The Dubai Government is preparing to raise billions of dollars on international bond markets as interest rates hit their lowest levels in more than a year and perceptions of risk continue to ease.
Dubai has launched a US$5 billion (Dh18.36bn) bond programme as it gears up for a possible debt sale to increasingly receptive international investors.That follows a widening window of opportunity for borrowers in the UAE, observers say. With bond sales in other parts of the region taking a hit in the wake of unrest in parts of the Middle East and North Africa, UAE debt is seen as increasingly attractive.Borrowers are also being helped by very low interest rates and weakening perceptions of risk in Dubai. "Markets have tightened materially since the beginning of the political crisis in [parts of] the Middle East," said Ziad Shaaban, the director of fixed income at EFG-Hermes in Dubai.
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