Dubai may sell bonds in 2011

Says debt repayments for next year are not significant

Dubai government’s debt repayments for next year are not “significant,” said Abdulrahman Al Saleh, Director General of the Department of Finance.
The government’s debt repayments due next year are not “significant” and paid back Dh800 million installment on a Dh2.3-billion Islamic ijara loan in October due next year, he told Bloomberg in an interview.
Dubai’s government debt is $30 billion, Mohammed Ibrahim Al Shaibani, Director General of the Ruler’s Court, said recently.
Al Saleh said: “There’s no pressure to sell assets because the re-structuring plan allows Dubai World five to eight years to repay the debts. So the issue now is selecting the right timing to match the maturities of the debts.”
He also revealed that the Dubai government will not sell bonds this year but possibly next year to finance its budget.
The bond “is likely” in 2011. It depends on how we finalise the budget, bond proceeds are used for infrastructure projects or re-finance,” he told Bloomberg.

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