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BMI:United Arab Emirates Water Report (Dec-11)

2012-01-16 20:24:00 (читать в оригинале)

The UAE is consolidating its position as a major growth market for water developers. Dubaiis expected to make significant progress in 2012 by venturing into independent power projects (IPPs)with the launch of the Hassyan IPP, which will set a template for future independent water and powerprojects (IWPPs) in the emirate. Private sector appetite will be encouraged by the Dubai authorities, whohave hitherto undertaken critical infrastructure projects using the state?s balance sheet; however,Dubai?s financial troubles have added impetus to its search for private financing for its power and watersector.Key themes to highlight for UAE?s water sector:The Abu Dhabi Water and Electricity Authority (ADWEA) is seeking to tap the debt markets inorder to help finance its Shuweihat 2 IWPP. In Q311 it named HSBC as financial advisor on theUS$2.2bn refinancing of its Shuweihat 2 loan and will also issue a bond in what will be a firstfor a Gulf IWPP. This offering is set to go to the market in early 2012. The move comes amid awider push by Abu Dhabi?s government entities to approach the debt-capital markets for funding? a trend we expect to continue through 2012.In Q411, the Dubai Electricity and Water Authority (DEWA) announced it had awardedcontracts worth more than US$100mn, the bulk of which will be for water related projects.However, despite the decision by Moody's Investors Service to upgrade DEWA?s corporatefamily rating and probability of default rating from Ba2 to Ba1, and the utility?s US$3bn of debtinstruments to Ba1, there are no plans to raise bonds in 2012.Abu Dhabi Sewerage Services Company (ADSSC) has outlined significant investment plans for2012 and intends to spend US$1.6bn on wastewater projects. Much of this spending will beearmarked for the enhancement of tunnels. In November 2011, the company also awardedanother significant project related to its tunnel improvement programme, having reportedlyawarded Brazil?s Odebr