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

  • Share via facebook
  • Tweet this
  • Bookmark and Share

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.

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
Events that moved the markets

Events that moved the markets

What, if anything, have we learnt from past crises that have...

Big Gulf sell-off fuelled by credit, lax regulation

Big Gulf sell-off fuelled by credit, lax regulation

New impetus to governments in the region to improve financial...

Why PE's back in vogue in the Middle East

Why PE's back in vogue in the Middle East

Confidence is returning to the Gulf’s private equity market after...

Most Discussed
  • 17
    Nakheel PR: The toughest job in Dubai?

    You forgot to mention the sewage pit between JLT and Jumeirah Park and the terrible landscaping in Jumeirah Park The chain link fencing they want to install... more

    Monday, 30 March 2015 9:05 AM - An Emaar Fan
  • 13
    Dubai Int'l T1 is too congested, says Indian airline boss

    Yes, T1 is overflowing, but Air India need to maintain its timing which is a big question mark most of the time. Plus quality of service, please have some... more

    Monday, 30 March 2015 4:13 PM - Shareen
  • 9
    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