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Dubai Electricity & Water Authority (DEWA) | MD&CEO's Speech & Press Release

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Dubai Electricity & Water Authority
  • العربية
8 April 2009

MD&CEO's Speech & Press Release

Good Afternoon Ladies and Gentlemen Let me extend a hearty welcome to all Today Dubai Electricity & Water Authority (DEWA) formally announces the successful closure of a syndicated refinancing loan for an amount aggregating to US Dollar 2.2 Billion. A total of 18 Banks of local, regional and international origin have participated in the deal, many of whom I can proudly affirm, provided us their written commitment over a month in advance of the renewal date. This compares with a consortium of 12 Banks who participated in the previous deal last year. The keen and timely response elicited from Banks for the program notwithstanding the prevailing exceptional conditions, is testimony to DEWA's reputation of being one of the more advanced utilities in the region with a proven track record of good operational and financial performance. The Authority also recently received Moodys endorsement of its creditable rating. It is also a resounding vote of confidence in the innate strengths and enduring prospects of the Emirate of Dubai and DEWA is justifiably proud to be at the heart of it. Our strategy is shaped by and aligned to the Dubai Strategic Plan, which reflects the vision of the Emirate's leadership under HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of U.A.E and Ruler of Dubai. The tenor of the new loan is 3 years and the repayment schedule in the last year gives it an average tenor of 2 years. The margin agreed is 300 basis points over Libor and this places the funding at a competitive rate that is reflecting the soundness of DEWA's business model and which is also considered by many to be a benchmark in this region We would like to thank our lead coordinating bankers Standard Chartered Bank, National Bank of Abu Dhabi, Emirates NBD and Dubai Islamic Bank PJSC for their efforts in making this deal a success. Thank You all and I now throw the floor open to take your questions.