NASDAQ Dubai, the international financial exchange in the Middle East, has honoured Dubai Electricity and Water Authority (DEWA) for its successful issuance of a USD 1 billion sukuk as the best Islamic bond of 2013, and setting the benchmark for the lowest issued this year of 3%, due to the strong demand for bonds. It is the largest corporate Islamic bond issued by the Emirate of Dubai since 2007. Several factors boosted demand for the sukuk, most importantly the credit rating of BBB from Standard & Poor’s, which confirmed the rating reflects the strong financial and operational performance of DEWA, and its significant liquid assets, in the credit rating.
HE Saeed Mohammed Al Tayer, MD & CEO of DEWA received the award from a delegation from NASDAQ Dubai, which was led by Hamed Ali, Acting Chief Executive of NASDAQ Dubai, and included Craig Hewett, Senior Vice President and Head of Business Development, Philippe Chalu, Business Development Manager, attended by Nasser Abbas, Senior Director-Treasury at DEWA.
"The issuance of these instruments embodies the initiative HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to transform Dubai into the capital of the Islamic economy," said Al Tayer.
"Moving forward with the consolidation of Dubai’s status in this field will develop Islamic Finance in the Emirate of Dubai and provide financial services compliant with Islamic law. This award affirms our impressive achievements, abundance of liquidity and our strong financial performance. This is confirmed by the confidence that the market has in us, which reflects positively on the Emirate of Dubai and its institutions and the solid base for its investment projects,” he added:
NASDAQ Dubai, has welcomed DEWA’s USD 1 billion listing to meet demand from Arab and international investors from the Middle East, Asia, and Europe.