Sukuk to Help Dubai Electricity and Water Authority

Sukuk to Help Dubai Electricity and Water Authority
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Published September 24th, 2012 - 12:32 GMT via SyndiGate.info

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Could sukuk be the answer for DEWA?
Could sukuk be the answer for DEWA?
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Dubai
,
Saeed Mohammed al-Tayer
,
Water Authority

 State utility Dubai Electricity and Water Authority (Dewa) may issue an Islamic bond, or sukuk, in 2013, as part of its refinancing plans, the company's chief executive said on Monday.  

"We're thinking about sukuk, not all of it but it will be a mix. There will be sukuk definitely but there will be other products also, for example we will have securitisation," Saeed Mohammed al-Tayer told reporters when asked about issuance plans for 2013.  

Dewa, which was recently upgraded to investment-grade by ratings agency Moody's, will benefit from lower borrowing costs as a result, Al-Tayer said, speaking on the sidelines of the Gulf Intelligence Energy Markets Forum in Dubai.  

"It will be used for repayment, not for investment," he added. 

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Copyright 2012 Al Hilal Publishing & Marketing Group

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