Dubai Electricity Is Debt-Free After $1.5 Billion Bond Repayment

(Bloomberg) --

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.

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Read more: Dubai Utility Aims to Be Debt-Free After Paying Off Final Bond

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