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Dubai sells $2bn in bonds for first time in six years

Central Bank of UAE [Achilver/wikipedia]

The government of Dubai has sold $2 billion in Islamic and conventional bonds, in its first sale to international debt markets in six years.

The sale included $1 billion in ten-year sukuk, or Islamic bonds, and $1 billion in 30-year conventional bonds, Reuters reported.

The coronavirus pandemic has affected all economic sectors in Dubai – hitting the tourism industry, which is one of the most important sources of income for the Gulf emirate, the hardest.

The General Director of the Department of Finance in the government of Dubai, Abdul Rahman Saleh Al-Saleh, said the sale is triggered by the current situation.

The Dubai government has authorised Emirates NBD, First Abu Dhabi Bank, HSBC, Dubai Islamic Bank and Standard Chartered Bank to manage the sale.

READ: Dubai seeks to attract wealthy foreign retirees as expats leave

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