Dewa is launching an export credit facility worth around $2 billion (Dh7.34bn) in the second quarter of this year to finance its ongoing expansion plans.
Dewa Managing Director and CEO Saeed Mohammed Al Tayer said the facility is very competitively priced and has a tenor of up to 13 years.
"We have already started it. The result is positive and we already have some agreements with credit export agencies. You may see it in June or July," Al Tayer told Emirates Business. Dewa said it has plenty of liquidity and would not be pressured to pay any debt until 2013, said Nasser Akil Abbas, Director of Treasury at Dewa.
His statements came after Dewa closed the $2.2bn refinancing for its Islamic loan that matures on Monday.
Abbas said the company has paid all its due debt this year and although it has $19bn worth of sukuks, they would only mature in the next five to 15 years.
"We have very good daily cash flow and we have lots of liquidity," Abbas said. "This $2.2bn loan is the only one due for this year. The next, worth Dh3.2bn was started in 2008 and will mature in 2013. Then we shall wait nine years more for the next one. So no worries now, we are very safe and very strong."
"The banks have been very good to us because they know that we have good cash flow. The banks would like to invest the little liquidity that they have on a strong name," he added.
Al Tayer said the facility, which is on top of the company's funding priorities, will mainly come from Europe.
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