Dubai launches $20bn bond programme

The government of Dubai has launched a $20 billion bond programme, Reuters reported on Sunday.

The purpose of this programme is to help Dubai meet its financial obligations and drive development projects forward.

In a statement issued by the finance department in Dubai, the central bank of the UAE has subscribed to the first issuance of $10 billion worth of the five-year bonds that carry an annual interest rate of 4 percent.

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