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Dubai bonds raise $1.25B in hint of recovery
Wednesday - 1/23/2013, 11:39am EST
DUBAI, United Arab Emirates (AP) - Dubai says two bond offerings have raised $1.25 billion in what appeared to signal investor interest returning to the city-state after a stunning downturn.
Wednesday's statement by Dubai's government said the second bond was added because of high demand for the original offering for a $750 million, 10-year Islamic bond known as sukuk. The additional 30-year conventional bond raised $500 million.
The sales suggest Dubai is winning back financial confidence after a deep slump that hit in 2009, driving down property prices and requiring a $10 billion bailout from neighboring Abu Dhabi.
The former boomtown has restructured some of its public debt and announced several major developments late last year in apparent signs of economic recovery. But analysts still note that many areas of Dubai's property market remain sluggish.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)