Government of Dubai Media Office –16 February 2020: Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum today received, in the presence of Dubai Crown Prince His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Managing Director and Chairwoman of the International Monetary Fund (IMF) Kristalina Georgieva, on the sidelines of the Global Women’s Forum Dubai (GWFD) 2020, being held from 16-17 February in Dubai.
The meeting discussed the UAE’s development model, which is based on building partnerships with regional and global companies backed by a supportive legislative environment that takes into account the interests of the country’s partners and provides them with a stable and secure environment, as well as a reliable infrastructure built according to the highest international standards.
The IMF Chairwoman expressed her appreciation for the UAE’s economic resilience, which was reflected in the progress and growth of domestic credit, increase of tourist numbers and high foreign trade flows at a time when the global market is facing serious challenges. She said that hosting Expo 2020 Dubai will give the UAE economy a new impetus.
Georgieva also said that Expo2020 will create a strong momentum that supports the UAE’s economic growth over the next year. Strong government economic incentives will encourage investments as well as private sector growth. She highlighted the importance of the non-oil sector growth in addition to generating new value by encouraging the growth of the SME sector, strengthening financial frameworks and raising financial sustainability both in the short and long term.
The meeting was also attended by His Highness Sheikh Mansour bin Mohammed bin Rashid Al Maktoum; Minister of Cabinet Affairs and the Future HE Mohammad bin Abdullah Al Gergawi; Minister of State for Financial Affairs, HE Obaid bin Humaid Al Tayer; Minister of State for International Cooperation HE Reem bint Ibrahim Al Hashimy; and Chairperson of the Board and Managing Director of the Dubai Women Establishment HE Mona Al Marri.
Dubai Electricity and Water Authority (DEWA) was formed on 1 January, 1992, by a decree issued by the late Sheikh Maktoum bin Rashid Al Maktoum to merge Dubai Electricity Company and Dubai Water Department, which had been operating independently before then. Both organisations were established by the late Sheikh Rashid bin Saeed Al Maktoum in 1959. Dubai Government fully supported the Electricity Company and the Water Department to provide Dubai’s citizens and residents with a continuous and reliable supply of electricity and water. Since then, DEWA has made considerable achievements, to be ranked as one of the best utilities in the world. DEWA provides services today to more than 900,000 customers with a happiness rate that reached 95% in 2018.
The UAE, represented by Dubai Electricity and Water Authority (DEWA), has maintained its first global ranking, for the third consecutive year, with scores of 100% in all Getting Electricity indicators in the World Bank’s Doing Business 2020 report. The report measures the ease of doing business in 190 economies around the world. DEWA achieved competitive results in global benchmarking, surpassing the private sector and major European and American utilities in efficiency and reliability. DEWA raised the efficiency of its energy production by using the latest technologies and adopting technological innovations, surpassing European and American utilities, by reducing losses from electricity transmission and distribution networks to 3.3% compared to 6–7% in the US and Europe. DEWA also achieved the lowest customer minutes lost per year (CML) in the world of 2.39 CML compared to 15 minutes in Europe and was also able to reduce water network losses to 6.5% in 2018 compared to 15% in North America, which is one of the best results in the world.