Print Print | Email Email | Discuss this article ( Comments)
| Share |

DEWA secures $1bn loan for expansion

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Thursday, 28 May 2009
FINANCE DEAL: DEWA has secured financing of $1bn in support of its expansion plans. (Getty Images)
FINANCE DEAL: DEWA has secured financing of $1bn in support of its expansion plans. (Getty Images)

Dubai Electricity and Water Authority (DEWA) has closed a $1bn financing deal in support of its on-going and future capital expansion plans.

The loan, which was arranged by Calyon, Citi, Deutsche Bank and HSBC, has a maturity of 13 years and is supported by guarantees from the European export credit agencies (ECAs) including Coface, Hermes and SACE for contracts awarded to the French, German and Italian suppliers.

DEWA's CEO, Saeed al Tayer, said: "This is a landmark financing for DEWA which underscores the confidence shown by the international bank market and ECAs in our long-term business strategy and growth prospects."


Related: DEWA to refinance $2.2bn loan
Story continues below ↓
advertisement

This ECA financing follows on from the recent deal $2.2bn three-year syndicated facility for DEWA which closed on April 13.

DEWA, which was established in 1992, is a 100 percent government of Dubai owned entity and is the sole supplier of electricity and water to the emirate.

| Share |
< Previous article
Kuwait carrier adds flights to Dubai, offers cheap fares
Next article >
Mubadala completes $1bn financing for uni project


MORE FROM ARABIANBUSINESS.COM

TOP IN MIDDLE EAST BANKING & FINANCE

  1. UAE banks need to improve customer service - poll
  2. Islamic banks should target female market - report
  3. Abraaj Capital issue is fully subscribed
  4. UAE withdrew from monetary union for 'fundamental reasons'
  5. Dubai's Pharos launches $350m agricultural fund

TOP MIDDLE EAST BUSINESS STORIES

  1. Arab youth SMEs turn to family finance
  2. Shipping slump stops Bahrain's new port signing main liner
  3. Saudi, Dubai flights hit by toilet malfunction
  4. Al Jazeera wins TV rights for 2010 World Cup
  5. Emirates increases Amman, Doha services

ALSO IN MIDDLE EAST BANKING & FINANCE

  1. Deal sought on Dubai World, Nakheel debts
  2. Arab youth SMEs turn to family finance
  3. Dubai raises further $5bn in bond sale
  4. Aabar enters into $1.625bn loan agreement
  5. UAE banks need to improve customer service - poll

LATEST MIDDLE EAST BUSINESS NEWS

  1. Education: Mubadala completes $1bn financing for uni project
  2. Banking & Finance: Deal sought on Dubai World, Nakheel debts
  3. Banking & Finance: Arab youth SMEs turn to family finance
  4. Banking & Finance: Dubai raises further $5bn in bond sale
  5. Transportation: Shipping slump stops Bahrain's new port signing main liner

SHARE PRICE CHECK

RELATED STORIES

Market Turmoil Focus
3 stories
  1. Deal sought on Dubai World, Nakheel debts
    25 Nov '09 | News
  2. Dubai hotels lead Mideast Oct revenues decline
    25 Nov '09 | News
  3. UAE sees fourth consecutive month of deflation
    24 Nov '09 | News
Dubai Electricity & Water Authority (DEWA)
| 136 stories
  1. Fitch downgrades ratings on DEWA, Dubai Holding unit
    24 Sep '09 | News
  2. Bonding time
    31 Jul '09 | Features
  3. User chooser
    7 Jul '09 | Comment

RELATED LINKS

  1. Dubai Electricity & Water Authority (DEWA)»
Related links open in a new window and are not endorsed by ArabianBusiness.com.

 EMAIL ALERTS

  1. Dubai Electricity & Water Authority (DEWA)

  2. Energy


CURRENCY CONVERTOR