Dubai’s utility company is to invest AED 40 billion ($10.89 billion) in capital expenditure over the next five years, it was confirmed today.

Dubai Electricity & Water Authority (DEWA) told Dubai Financial Market that it would spend AED 16 billion to strengthen the water and electricity network, AED 12 billion on existing projects and AED 3 billion in district cooling services, with the remainder on further existing projects, especially smart systems and infrastructure.

DEWA began trading on DFM earlier this month after raising AED 22.3 billion in its initial public offering (IPO).