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Tue 10 Nov 2009 12:31 PM

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Etisalat sees better environment for bond issue in 2010

'The market is ready and UAE companies can get good ratings' - Etisalat chairman.

Emirates Telecommunications Corp (Etisalat)

sees better opportunities for bond issuance in 2010, its chairman Mohammed Hassan Omran said on Tuesday.

"It seems the market is ready and UAE companies can get good ratings," Omran said at a conference organised by London-based MEED. "Financial institutions have told us there is a better environment next year, so better opportunities for 2010 bonds."

Earlier this week, Dubai ruler said that the global financial crisis has not hampered the emirate's ambitions, adding the Gulf emirate had passed the worst of the economic downturn.

Sheikh Mohammed bin Rashid Al Maktoum, who is also prime minister of the UAE, said he had full confidence in Dubai's ability to act in the global market.

"The worst is over and Dubai is now well-placed," he said in a speech to investors. "The global economic crisis, despite its impact, will not deter Dubai's ambitions."

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