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Agreement signed to boost Sewa services

SHARJAH — Shaikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah and Chairman of the Sharjah Electricity and Water Authority (Sewa), has signed a $350 million deal with Sukuk Al Ijara facility for several generators and desalination projects at Hamriyah, Layyah and Khor Fakkan.

The agreement was inked following the directives of His Highness Dr Shaikh Sultan bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah.

The Crown Prince signed the deal with the Sharjah Islamic Bank as the Core Mandated Lead Arranger and the Kuwait Finance House - Kuwait, the ABC Islamic Bank - Bahrain and the Gulf International Bank - Bahrain as the Mandated Lead Arrangers of the facility.

He said development projects initiated by Sewa are positive steps towards enhanced efficiency of the services provided.

Engineer Al Waleed Khalid bin Khadim, Director-General of Sewa, said the finance facility will be used to complete Phase 1 of the Dh1 billion project for the Hamriyah Power Generation & Desalination Station.

It will also be use for the supply and commissioning of three new desalination plants worth Dh290 million — two desalination plants at the Layyah Power Station in Sharjah and another one in Khor Fakkan, he added.

The Director-General of Sewa concluded that the main objective of these projects is to meet the ever growing demand for electricity and water in the emirate.

On behalf of the Sharjah Islamic Bank and the Mandated Lead Arrangers, Mohammed Abdullah, CEO of Sharjah Islamic Bank, said, “It is our pleasure to be part of this significant deal for a successful entity like Sewa.”

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