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Dubai launches $20 bln bond issue
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18:56, February 23, 2009

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Dubai government launched a bond program of 20 billion U.S. dollars to help it meet its financial obligations and press ahead with its development plans, local daily The National reported Monday.

The Finance Department plans to issue five-year bonds paying 4 percent interest per year, the report said, adding that the Central Bank of the United Arab Emirates (UAE) had subscribed to the first 10 billion dollars of the issue.

The move comes amid mounting concerns over whether Dubai, a regional financial hub, will have to work alone to cover an estimated 13.2 billion dollars debt it accumulated to finance expansion projects during a six-year economic boom.

Economists said the news is a clear signal of federal support for an individual emirate's finances as the nation is facing the challenges of global economic crisis, and will buoy the tumbling financial markets.

Dubai's real estate sector, a pillar of its economy, is facing a sharp price slump and hundreds of billions of dollars of construction projects have been cancelled or put on hold in the UAE as a result of the economic slowdown.


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