Dubai 'in process' of issuing second $10 bln

Dubai is in the process of issuing the second tranche of a $20 billion bond programme, a spokesman said on Wednesday on behalf of Dubai's Finance Department.

"The department is in the process of issuing the bonds," the spokesman said, speaking on condition of anonymity.

The United Arab Emirates central bank bought the first $10 billion tranche earlier this year.

Dubai said earlier on Wednesday it had set up a support fund to manage the proceeds from its $20 billion government bond programme, launched in February and aimed at supporting the emirate's economic growth plans.

The spokesman declined to give further details.END