Bids were submitted on 25 July for the mandate to advise Dubai Electricity & Water Authority (DEWA) on methods of meeting future project financing requirements. The move marks a major departure for the authority, which has never previously sought commercial finance.

Among banks understood to have submitted a bid for the mandate are Citigroup, Dubai Islamic Bank, Emirates Bankand HSBC. Upcoming projects planned by DEWA include the grassroots Jebel Ali M power and desalination complex, which will have capacity of up to 2,000 MW and 60 million gallons a day – part of a wave of capacity building to meet soaring power demand in the emirate (MEED 3:6:05, Interview).