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Sheikh Hasher backs investment in DEWA

Vote of confidence comes as utility considers 2010 bond issue

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CEO of Al Fajer Properties Sheikh Maktoum Hasher Maktoum Al Maktoum.
CEO of Al Fajer Properties Sheikh Maktoum Hasher Maktoum Al Maktoum.

The senior UAE businessman and nephew of Dubai ruler HH Sheikh Mohammed Bin Rashid Al Maktoum, Sheikh Maktoum Hasher Maktoum Al Maktoum, has told an assembly of senior executives that he sees an investment in Dubai Electricity & Water Authority (DEWA) as a sound move in the current circumstances.

“I myself have invested in DEWA, as it’s obvious that people are going to need electricity and water,” Sheikh Hasher, who is also CEO of Al Fajer Properties, told the audience at the Arabian Business Conference, being held today in Dubai.

Sheikh Hasher added that he took little notice of the downgrades that DEWA has suffered in recent days as ratings agencies acted in the fallout of the Dubai World restructuring announcement.

“It’s fair to say that companies like Moody’s and Standard & Poor’s managed to get their predictions entirely wrong over the last two years or so,” he said.

Sheikh Hasher’s comments are timely, given that recent reports indicated that DEWA is interested in planning a US$2 billion bond issue in the first quarter of next year.

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