Monday , October 26 2020

Dewa is debt-free after $1.5b bond repayment

Dubai / WAM

Dubai Electricity and Water Authority (Dewa) announced on Sunday that it 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.
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.
“Reflecting the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, Dewa’s focus now is on using disruptive technologies, increasing the share of clean energy and promoting Dubai as a global hub for green economy,” said Saeed Mohammed Al Tayer, MD & CEO of Dewa.
“New projects worth over AED 80 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,” added Al Tayer

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