We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Tue 9 Mar 2010 12:48 PM

Font Size

- Aa +

Dubai's DEWA sees $1.5bn bond in April

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)

Arabian Business digital magazine: read the latest edition online

For all the latest energy and oil 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.