Dewa will continue with all its projects
Dubai Electricity & Water Authority (Dewa) will continue all its projects, Saeed Mohammed Al Tayer, Dewa Managing Director and Chief Executive Officer told Emirates Business, adding that financing for these projects are "not difficult".
Dewa is looking at a strategy of smart financing and prioritising of projects as it seeks to keep its plans on course in the current economic environment, he said.
Al Tayer said the state-owned company is talking to government-backed European banks and possibly, financial institutions in the United States, for finance to fund on-going expansion projects.
"The loan will be long term – maybe 12 years – mainly from Europe, but we are also looking at the United States," he said.
Part of keeping the difficulty factor low is to balance plans. Hence, Dewa has decided to defer the bidding for $8.6 billion (Dh31.5bn) Hassyan power and desalination plant.
Replying to a question on how will Dewa refinance its $2.2 billion (Dh8bn) Islamic loan, signed in April 2008, he said: "It depends now because some of the projects are being deferred so the requirement will be different.
"For example, along with the Hassyan project we deferred 400KV stations – this is a big amount that we are deferring."
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