UAE - Mubasher: Dubai has hired banks for a potential sale of US dollar-denominated 10-year Sukuk and 30-year conventional bonds, Reuters reported.
The emirate has authorised Dubai Islamic Bank (DIB), Emirates NBD Capital, First Abu Dhabi Bank (FAB), HSBC, and Standard Chartered to arrange the investor calls.
Dubai plans to issue benchmark bonds, which are more than $500 million, as part of a $6 billion Sukuk issuance programme and a $5 billion bond issuance programme.
The new issuance aims to enhance the financial condition of Dubai, the Middle East trade, finance, and tourism hub, which is negatively affected by the coronavirus (COVID-19) crisis.
It is noteworthy to mention that last week, Abu Dhabi has issued US dollar-denominated bonds with three tranches of three, 10 and a half, and 50 years, with a benchmark size of at least $500 million each.
