DUBAI, 22nd October, 2026 (WAM) -- Dubai Electricity and Water Authority (DEWA) has signed a Memorandum of Understanding with Emirates NBD to implement the Virtual Account IBAN solution, supporting the efficiency of payment management, reconciliation and financial settlement processes, and accelerating the digital transformation of DEWA’s financial operations.
In the presence of Saeed Mohammed Al Tayer, MD and CEO of DEWA, the MoU 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, during the 28th edition of the Water, Energy, Technology and Environment Exhibition (WETEX 2026).
Al Tayer said, “We are committed to leveraging the latest digital solutions and financial innovations to advance our operations and uphold the highest standards of efficiency, governance and transparency. Our collaboration with Emirates NBD to implement the Virtual Account IBAN solution supports our efforts to build a smarter, more resilient and integrated financial ecosystem."
He added that the solution will improve the accuracy of payment management, enhance reconciliation efficiency and streamline financial settlement processes. It will also strengthen oversight and support informed decision-making.
According to the MoU, virtual account numbers will be assigned to customers, entities or various payment channels to automate payment identification, allocation and reconciliation processes, minimise manual intervention, and enhance operational control, monitoring, reporting and auditing within billing services.
The solution will also reduce the time and effort required for manual reconciliation and payment tracking.