By Rania Oteify and Martin Dokoupil
State-owned Dubai Electricity and Water Authority to use bonds to cover short-term financing.
State-owned utilities firm Dubai Electricity and Water Authority (DEWA) expects its $1.5bn bond to be completed by the beginning of next month, its chief executive said on Tuesday.
"We hope to finalise it by the first week of April," DEWA's Chief Executive Saeed Mohammed al Tayer told Reuters on the sidelines of a conference.
Earlier, DEWA's chairman said the bonds would be used to cover short-term financing. DEWA abandoned plans to tap international debt markets after the state-owned conglomerate Dubai World in November said it would restructure about $26 billion of its debts. (Reuters)