WAM Dubai, (WAM)--The Dubai Government acting through the Dubai Department of Finance, announced today the issuance of additional bonds worth$5 billion, being part of the $20billion bond programme announced by the Government of Dubai early this year.The issuance of bonds value has been specified to commensurate with the requirements and obligations of the current stage. The proceeds of bonds issued by the Government of Dubai will be managed by the Dubai Fund for Financial Support to strengthen the Fund's financial resources. The fund has been established to provide liquidity on a commercial basis to government departments and institutions of the government, which manage projects of strategic importance within Dubai that contribute to the development of the emirate's economy.The bonds have been subscribed equally between the National Bank of Abu Dhabi and Al Hilal Bank has been divided according to a schedule that specifies drawdown amounts and dates. The first amount scheduled to be drawn down is $1bn and will be split equally between a conventional bond issuance to NBAD and a sukuk to Al Hilal Bank. The signing ceremony of the agreement was attended by HE Abdul Rahman Al Saleh, Director General of Dubai Department of Finance, HE Nasser Ahmed Khalifa Al Suwaidi, Chairman of the National Bank of Abu Dhabi and HE Ahmad Atiq Al Mazrouei, Chairman of Al Hilal Bank.
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