DEWA for privatization of water and power generation
Authorities in Dubai, according to local media reports, have been working out plans to privatize the power generation and water desalination segment of the region. The attempt is aimed to increase service quality bringing more competitiveness in the segment as told by Dubai Electricity and Water Authority (DEWA).
Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA, as quoted by a local paper, added that the body wants the involvement of private sector in the power and water generation program. However, all interested foreign and local firms need to come up with justifiable price mechanism and emission regulating standards.
DEWA, serving more than 600000 customers in Dubai, declined to divulge any time limit for initiating privatization. Mr. Al Tayer expressed, "Since the introduction of an Independent Producer of Water and Power Producer (IWPP) requires time for implementation, therefore, DEWA will continue to meet the growing needs and demand for power and desalinated water in Dubai."
DEWA, facing acute shortage of funds, had turned for funds to the lenders for meeting its capital requirements. Its ranking was also degraded by rating agencies in the backdrop of rumours of Dubai government not helping the state owned company due to its own ailing financial position.
New Zealand News
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