Dubai Electricity ‘&’ Water Authority (DEWA) would like to make the following announcement for the benefit of the public in view of the diverse and sometimes contradictory statements circulating in the media, asserting that none of DEWA’s borrowing are in default and that we have unequivocal confirmation from lenders of the uninterrupted continuation of our facilities, that our facilities are guaranteed by Government of Dubai which owns and fully supports the Authority and would restore confidence to all that DEWA has no exposures that gives rise to concern regarding our current or future operations.
Dewa is recognized as one of the more advanced and commercially minded power utilities in the region with a history of good operational and financial performance. It is the exclusive provider of power and water in the Emirate of Dubai, fully owned by the Government of Dubai and a key contributor to its strength and sustained development. Dewa does not have any significant exposure that causes concern. On the contrary, the Authority confirms the continuation of a healthy growth rate in terms of Electricity ‘&’ Water consumption so far in this year and better-than-budget performance, both operationally and financially. Our 3rd quarter performance figures are already released to the public a month back and we confirm we are on track to end this year also on a healthy note.
Our lenders are aware of the Authority’s financial strength, past performance record and the stability of our revenue streams. It is a testimony to their appreciation of these factors that we can confirm today that we have already secured lenders’ confirmation to continue their strategic partnership with us undisturbed.
The Authority reiterates that it will continue to contribute to the healthy development of Dubai by providing safe, reliable and clean supplies of Electricity and Water, strive to achieve even higher standards of excellence in its Generation, Transmission ‘&’ Distribution and Desalination operations, meet and exceed its customers’ expectations, in line with Dubai’s strategic vision.