UAE announces date for auction of dirham bonds

The Emirati government began selling bonds for the first time last year in a bid to diversify financially. This is the first time bonds will be sold in the local currency, as opposed to the US dollar.
General view of the Emirates' Central Bank, Dubai, United Arab Emirates, Jan. 3, 2017.
General view of the Emirates' Central Bank, Dubai, United Arab Emirates, Jan. 3, 2017. - Tom Dulat/Getty Images
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Adam Lucente
@Adam_Lucente

The United Arab Emirates (UAE) has announced dates for the sale of treasury bonds issued in Emirati dirhams. 

The Ministry of Finance said the first auction will take place on May 9. Auctions will then repeat in June, August, September, October and December. The ministry and the Central Bank of the UAE will sell bonds with two-, three- and five-year tenures. They are targeting a sale worth 1.5 billion dirhams ($400 million) at each auction, The first auction will feature two- and three-year tenure bonds, according to data from the ministry. 

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