The UAE continues to enjoy high financial solvency as well as a strong credit profile, minister of finance Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum said on Thursday.
The statement of Al Maktoum, who is also the Deputy Ruler of Dubai and Deputy Prime Minister, comes as the Ministry of Finance confirmed the issuance of a US dollar-denominated multi-tranche bond offering, marking the federal government’s entry into the debt capital markets.
The new bond package, comprising of tranches of 10, 20 and 40 years, will be issued for subscription, the Ministry of Finance said on Thursday.
The bond offering reflected the country’s financial stability as well as its “solid” approach to economic and social growth, he added.
The finance ministry has authorized Abu Dhabi Commercial Bank, BofA Securities, Citigroup Global Markets Limited, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Morgan Securities, Mashreqbank and Standard Chartered Bank as lead managers and book runners to arrange calls with global investors for the bond subscription.
It said that the public offering is expected to attract high demand from both global and regional investors.
Media reports said the bond deal has so far generated orders reaching $22.5 billion.
Sheikh Maktoum says UAE enjoys high financial solvency, credit profile
- Al Maktoum's statement comes as the Ministry of Finance confirms the issuance of a multi-trance bond offering.
- The new bond package, comprising of tranches of 10, 20 and 40 years, will be issued for a subscription.
Today's Headlines
By signing up you agree to our Terms of Use and Privacy Policy
The Gulf country is setting a new benchmark for supporting working mothers by doubling the mandated maternity leave to 120 days, Kathryn Martin VFS Global tell TRENDS.
The Fourth of July is a sacred day in our country. A day of history, of hope, remembrance and resolve with promise and possibilities. Before me stands monuments of the…
The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private sector Saudi Arabia expects to generate $150 billion from investments…
PwC forecasts that AI could contribute US$320 billion to Middle Eastern economies by 2030, with healthcare predicted to see some of the largest gains relative to its current size
The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading role in the 4IR.