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

State-owned utility to raise funds via Islamic bonds, or sukuk, export credit agencies
By Reuters
Tue 02 Oct 2012 12:35 PM

Dubai Electricity and Water Authority (DEWA) plans to raise 4.5 billion dirhams ($1.23 billion) in debt next year, the state-owned utility's chief executive said on Tuesday.

DEWA, which was recently upgraded to investment-grade by ratings agency Moody's, will raise the funds via Islamic bonds, or sukuk, export credit agencies and syndication with the proceeds used primarily for debt repayment as well as investments, Saeed Mohammed al-Tayer told reporters.

Last week, Tayer had said the utility planned a sukuk issue in 2013 as part of its refinancing plans.

When asked about the timeframe for raising funds next year, Tayer said on Tuesday it would be ongoing throughout the year.

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

DEWA issued 7.35 billion dirhams 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 United Arab Emirates federation.

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