Dubai Electricity Is Debt-Free After $1.5 Billion Bond Repayment
Dubai Electricity and Water Authority has become debt-free after the state-owned utility repaid a $1.5 billion bond this month.
“New projects worth over 80 billion dirhams ($22 billion) are either ongoing or envisaged for completion in the next five years,” Chief Executive Officer Saeed Al Tayer said in a statement. “DEWA is not necessarily counting on new borrowings for that, rather we will use internal resources and leverage public private partnerships.” Other borrowings linked to the utility comprise unused credit-lines, according to data compiled by Bloomberg. Joint-venture companies building DEWA power plants in the Persian Gulf emirate have taken on some project-level loans.
https://www.bloomberg.com/news/articles/2020-10-18/dubai-electricity-is-debt-free-after-1-5-billion-bond-repayment