Dubai Electricity & Water Authority, the state-owned utility, doesn’t have plans to sell shares in an initial public offering now, said chief executive officer Saeed Mohammed Al Tayer.
“Not right now,” he said when asked about an IPO at a conference in Dubai today. “We haven’t thought about it because it’s not required.”
Dubai’s government will soon issue two decrees that will end the utility’s monopoly and allow private companies into the industry, Al Tayer said. Dubai Electricity has no problem in repaying debt and has no plans to issue debt this year, he said.
The utility expects to sign five contracts valued at AED1bn each in March, Al Tayer said.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.