Dubai’s government is “likely” to sell bonds next year with the size of the sales depending on its spending needs, and a Malaysian offering is a possibility, the director general of the emirate’s Department of Finance said.
“The outcome of the budget will really tell us how much we need to raise,” said Abdulrahman Al Saleh, who was also named to holding company Dubai World’s new board on Dec. 12, in an interview at his office in Dubai today. “We don’t need to raise funds for refinancing” government debt, he said.
The Dubai government’s debt repayments due next year and in 2012 are not “significant,” Al Saleh said. In October it paid an 800 million-dirham ($218 million) installment on a 2.3- billion Islamic ijara loan that was due next year, he said.
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