Dubai, which borrowed $80 billion to fund an economic boom, raised $5 billion by selling bonds to Abu Dhabi government-controlled banks for a support fund after the credit crunch battered its property and finance industries.
The emirate, home to the world’s tallest tower and the biggest man-made islands, sold the bonds equally to National Bank of Abu Dhabi PJSC and Islamic lender Al Hilal Bank, Dubai’s Department of Finance said in an e-mailed statement today. It will draw down $1 billion initially with a sale of bonds to NBAD and an Islamic bond, or sukuk, to Al Hilal.
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