Utico, a Dubai-based private utility in which Oman Investment Authority (OIA) has an indirect stake, announced on Thursday 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 signed a 35-year water supply contract in Dubai with Dubai Electricity and Water Authority (DEWA) at a world record tariff.
Several other projects have been won, or are in the pipeline that are based on Utico’s Sustainability through Innovation programme.
Currently Utico has over 15 projects in the MENA region that will benefit from its expertise and business model and thereby leading to expanding its offerings.
Utico has also built partnerships with sovereign institutions of Oman Investment Authority (OIA), Public Investment Fund (PIF), Saudi Arabia, and other large investors like Blackstone, Carlyle, Goldman Sachs, BlackRock, and GB Japan for ventures in many countries including the Philippines, Vietnam and Thailand.
Utico is confident that its Sukuk will raise the standards required for Sustainable ratings considering the high benchmark Utico has set over the past 16 years.
Utico meets and exceeds several of the UNDPR sustainable goals and has been continuously working to support the 17 SDGs.
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