USD350 million Sukuk Al Ijara facility closed for Sharjah Electricity & Water Authority

Notes and media contacts

SEWA is a fully Government of Sharjah owned entity formed under Amiri Decree No.1 dated March 29, 1995. In 2000 SEWA was also mandated to supply piped natural gas to the Emirate of Sharjah under the Amiri Decree No.2, dated February 8, 2000. Its principal activities are the production and supply of electricity and water, and the purchase and supply of natural gas to the Emirate of Sharjah.

SEWA is managed by a Board of Directors with the Crown Prince of the Emirate of Sharjah acting as the Chairman of the Board. It is a financially and administratively independent public body with broad powers vested to its Board of Directors to manage its affairs.

SEWA is the monopoly supplier of electricity, water and gas to the Emirate of Sharjah. It has a cumulative consumer base of 483,343 across the electricity, water and gas sectors with a total available capacity of 1823.1 MW of electricity generation, 8,826 MGPD of water production and a total pumping capacity of 50.5 million cubic meters of gas.

As at 31st December, 2005, SEWA's consolidated total assets and shareholder equity stood at AED 9.2 billion and AED 4.15 billion, respectively. SEWA's total revenues for the period stood at AED 1.66 billion, an increase of 19.3% over 2004, with a net income of AED 500 million a 7% increase over 2004.

For further enquiries, please contact:
Arab Banking Corporation

John McWall
Tel. +973 17 543967 / +973 3940 2291
Farrukh Zaheer
+973 17 543238 / +973 3998 8764

Sharjah Electricity & Water Authority
USD350 Million Sukuk Al Ijara Facility

Mandated Lead Arrangers
ABC Islamic Bank
Gulf International Bank
Kuwait Finance House (K.S.C)
Sharjah Islamic Bank

Lead Arrangers
Badr Al-Islami, Mashreqbank psc
Commercial Bank of Dubai
First Gulf Bank

Arrangers
Abu Dhabi Investment Company
Arab Bank plc
BBK
British Arab Commercial Bank Ltd.
Qatar International Islamic Bank