Dubai 'invests $5 billion more for bonds'

26/11/2009 - Dubai Investment News
Dubai 'invests $5 billion more for bonds'

Posted by Bob Brunskill

A recent announcement could interest anyone with a commercial property in Dubai.

It informed that a further $5 billion has been invested into a long-term bond programme.

The message came yesterday (November 25th) from the government's Department of Finance.

A figure was decided according the needs and obligations of the emirate at present.

Present at the signing ceremony was Ahmad Ateeq Al Mazroui, chairman of Al Hilal Bank and Nasser Ahmad Khalifa Al Suweidi, chairman of National Bank of Abu Dhabi among other invited guests.

The monies for the programme - which already stood at $20 billion – will be looked after by and hopefully further strengthened by the Dubai Financial Support Fund.

An amount of $1 billion will be drawn down first of all, to be divided between a sukuk to Al Hilal Bank and a conventional bond issuance to NBAD, in equal shares.

More information about the region's economy can be found on the Dubai government's website.