Recently published research from Business Monitor International, "United Arab Emirates Water Report Q1 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 02/14/2013 -- BMI View: There is ample evidence to support a generally favourable outlook for the UAE's water sector, amid clear signs that the main Dubai utility, Dubai Electricity & Water Authority (DEWA) is putting its house in order, and ADWEA, the Abu Dhabi Water & Electricity Authority, is planning new IWPPs and showing more flexibility in its financing options in response to developer requests. Though persistent reports of water wastage and leaks show that the Emirati authorities have a long way to go to improve general performance, tariff changes have succeeded in shoring up DEWA's funding base and there are other indicators of better water maintenance at the consumer level.
Key themes to highlight for UAE's water sector:
- The region's most dynamic market for private water developments should register strong progress in 2013, building on reviving economic confidence and strong demand to create better conditions for investment in new water production capacity - driven by water desalination project activity. Dubai in particular is showing signs of recovery. The Dubai Economic Department is forecasting GDP growth of 4.5-5% a year in the 2013-2015 period, as it stages a revival from the depths of the emirate's 2009 financial crisis. This should underpin greater investment in critical infrastructure in Dubai, and prove supportive for the emirate's water prospects - despite the uncertain investment climate, as evidenced by the utility Dubai Electricity & Water Authority's (DEWA's) cancellation of an independent power project (IPP) early in 2012.
- In September 2012, ratings agency Moody's upgraded the long-term issuer rating of DEWA by one notch to Baa3 from Ba1 and converted the company's corporate family rating into a longterm issuer rating, reflecting Moody's view that DEWA's business and financial profiles are commensurate with an investment-grade rating, with solid prospects for the company maintaining these in the medium term given recent operational improvements and creditenhancing strategic steps taken in addition to the company's recurring deleveraging efforts. One factor behind DEWA's stronger credit rating is a more proactive stance in revenue protection, with evidence of stronger payment from its customer base.
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