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Dewa says its $1.5bn bond not backed by government

The bond, expected to be issued in April, will not be guaranteed by the government, the CEO of the Dubai Electricity and Water Authority has clarified.

March 10, 2010 4:45 by

Dubai Electricity and Water Authority’s (Dewa) $1.5 billion bond expected to be issued in April will not be guaranteed by the government, its CEO, Saeed Mohammed al-Tayer told Al Arabiya television during an interview on Wednesday.

However, Tayer said that he expected a good response for the bond, and that the proceeds would be used to finance projects. “We have projects under execution for around AED30 billion, with 80 percent almost completed,” he said.

Tayer also said that Dewa might use other methods to increase funding, reports Reuters. “The authority has other options … Our strategy is flexible and the options are many,” he said.

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