DEWA International Signs Memorandum with Shanghai Electric Amid New Global Expansion
Key Facts
DEWA International, the global arm of Dubai Electricity and Water Authority (DEWA), signed a memorandum of understanding with Shanghai Electric to explore cooperation opportunities in energy, water and infrastructure markets around the world. The memorandum establishes a framework for assessing project development and investment opportunities; it does not announce a specific project or binding financing. Its areas include power generation and storage, water desalination and green hydrogen. The agreement comes as DEWA International was established to develop conventional and clean energy projects globally and export Dubai’s energy and water infrastructure model. In June 2026, DEWA said the subsidiary was wholly owned and independent, in a move to expand its presence beyond the emirate.
The agreement advances a path DEWA International has begun to build a network of international partnerships and identify investment opportunities. At the company’s launch, Saeed Al Tayer said work had begun on identifying projects, building a pipeline of opportunities and establishing the partnership ecosystem that would shape its global presence. The memorandum with Shanghai Electric aims to assess opportunities across multiple sectors, broadening its scope beyond cooperation in power generation alone. Al Tayer linked the expansion to estimates that global demand for energy and water infrastructure could exceed $20 trillion by 2035. These estimates provide a strategic backdrop for the company’s move into global markets, without specifying an expected return or financial size for the memorandum.
The new cooperation builds on prior experience between the two parties in Dubai. DEWA said Shanghai Electric was the main contractor in a consortium that delivered the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park. Investment in the phase totaled AED 15.78 billion, while its capacity reached 950 megawatts. The phase combined concentrated solar power and photovoltaic technologies, according to a DEWA statement issued on October 23, 2025. This track record gives the two parties joint experience in delivering a major energy project, while the new memorandum opens the way to explore opportunities in broader markets and sectors.
DEWA places the agreement within a broader set of international initiatives. In October 2026, it said DEWA International had signed 4 memoranda of understanding with international entities during WETEX 2026 to support expansion of its project portfolio and growth opportunities. One of those memoranda, with EDF Power Solutions, covered potential opportunities to participate in solar, wind, battery storage and pumped hydropower projects. This shows the breadth of the partnership portfolio the company is pursuing, alongside the Shanghai Electric agreement covering energy, water and infrastructure. Al Tayer has said the company would take a phased approach, starting in markets where its relationships, knowledge and proximity give it an advantage. He added that expansion into other markets would be gradual, linking destination choices to the company’s advantages and partnerships.
In the context of the company’s launch, Al Tayer said DEWA recorded revenue of AED 32.8 billion in 2025 and net profit after tax of AED 9.06 billion. He also said DEWA leads globally in 13 key utility performance indicators, in addition to two regional indicators covering generation, transmission, distribution and customer service. These figures describe the parent company’s scale and operational standing as DEWA presented them when launching its international arm. According to Al Tayer’s remarks, the expansion strategy draws on DEWA’s experience in energy and water infrastructure and the network of partnerships the company has begun to build. The Shanghai Electric memorandum remains at the opportunity-exploration stage, with no investment value or timeline for a specific project included in the information disclosed.
In trading, Shanghai Electric shares closed at HK$2.40 on October 30, 2026, compared with a close of 2.51 on October 26. Over the five listed sessions, the stock closed at 2.48 on October 27 and 2.49 on October 28, then 2.44 on October 29, before ending the October 30 session at 2.40. These prices reflect the stock’s movement over those sessions and do not establish a direct link between trading and the memorandum of understanding. The disclosed information did not specify a date for a subsequent investment decision or announcement of a joint project. The next step will depend on the parties’ assessment of potential opportunities under the cooperation framework announced by DEWA International and Shanghai Electric.