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24 February 2024

Dubai Government launches a US$20 billion long-term bond program

Half of the $20 billion bond offer has already been subscribed to by the Central Bank of the UAE. (FILE)

By Wam

Dubai Government today launched a US$20 billion long term bond program, the first issuance of which, amounting to $US10 billion, was fully subscribed by the Central Bank of the UAE.

The bond is an unsecured fixed-rate paper yielding 4 per cent per annum and has a five year maturity.

This issuance will provide Dubai Government with the necessary liquidity to meet its upcoming financial obligations.

This program will secure the necessary funding for Dubai to continue its development program.