Dubai Electricity and Water Authority (Dewa) has won the Best Bond Issuer in the Middle East in 2010 award from EuroWeek for its $2 billion medium-term bonds issue in October last year.

This programme achieved great success as the promotion process included London, New York and Boston. Reports regarding financial and operational performance of Dewa were presented as well as replies to the inquiries of potential investors, a statement said.

The award was given to Dewa by a representative of the banks which issued the bonds of Dewa. These banks included Citigroup, Standard Chartered Bank, National Bank of Abu Dhabi, Credit Agricole, Royal Bank of Scotland.

“This award emphasises the trust which Dubai along with its institutions have as well as the solid base upon which its investment projects rest. The award also reflects the confidence the international banking sector has in Dewa due to its transparency, superior relationship with investors, its credit status, the development of its credit activity, and its commitment to its obligations,” said Saeed Mohammed Al Tayer, MD & chief of Dewa.

“Dewa holds regular meetings with investors, bankers, and rating agencies so as to update its credit activity and briefing them on its financial performance and the other important developments related to it,” he added.-TradeArabia News Service