Dubai to Avoid Public Markets and Raise Financing Privately

Dubai, United Arab Emirates, has decided to raise finances through private placement to strengthen its economy and mitigate the economic impacts of COVID-19. The Emirate is deviating from the trend amongst its Gulf neighbours of going to public markets to raise finances.

According to industry sources, Dubai is discussing these loans and private placements with around a dozen domestic and international banks. Seeking financing facilities of AED 1 billion (USD 272 million) to AED 2 billion from each lender, the Emirate is also asking them to find fixed-income investors to buy private placements.

Industry sources also added that Dubai attempted raising finances through public debt issuance...