ID :
47754
Thu, 02/26/2009 - 12:17
Auther :
Shortlink :
https://oananews.org//node/47754
The shortlink copeid
Nasser Saidi: Bond programme to satisfy Dubai's financing requirements during 2009
Dubai, February 26, 2009 (WAM) - The US$20 billion bond programme launched by the government of the emirate of Dubai will enable it to satisfy its financing requirements during 2009, according to Dr Nasser Saidi, Chief Economist of the Dubai International Financial Centre.
He explained in a statement to CNBC Arabiya that according to banking and financial reports, some USD12 billion in debt will come due during the year 2009, and the timely bond issuance helps mitigate repercussions from the global economic crisis.
Dr Saidi noted that the increased spending and investment plans of the emirate are expected to lead to a budget deficit equivalent to between 3.0pc and 3.5pc of the GDP.
The bond issuance will enable Dubai to meet its financial obligations and proceed with its development and investment programmes.
He explained in a statement to CNBC Arabiya that according to banking and financial reports, some USD12 billion in debt will come due during the year 2009, and the timely bond issuance helps mitigate repercussions from the global economic crisis.
Dr Saidi noted that the increased spending and investment plans of the emirate are expected to lead to a budget deficit equivalent to between 3.0pc and 3.5pc of the GDP.
The bond issuance will enable Dubai to meet its financial obligations and proceed with its development and investment programmes.
