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Dewa repays $1.5 billion bond

Waheed Abbas/Dubai
Filed on October 18, 2020
Dewa has been ramping up investment in generating, transmission and distribution infrastructure assets, now aggregating over Dh175 billion to provide reliable supplies of electricity and water to customers. - Wam

Dubai government and its entities have been repaying their debt on time this year, reflecting stable revenues even during the pandemic time.

Dubai Electricity and Water Authority (Dewa) on Sunday said it made repayment of $1.5 billion (Dh5.5 billion) bond which was issued in 2010 as part of its Global Medium Term Note (GMTN) programme.

Following the repayment, Dewa has now zero debt on its book.

Dubai government and its entities have been repaying their debt on time this year, reflecting stable revenues even during the pandemic time.  

The government of Dubai repaid $750 million in bonds that reached maturity on October 5, 2020. The emirate sold $2 billion in dual-tranche bonds in August, its first sale in public debt markets in six years, as it seeks to boost finances hit by the coronavirus crisis.  

In June, Dubai World made the final repayment of $8.2 billion to creditors, more than two years ahead of the due date using funds from asset sales, dividend payments and the delisting of port operator DP World. This took its total repayments to $18.9 billion since 2011.

Saeed Mohammed Al Tayer, managing director and CEO of Dewa, said the focus now is on using disruptive technologies, increasing the share of clean energy and promoting Dubai as a global hub for green economy.

"New projects worth over Dh80 billion are either ongoing or envisaged for completion in the next 5 years. Dewa is not necessarily counting on new borrowings for that, rather we will use internal resources and leverage public private partnerships," added Al Tayer.

Dewa has been ramping up investment in generating, transmission and distribution infrastructure assets, now aggregating over Dh175 billion to provide reliable supplies of electricity and water to customers.
-waheedabbas@khaleejtimes.com


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