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

State utility's CEO says plan will help to refinance existing debt, fund new investments

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.

NOTE: Comments posted on arabianbusiness.com may be printed in the magazine Arabian Business

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
A natural move: How Dubai Chamber is strengthening its ties in Latin America

A natural move: How Dubai Chamber is strengthening its ties in Latin America

With vast resources and more than half-a-billion people, the...

If Saudi future's so bright, why can't these banks find buyers?

If Saudi future's so bright, why can't these banks find buyers?

No big-name global banks eager to buy stakes in Saudi banks,...

GCC economies must live up to their potential to thrive: PwC chairman

GCC economies must live up to their potential to thrive: PwC chairman

No matter how much revenue VAT generates, it does not negate...

Most Discussed
sponsoredTracking