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

By Andy Sambidge
  • Wednesday, 19 December 2012 6:16 PM
  • 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:

Stories

Dubai's DEWA inks $562m deal with Siemens

Dubai utility DEWA plans to raise $1.23 bln in 2013 - CEO

Dubai's DEWA says power demand up 3.8% in H1

DEWA says no tariff increases in 2012

Dubai's DEWA inks JV deal with Europe's RWE

Galleries
Abu Dhabi's Crown Prince opens Spanish solar power plant

Abu Dhabi's Crown Prince opens Spanish solar power plant

Companies

Dubai Electricity and Water Authority

Also in Banking & Finance

Bahrain's Investcorp buys stake in Saudi oil firm

Etihad inks deal for possible stake in Serbian carrier

Also in UAE

Lifts break down at world's tallest residential tower

Dubai's Drake & Scull mulls Saudi bourse listing

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 appearingTerms and conditions

Further reading

Get E-Mail Alerts
Get E-Mail Alerts
Get E-Mail Alerts

Arabian Business Power 500 2013 - Top 5 from UAE »

Sheikh Ahmed Bin Saeed Al Maktoum  Mohamed Alabbar  Mohammed Al Shaibani  Sheikha Lubna Al Qasimi  Dahi Khalfan Tamim 
View complete list
Features & Analysis
Signs of M&A revival in Middle East as activity picks up

Signs of M&A revival in Middle East as activity picks up

New hope to global banks which have scaled back regional operations...

Qatar hints at Gulf currency shifts to come

Qatar hints at Gulf currency shifts to come

Central bank governor's statement has struck a new in financial...

1
A helping hand...

A helping hand...

A new partnership between Union National Bank and Virtuzone is...

Most Popular
Most Discussed
Read all user comments »
Read all user comments »
  • 56
    Are there too many Brits in the UAE?

    @ Henry, enough of whining, the host country does not need you, it is your employer that needs your services and you know well enough that you can be made... more

    Saturday, 1 June 2013 11:32 AM - Zain
  • 37
    Rights group urges UAE not to deport strikers

    Organizations like HRW, Green peace, ILO, UNHCR are so self serving that it is amazing they still exist! they spend 60/70 percent of their budgets (meant... more

    Thursday, 30 May 2013 7:53 PM - Navin
  • 28
    Bahrain MPs vote to ban pork in kingdom

    If one wants to visit or live in Bahrain one must abide by the laws. Living without pork is no huge sacrifice. Muslim and Jewish nations subscribe to this... more

    Saturday, 25 May 2013 6:05 PM - Jeffrey Kershaw
Read all user comments »