Dubai Electricity and Water Authority reported a 6 per cent increase in annual profit for 2012 on Sunday, after sales revenues and cash generated from core operations rose.
The utility, fully-owned by the Dubai Government, made a net profit of Dh4.65 billion in 2012, up from Dh4.37bn in the prior-year period, its financial statement showed.
Cash generated from operations rose to Dh7.5bn, up from Dh7.4bn in 2011, and sales revenue increased 7 per cent over the previous year.
"The healthy cash generation from operations was adequate to fund all capital investment requirements and also to pre-pay some of the loans maturing in future," a directors' report, posted on the Nasdaq Dubai bourse, said.
"Consequently we reduced interest costs during the year and also brought down the level of debt."
Net debt at the end of 2012 stood at Dh20.6bn, compared to Dh22.9bn at the end of 2011. Of the debt figure, Dh4.23bn is due to be repaid this year.
The Dubai government will receive Dh500 million from a dividend payment approved by Dewa's board of directors.
Dewa has picked banks to arrange an Islamic bond, or sukuk, of at least $500 million, sources said last month. The company's chief executive officer has said Dewa plans to raise up to $1 billion in sukuk in the first quarter to refinance existing debt and invest in projects.
* Reuters
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Sheikh Zayed's poem
When it is unveiled at Abu Dhabi Art, the Standing Tall exhibition will appear as an interplay of poetry and art. The 100 scarves are 100 fragments surrounding five, figurative, female sculptures, and both sculptures and scarves are hand-embroidered by a group of refugee women artisans, who used the Palestinian cross-stitch embroidery art of tatreez. Fragments of Sheikh Zayed’s poem Your Love is Ruling My Heart, written in Arabic as a love poem to his nation, are embroidered onto both the sculptures and the scarves. Here is the English translation.
Your love is ruling over my heart
Your love is ruling over my heart, even a mountain can’t bear all of it
Woe for my heart of such a love, if it befell it and made it its home
You came on me like a gleaming sun, you are the cure for my soul of its sickness
Be lenient on me, oh tender one, and have mercy on who because of you is in ruins
You are like the Ajeed Al-reem [leader of the gazelle herd] for my country, the source of all of its knowledge
You waddle even when you stand still, with feet white like the blooming of the dates of the palm
Oh, who wishes to deprive me of sleep, the night has ended and I still have not seen you
You are the cure for my sickness and my support, you dried my throat up let me go and damp it
Help me, oh children of mine, for in his love my life will pass me by.