Dubai: State-owned Sharjah Electricity and Water Authority (Sewa) plans to raise at least Dh10 billion ($2.72 billion) to finance a power project, the authority's director-general said yesterday.
Sewa could raise the funds by selling bonds or sukuk, Al Waleed Khalid Bin Khadem said.
Demand for power and water in the region is surging as the population grows and businesses expand, spurred by a quadrupling in oil prices since 2002 that has fuelled economic growth.
The Dubai Electricity and Water Authority (Dewa) is planning to sell as much as $2.5 billion of Islamic bonds to finance expansion, sources said last week.
"There is a lot of growth," Bin Khadem said. "We have to prepare now to meet the demand."