Dubai utility DEWA picks banks for Islamic bond- sources

DUBAI Thu Jan 31, 2013 7:32am EST

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DUBAI Jan 31 (Reuters) - Dubai Electricity and Water Authority (DEWA) has picked banks to arrange a benchmark-sized Islamic bond, or sukuk, two banking sources told Reuters on Thursday.

The state-owned utility has picked Standard Chartered , Citigroup, RBS and local lenders Emirates NBD, Dubai Islamic Bank and Abu Dhabi Islamic Bank, the sources said.

The sources declined to be identified because details of the mandate are not yet public. A DEWA official declined to comment.

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