Dubai Electricity and Water Authority (Dewa) announced today (October 18) that it has completed repayment of its last outstanding bond of $1.5 billion. 

 

The Global Medium Term Note (GMTN) bond, that was issued in 2010, matured and has been fully repaid. With this step, Dewa is having Zero debt on its books, said its top official.

 

Consistent with Dubai’s steady growth, Dewa has been ramping up investment in generating, transmission and distribution infrastructure assets, now aggregating over AED175 billion, in order to provide reliable world class supplies of electricity and water to all customers, whose number has now crossed the one million mark, remarked Saeed Mohammed Al Tayer, MD & CEO of Dewa.

 

"New projects worth over AED80 billion are either ongoing or envisaged for completion, in the next 5 years. Dewa is not necessarily counting on new borrowings for that, rather we will use internal resources and leverage public private partnerships," he added.-TradeArabia News Service