Dewa gives low 3% profit guidance for sukuk
Dubai Electricity & Water Authority has given initial profit guidance of low 3% on its prospective five year benchmark sukuk. The dollar denominated ijara (asset leasing) deal, which could be as large as $1bn, is set to be priced this week.
State-owned utility company Dewa has asked Abu Dhabi Islamic Bank, Citi, Dubai Islamic Bank, Emirates NBD, Royal Bank of Scotland and Standard Chartered to arrange the sale.
It will be only the second international sukuk out of the Gulf in 2013 behind a $750m 10 year tranche from
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