introduces additional execution, financing, 52W HIGH-LOW AED3.15 - AED2.47

policy and potentially FX risks. We expect limited near-term dividend upside, FLOAT (%) | ADV MM (USD) 18.0% | 35.25

maintaining our Hold rating and AED3 PT. MARKET CAP AED140.5B | $38.3B

TICKER DEWA UH

DEWA Goes International: DEWA has announced the creation of 'DEWA International' - a wholly ^Prior trading day's closing price unless otherwise noted.

owned subsidiary to develop conventional and clean energy and water infrastructure projects

worldwide. They have not announced any firm projects but said that they are 'identifying projects,

building pipeline, and establishing the partnership ecosystems'. They plan to build the portfolio in

a phased manner - to begin where their relationships, knowledge and proximity provide a natural

advantage, and then expand progressively into other markets

Competitor to ACWA now: This pursuit of growth internationally marks a change in DEWA's

domestic market focussed strategy, in our view. It pits DEWA as a competitor to Saudi based ACWA

(ACWA AB, Underperform, PT SAR160.0, CP SAR201.4), which also does projects internationally -

in Uzbekistan, Morocco, Egypt, Bahrain, Kuwait, Oman, UAE amongst other nations. ACWA does

only power generation and water desalination projects while DEWA has expertise in transmission