Dubai Plans Bond Sales to Bolster Finances
- Hires banks to manage offering amid low-rate environment
- Dubai could raise $2 billion or more from the debt sale
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Dubai hired banks for an offering of bonds and Islamic securities in dollars, joining Gulf Arab neighbors that have issued foreign debt to shore up their finances.
The government of the Middle East’s main business hub is selling a benchmark-size 10-year sukuk and a 30-year bond, according to a person familiar with the matter, who is not authorized to speak publicly and asked not to be identified. Benchmark typically means the equivalent of at least $500 million. The Dubai government could raise $2 billion or more from the sale, two people familiar with the matter said.