Dubai, which raised $1.25 billion in a two-part bond sale this week -- its first sovereign debt issue since the Dubai World credit crisis roiled global markets -- has no current plans to issue more bonds.
The emirate doesn’t plan to issue a bond in the “near future, because the resources currently available and the operating revenue, at the present time, meet the requirements for the operating expenses and capital expenditures,” Abdulrahman Al Saleh, director general of Dubai’s Department of Finance, told Dubai TV today according to a transcript of his remarks on the state-run WAM news agency.
The government of Dubai “was not under pressure,” when it sold $1.25 billion in bonds, and this was a measure taken “to enhance the development of the emirate in global markets,” Al Saleh said as quoted by WAM. The demand for the bonds is a response “to all those who doubted the ability of the emirate to deal with investors and its ability to enter global markets.”
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