Dubai’s DEWA to raise USD1.23b next year: Tayer

02 Oct 2012

(MENAFN) Saeed Mohammed al-Tayer, CEO of Dubai Electricity and Water Authority (DEWA) unveiled plans to raise USD1.23 billion loan in 2013, Reuters reported.

Tayer said that DEWA will issue sukuks, resort to export credit agencies and syndication with the proceeds used primarily for debt repayment as well as investments.

DEWA, which was recently upgraded to investment-grade by ratings agency Moody’s, completed its first ECA-backed financing, worth USD1 billion with a 13 years duration, in May 2009 with agencies from France, Germany and Italy.

DEWA, which provides electricity and water services to Dubai, has issued USD1.2 billion worth of bonds in October 2010.

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