The UAE government has casted a lifeline to Dubai. This I feel is the best way forward for them instead of going to the Saudis. It will buy time, about one year to sort things out, rationalize and consolidate...
Dubai Government Launches a USD20 billion Long Term Bond Programme (UPDATED)
2009-02-22 22:32:28
WAM Dubai,Feb 22nd, 2009 (WAM):
As part of its long term financing strategy, Dubai Government today launched a USD20 billion Long Term Bond Program, the first issuance of which, amounting to USD10 billion, was fully subscribed by the Central Bank of the UAE. The bond is an unsecured fixed rate paper yielding 4pc per annum and has a five year maturity.This issuance will provide Dubai Government with the necessary liquidity to substitute the liquidity that has dried up globally in the last 12 months and accordingly meet all upcoming financial obligations. This program will secure the necessary funding for Dubai to meet its financial obligations and continue its development program.WAM/AB
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