Dubai rules out another bond issue

03 October 2010

New facility not needed in the near future

The government of Dubai has ruled out plans to issue a new bond in the near future, Reuters has reported. With a $1.25bn issue that has met strong Asian investor demand, the emirate does not need to tap the debt market again any time soon, Dubai’s finance chief told Dubai TV. “The resources currently available and the operating revenues meet the requirements at the present time for the operating expenses and capital expenditures,” Abdulrahman al-Saleh, director general of Dubai’s department of finance, told the TV station. The issue was 35 per cent subscribed by Asian investors, 30 per cent by European investors and 30 per cent by Middle Eastern investors, he noted.

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