Dubai's DEWA eyes $1bn sukuk in Q1 2013

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Saeed Mohammad Al Tayer, managing director and CEO of DEWA.

Saeed Mohammad Al Tayer, managing director and CEO of DEWA.

Dubai Electricity and Water Authority (DEWA) is targeting a $1bn Islamic bond in the first quarter of next year, it was reported on Wednesday.

The emirate’s state-owned utility is planning the move as part of a AED4.5bn ($1.23bn) issuance plan for refinancing existing debt and new investments, Saeed Mohammad Al Tayer, managing director and CEO, said in comments published by Zawya Dow Jones.

“The sukuk will be in the first quarter of next year... The majority of the amount will be sukuk, and the rest will be a mix to be issued in due time,” he was quoted as saying.

The company has a $872m bond due for repayment in June 2013.

DEWA completed its first financing - worth $1bn with a tenor of 13 years - in May 2009 with agencies from France, Germany and Italy.

DEWA issued AED7.35bn worth of bonds in October 2010. It is the sole provider of electricity and water in the emirate of Dubai, one of seven members of the UAE.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Coming to America

Coming to America

As Barack Obama seeks to rebalance the bloated US economy, the...

Should the Gulf introduce VAT?

Should the Gulf introduce VAT?

The GCC’s plans to bring in value-added tax were withdrawn as...

5
Why are some of the world's biggest banks leaving the UAE?

Why are some of the world's biggest banks leaving the UAE?

Large Western banks have been selling off their local assets...

2
Most Discussed
  • 16
    Nakheel PR: The toughest job in Dubai?

    @John...I actually laughed out load at that comment! Having said that..I still believe DAMAC hold the mantal for 'Redefining Trust'... more

    Sunday, 29 March 2015 6:06 PM - Simon
  • 8
    Post traumatic stress?

    I once had a Emirates Post employee hang up on me when I asked her to repeat something. That said, the worst is my management company, Kingfield Management... more

    Sunday, 29 March 2015 6:07 PM - Sarah
  • 8
    Drunk passenger who slapped air stewardess jailed in Dubai

    Really would help if some other commentators would understand the story and the airline.
    Flydubai doesnt give alcohol for free. They charge for it... more

    Sunday, 29 March 2015 9:07 AM - Ponder
  • 16
    Nakheel PR: The toughest job in Dubai?

    @John...I actually laughed out load at that comment! Having said that..I still believe DAMAC hold the mantal for 'Redefining Trust'... more

    Sunday, 29 March 2015 6:06 PM - Simon
  • 14
    Has Narendra Modi already lost the plot?

    Gaja - Anil is RIGHT this once! Modi stands for anarchy. Look at the way he is treating the minorities. Do you even for a second believe that he is innocent... more

    Sunday, 29 March 2015 1:42 PM - Ann
  • 8
    Post traumatic stress?

    I once had a Emirates Post employee hang up on me when I asked her to repeat something. That said, the worst is my management company, Kingfield Management... more

    Sunday, 29 March 2015 6:07 PM - Sarah