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Tue 2 Mar 2010 12:17 PM

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Dubai's DEWA to sign 6 deals for over $817m next week

Dubai Electricity & Water Authority may tap debt market for $1-1.5bn in Q2.

Dubai's DEWA to sign 6 deals for over $817m next week
DEWA DEALS: Last month, the state-run DEWA delayed the deadline for bids for a power generation and water project to March 8.(Getty Images)

Dubai Electricity & Water Authority will sign six contracts worth more than AED3bn ($817m) next week, CEO Saeed Mohammad Al Tayer said on Tuesday.

The number of water customers rose 20 percent to 469,000 and the number of power customers increased to 530,000 from 467,000, he said.

DEWA might tap the debt market for $1bn to $1.5bn in the second quarter, Al Tayer added.

Last month, the state-run DEWA delayed the deadline for bids for a power generation and water project to March 8.

The utility met more than 30 potential bidders in Dubai last week to brief them on the project. DEWA issued a tender at the end of last year seeking consultants to develop the plan to attract private investors.

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