DUBAI: Dubai Electricity and Water Authority (DEWA) is looking to raise $1 billion in an Islamic bond, or sukuk, issue and will meet investors in Asia and London next week, its chief executive said on Tuesday.

"The bond will be $1 billion. We have debt maturing in June and most of it will be used to pay the debt," Saeed Mohammed al-Tayer told reporters.

Reuters reported in January that the state-owned utility had picked Standard Chartered, Citigroup, RBS and local lenders Emirates NBD, Dubai Islamic Bank and Abu Dhabi Islamic Bank for the issue, according to sources. (Reuters)