Dubai Electricity and Water Authority (DEWA) has signed a memorandum of understanding with Emirates NBD to use the bank’s Virtual Account IBAN service for its payment collections, the state news agency WAM reported on Thursday.
Under the agreement, virtual account numbers will be assigned to customers, entities or payment channels. The aim is to automate how payments are identified, allocated and reconciled, and to cut manual work in DEWA’s billing services.
The memorandum was signed by Mohammed Salem Al Mana, executive vice president of billing services at DEWA, and Ahmed Al Qassim, group head of wholesale banking at Emirates NBD.
Saeed Mohammed Al Tayer, managing director and chief executive of DEWA, attended the signing at the 28th Water, Energy, Technology and Environment Exhibition (WETEX 2026) in Dubai.
Al Tayer said the system would improve the accuracy of payment management, make reconciliation more efficient and simplify financial settlement. He said it would also strengthen oversight of the utility’s finances.
The two sides did not disclose financial terms.
Emirates NBD reported this week that its profit before tax for the first nine months of 2026 rose 4% to AED24.3 billion.
