Funding won for Sharjah utilities
A US $350 million (AED1285 million) Sukuk Al Ijara facility has been gained for investment in Sharjah?s electricity and water utilities infrastructures.
A US $350 million (AED1285 million) Sukuk Al Ijara facility has been gained for investment in Sharjah’s electricity and water utilities infrastructures.
The facility will enable the Sharjah Electricity and Water Authority (SEWA) to finance several electrity and desalination projects in the Emirate.
The funding will be used to complete the first phase of a $0.27 billion project for Hamriyah power generation and desalination plant, which will have a power capacity of 400MW once complete.
The Sukuk facility will also be used to finance the supply and commissioning of three new desalination plants, which are estimated to cost $79 million. These include an 36.4 million litres/day plant at Layyah Power Station and a 22.7 million litres/day operation in Khorfakkan.
“The main objective of these projects is to meet the ever growing demand for electricity and water in the Emirate,” commented Engineer Al Waleed Khalid bin Khadim, director general of SEWA.
Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah and chair of the Sharjah Electricity and Water Authority (SEWA) signed the agreement with the Sharjah Islamic Bank as the core mandated lead arranger along with the Kuwait Finance House, ABC Islamic Bank of Bahrain and Gulf International Bank of Bahrain.