Utico to issue region’s first utilities Sustainability Sukuk

SourceTimes of Oman
SectorOil & Gas

Dubai: Utico, the Middle East’s leading full-service utility and the only private water and power company in the UAE, stated that it has achieved an international sustainability rating for its benchmark sized Sukuk from DNV UK. In a statement, Utico said that it will be the first Sustainability Private Corporate Sukuk of its kind in the region. The Sukuk will be issued in the coming weeks and has gathered high interest among sustainable investors and also among other financial investors who are moving towards sustainability as a key basket investment.

The Sukuk is in support of Utico’s ongoing innovation and sustainability programme that has driven the company over the past 16 years to deliver consistent profitability every single year, and at the same time serve the community at the best utility tariffs in the region. Utico today serves 5 out of 7 Emirates of the UAE, connecting Ras Al Khaimah, Um Al Quwain, Ajman and Sharjah. Utico has also...read more...