DEWA to refinance $2.2bn loan

LOAN REFINANCING: DEWA CEO says refinancing announcement could be made this week. (Getty Images)

Dubai Electricity & Water Authority (DEWA) has confirmed, through its CEO Saeed Mohammad Al-Tayer, the ‘early’ refinancing of a $2.2bn loan.

An announcement to refinance the loan, which is due to be refinanced next month in any event, could be announced as early as this week.

In a report carried by news agency Bloomberg Mr Al-Tayer said the loan would involve 15 local and international banks.

He added that the company has not asked for Dubai government aid from a $10 billion rescue fund.

“DEWA has its own strategy of funding,” Al-Tayer said. “The support of the government is there but we haven’t asked for funds.”

Two weeks ago Nasser bin Hassan Al Shaikh, director general of the Dubai government’s Department of Finance, said the loan would be completed by April, despite the current economic downturn.

At the time he told the news agency that the company was renegotiating its loan and after receiving feedback said lenders appeared ‘pretty comfortable’.

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