Dubai Electricity and Water Authority (Dewa) will complete payment of Dh16 billion ($4.36 billion) in outstanding obligations for ongoing projects within two years, the monopoly state utility's head said in remarks published on Monday.

Dewa's chief executive Saeed Mohammed Al-Tayer told Al-Bayan newspaper that the payments included Dh6 billion for projects including electricity distribution installations and Dh10 billion for the Jebel Ali power and desalination M plant.

He said the payments would be made during 2012 and 2013.

Dewa issued Dh7.35 billion worth of bonds in October 2010. It is the sole provider of electricity and water in the emirate of Dubai, one of seven members of the United Arab Emirates federation, but the Dubai government could soon allow other providers into the market. – Reuters