Dubai utility DEWA delays US$1.5bn bond talks
State-owned utility Dubai Electricity and Water Authority (DEWA) has delayed negotiations with banks for a US$1.5 billion bond by two weeks, a United Arab Emirates newspaper reported in late March. The talks with US, European and Malaysian lenders, were delayed due to "administrative matters", al-Ittihad reported, citing DEWA's Chief Executive Saeed Mohammed al-Tayer. The negotiations with foreign lenders were due to begin in late March, the newspaper reported. Tayer said earlier this month he expected the debt issue to be finalized by the first week of April. DEWA's chairman has said the bonds would be used to cover short-term financing. DEWA abandoned plans to tap debt markets after the state-owned conglomerate Dubai World said in November it would restructure about US$26 billion of its debts. Dubai World is in final stages of proposing a debt offer to its creditors.
Saudi needs to invest more in power, water
Saudi Arabia needs to raise its investments in its power and water supply industries by a third to at least US$266.7 billion through 2025 to meet rising domestic demand, Banque Saudi Fransi said. Demand for water and power is growing around 8 per cent annually in the most populous Gulf Arab country of 25 million. The kingdom, which accumulated huge reserves during a six year oil price boom, wants to spend more than US$400 billion over five years to upgrade infrastructure - airports, roads and power plants.
Syria, Kuwait sign loan agreement to expand Damascus water network
Syria signed an agreement with the Kuwaiti Fund for Arab Economic Development (KFAED) to provide Syria with loans to expand potable water network in Damascus. The amount of the loan stood at 15 million Kuwaiti dinars (US$51m). The project is expected to meet Damascus and its suburbs' demands of potable water till 2022 and improve the efficiency of the network and decrease water losses, the report said. Prior to the signing, Syrian Prime Minister Mohammed Naji Otri held talks with the KFAED Director General Abdul Wahab Al-Bader, reviewing prospects of developing the existing cooperation between the two countries in various areas. Both sides voiced their desire to allow Kuwait's banks to play a more active role in supporting infrastructure projects in Syria, particularly electric power, irrigation and agriculture and drinking water projects.
Efacec to supply Iraq with electricity network for EUR 200m
Portuguese electronics and engineering company Efacec will supply material to build again the electricity infrastructure network in Iraq for EUR 200 million (US$272.4m). Efacec has signed a memorandum of understanding (MoU) with the Iraqi part for a period of five years with an option to be extended by another three, a source from the company told Portugal's national news agency Lusa.