Dubai's Dewa says April bond not guaranteed by gov't

Dubai's state-owned utility Dewa said on Wednesday a $1.5 billion bond issue expected to be issued in April will not be guaranteed by the Dubai government, Chief Executive Saeed Mohammed al Tayer said.

He also said the firm had 30 billion dirhams of projects in the works. "We have projects under execution for around 30 billion dirhams, with 80 per cent almost completed," Tayer said in remarks aired on Al Arabiya television.