Dubai's state utility is confident bidders will flock to its first venture into privatisation with a US$1.5 billion (Dh5.5bn) power and water plant.
The Hassyan 1 project calls for investors to take on 49 per cent ownership of the proposed 1600-megawatt plant in exchange for building the plant and lining up the finance. Yesterday the chief executive of the Dubai Electricity and Water Authority (Dewa) said economic turmoil in the rest of the world would not dampen Hassyan's prospects.
"We are not worried about this," said Saeed Al Tayer. "Of course there are crises there, but in Dubai [it is] business as usual. We don't have any problems."
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