Dewa to print sukuk, sets price talk

Dubai Electricity and Water Authority, or Dewa, plans to issue an Islamic bond, or sukuk, of at least $500 million this week, after releasing early price guidance for the deal on Tuesday.



The emirate’s sole utility, rated BBB, is aiming to sell the dollar-denominated sukuk at a profit rate in the low three per cent area, arranging banks said.

Dewa chief executive Saeed Mohammed Al Tayer indicated last week the sukuk would be $1 billion and that proceeds would be used to repay debt.

Daman gives better services to Arabtec

The National Health Insurance Company – Daman, has won a bid to provide Arabtec Holding, with health insurance for its 20,000 employees.

Dr Michael Bitzer, Daman’s chief executive officer, said: “The partnership reaffirms Daman as a reliable and preferred partner in the UAE’s healthcare system. We are delighted to provide Arabtec’s employees with our healthcare insurance benefits and our signature services such as Health Support. Offering a secure health insurance scheme to a company’s workforce, demonstrates the employer’s care for their wellbeing.”

Etihad moves to new Sabre solutions

Etihad Airways’ ‘big switch’ to its new Sabre Airline Solutions ‘SabreSonic’ Customer Sales and Service (CSS) system has been successfully completed with minimal operational disruption across the airline’s global flight network during the cutover period.

The big switch started on February 22 and the main cutover was completed for start of business (UAE time) on February 24, with the SabreSonic CSS fully implemented and all sales channels, web and check-in systems back online by mid-afternoon.

Belhasa wins new contracts in Abu Dhabi

Belhasa Projects has been awarded 10,000TR expansion project by Sorouh and Tabreed for the Shams Abu Dhabi district cooling project. The contract is part of the total 20,000TR development.

According to Aziz Ayoub, Business Unit Manager, Belhasa Projects: “The region’s district cooling industry is rapidly expanding and we have the technical expertise to deliver projects on schedule and up to standards. Apart from setting up of a district cooling plant, it is the maintenance that is a main challenge to utility companies. We are focused on minimising the operating cost for the plant in Shams Abu Dhabi and keeping the project on schedule by delivering as promised.”

Compiled from agencies and staff report


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