UAE meets $400 million target in first bond auction

The Emirati government decided to sell bonds in dirhams to boost the local banking sector and diversify financially.
n Emirati man follows the market's movement at the Dubai Financial Market.
An Emirati man follows the market's movement at the Dubai Financial Market in the Gulf emirate on December 1, 2009. - KARIM SAHIB/AFP via Getty Images
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Adam Lucente
@Adam_Lucente

The United Arab Emirates released today the results of its first bond auction in dirhams. 

The Ministry of Finance and the Central Bank of the UAE raised the equivalent of $408 million in the local currency. They sold equal amounts of two- and three-year bonds, the Ministry of Finance said in a statement. 

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