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FINANCIAL NEWS
Dubai’s DEWA plans to issue sukuk next year
24 Sep 2012
(MENAFN) Dubai Electricity and Water Authority (DEWA) unveiled plans to issue an Islamic bond (sukuk) next year, as part of its refinancing plans, Reuters reported.
CEO Saeed Mohammed Al Tayer said that the state-utility firm is mulling issuing sukuks among other financial tools like securitisation.
DEWA, which was recently upgraded to investment-grade by ratings agency Moody’s, will benefit from lower borrowing costs as a result, Al-Tayer added.
He explained that the cash proceeds will be used for repayment not for investment.
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