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Sun 24 Jan 2010 12:09 AM

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UAE's first sovereign bond seen 9-12 months away

UAE planned to issue 1st sovereign bond to fund infrastructure and other spending.

The UAE's planned first sovereign bond issue is still nine months to a year away, a senior finance ministry official said on Sunday.

Younis al Khouri, director general at the finance ministry said: "The newly set up debt management office is (studying) the specific needs of the government."

He added: "So, for the next nine to 12 months, no (issue is planned)."

In June, Khouri said the UAE, the world's third largest oil exporter, planned to issue its first sovereign bond to fund infrastructure and other spending, following issues by Abu Dhabi and Dubai, but was yet to set its timeframe and size.

The UAE is a federation of seven emirates including Abu Dhabi, the main oil producer in the OPEC country, and regional trade and tourism hub Dubai.

Abu Dhabi raised $3 billion in March as part of a $10 billion bond programme planned until 2011 for general government spending.

Dubai's efforts to support government linked companies has included the sale of $10 billion in bonds to the UAE central bank in February 2009. (Reuters)

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