A Dubai Metro train passes along the rail line beside the Sheikh Zayed highway in Dubai. Dubai may be close to following its neighbours to the international bond market this year, 
according to people with knowledge of the emirate’s plans. Bloomberg reported. The government will first update its euro medium-term note programme before appointing banks for a potential offering, which may surpass $1bn, two people said, asking not to be identified because the information is private. The EMTN programme may be released as soon as June, they said. Dubai’s Department of Finance didn’t respond to a call and e-mail seeking comment outside of office hours. Dubai, whose economy relies more on tourism, retail and real estate than oil, tapped international bond markets publicly in April 2014 with a $750mn sukuk due in 2029, according to data compiled by Bloomberg. Given the emirate’s push to become a global capital for the Islamic economy, the new sale may also comply with Shariah law.


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