Dubai Electricity & Water Authority (Dewa), which has drawn considerable investments to the UAE from the private sector and foreign banks, plans to invest AED86 billion ($23.4 billion) in the energy sector over the next five years.

Dewa has attracted investments around AED40 billion from the Independent Power Producer (IPP) model, which strengthens public-private partnerships. Through this model, Dewa received the lowest global solar energy prices for five consecutive times, making Dubai a global benchmark for solar energy prices.

The UAE Energy Strategy 2050 aims to achieve an energy mix that combines renewable and clean energy sources to balance economic requirements and environmental goals. The UAE will invest AED600 billion until 2050 to meet the growing energy demand and ensure the sustainable growth of the economy.

“The Eight Principles of Governance in Dubai show that Dubai’s growth is driven by three factors: a credible, resilient and excellent government; an active, fair and open private sector; and public and government-owned flagship companies that compete globally and move the economy locally,” said Saeed Mohammed Al Tayer, MD & CEO of Dewa.