SEWA to raise Dh10b for power project

DUBAI, — State-owned Sharjah Electricity & Water Authority (Sewa) plans to raise at least Dh10 billion ($2.72 billion) to finance a power project in the United Arab Emirates, the authority’s director-general said yesterday.

By (Reuters)

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Published: Tue 18 Sep 2007, 9:26 AM

Last updated: Sat 4 Apr 2015, 11:41 PM

Sewa, which provides services in Sharjah, could raise the funds by selling bonds or bonds that comply with Islamic principles, Al Waleed Khaleed bin Khadem said in a telephone interview.

Demand for power and water in the Gulf Arab region is surging as the population grows and businesses expand, spurred by a quadrupling in oil prices since 2002 that has fuelled economic growth. Sewa plans to expand a 400 megawatt power plant more than sixfold to 2,580 megawatts by 2014 to meet demand surging as much as 9 per cent a year, bin Khadem said.

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