The Dubai government intends to raise up to USD 4 bn within weeks, most likely through a bond issue, to fund a series of projects, Nasser Akil Abbas, treasury director in the Department of Finance, said. According to Abbas, several proposals from banks have been submitted to the Department of Finance, which is currently considering various options, including a conventional or Islamic bond and even a syndicated loan.
Dubai government had already announced it was seeking a credit rating from international agencies as a prelude to launching the borrowing program.
