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29 March 2024

Dewa repays $1-billion bonds in time

Photo by Ahmad Ardity

Published
By Wam

Dubai Electricity and Water Authority (Dewa) has repaid the $1 billion (Dh3.67bn) bond due in April 2015 from its own resources.

"This is part of our relentless efforts to achieve the visions and aspirations of our leadership and promote our position as a sustainable innovative world- class utility," said Saeed Mohammed Al Tayer, Managing Director and CEO of Dewa.

 He added that the Dewa bond was issued during the midst of global financial crisis and it was the first bond to be issued form GCC region.

"This paved the way for many more issuers who were waiting for the market to reopen. The bond of 2010 was oversubscribed by 13 times. This reaffirms the trust the investors had on Dubai and Dewa," he added,

Al Tayer noted that the current debt/Ebitda ratio is at 1.20 times and debt/equity ratio is at 0.17, reflecting Dewa's strong and solid financials, and ability to perform better. The rates are far better than its peers from the international utility market.