“DEWA had earnings of Dh6.6 billion in 2021 – with an annual dividend payout of a minimum Dh6.2 billion, that would then represent a 90 per cent plus payout,” said Sameer Lakhani, Managing Director at Global Capital Partners. “Of DEWA’s current earnings, 9 per cent came from the district cooling entity Empower, which too is due to be listed on DFM. That would mean a further pop in DEWA’s valuations.”