Dubai’s second half of a $20 billion bond program will be issued before the end of this year, chairman of the emirate’s Supreme Fiscal Committee said.
“It will happen by the end of the year,” Sheikh Ahmed bin Saeed Al-Maktoum, who is also the chairman of Emirates Airline, told reporters at the Dubai Air Show today.
Dubai set up a $20 billon fund to help state-related companies through the credit crisis. The fund borrowed the first $10 billion by selling bonds to the United Arab Emirates’ central bank in February. Dubai, the second-biggest of seven sheikhdoms that make up the U.A.E., and its related companies earlier borrowed more than $80 billion to transform the economy into a tourist and financial services hub.
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