Dubai Electricity & Water Authority plans to raise as much as $1 billion from the sale of Islamic bonds this month to refinance debt maturing in June, Chief Executive Officer Saeed Al Tayer said.
The state-owned utility, known as Dewa, mandated Royal Bank of Scotland Group Plc, Citigroup Inc., Standard Chartered Plc, Abu Dhabi Islamic Bank PJSC, Emirates NBD Capital Ltd. and Dubai Islamic Bank PJSC, to help manage the sale, Al Tayer said. Meetings with potential investors will be held in London and Asia next week, he said.
"We're going for the cheapest option and sukuk is the cheapest now," Al Tayer told reporters in Dubai today.
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