Chief executive of state-owned utility says funding strategy does not includes bond this year
State-owned Dubai Electricity and Water Authority (DEWA) plans no international bond issue in 2014, its chief executive Saeed Mohammed al-Tayer said on Wednesday.
Asked by reporters if DEWA planned any such issues this year, he said: "No. We have a funding strategy and we always plan these bonds."
He added: "The bond is not due so far." DEWA has a $1 billion bond maturing in April 2015.
They don't need funding. They have imposed arbitrary increases in the security deposit for commercial accounts such as staff accommodation buildings. No prior notice and 100+ per cent increase in the value of security deposit held. Imagine the funds this has generated. It is also just added to the bill as "other charges", no notice, no mention it is a security deposit and no receipt issued so you can retrieve your deposit.