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FinancialNews
02-09-19
Abu Dhabi to float dollar-denominated bonds
(MENAFN) Capital of the United Arab Emirates (UAE), Abu Dhabi, has set a target to float in 2019 bonds that are U.S. dollar-denominated.
Sources revealed the decision, which is to be the first in two years, while Abu Dhabi is looking to benefit of low rates in order to tackle declined oil prices effects.
One of the three sources confirmed that the government renovated its bond program documentation and has decided to generate funds before this year ends.
A bond agreement valued at USD1 billion is expected to be secured, the source affirmed.
Another source also denied having the decision anything to do with a specific project, saying that the bonds will be used for general budgetary means.
MENAFN0209201900450000ID1098953529
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