ABU DHABI, Jan 23 (Reuters) - The United Arab Emirates' planned first sovereign bond issue is still nine months to a year away, a senior finance ministry official said on Sunday.
'The newly set up debt management office is (studying) the specific needs of the government,' Younis al-Khouri, director general at the finance ministry, told reporters.
'So, for the next nine to 12 months, no (issue is planned).'
In June, Khouri said the UAE, the world's third-largest oil exporter, planned to issue its first sovereign bond to fund infrastructure and other spending, following issues by Abu Dhabi and Dubai, but was yet to set its timeframe and size.
The UAE is a federation of seven emirates including Abu Dhabi, the main oil producer in the OPEC country, and regional trade and tourism hub Dubai.
Abu Dhabi raised $3 billion in March as part of a $10 billion bond programme planned until 2011 for general government spending.
Dubai's efforts to support government-linked companies has included the sale of $10 billion in bonds to the UAE central bank in February 2009.
(Reporting by Stanley Carvalho; writing by Firouz Sedarat; Editing by Matthew Jones) Keywords: EMIRATES BOND/ (dubai.newsroom@reuters.com +971 4 391 8301) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
'The newly set up debt management office is (studying) the specific needs of the government,' Younis al-Khouri, director general at the finance ministry, told reporters.
'So, for the next nine to 12 months, no (issue is planned).'
In June, Khouri said the UAE, the world's third-largest oil exporter, planned to issue its first sovereign bond to fund infrastructure and other spending, following issues by Abu Dhabi and Dubai, but was yet to set its timeframe and size.
The UAE is a federation of seven emirates including Abu Dhabi, the main oil producer in the OPEC country, and regional trade and tourism hub Dubai.
Abu Dhabi raised $3 billion in March as part of a $10 billion bond programme planned until 2011 for general government spending.
Dubai's efforts to support government-linked companies has included the sale of $10 billion in bonds to the UAE central bank in February 2009.
(Reporting by Stanley Carvalho; writing by Firouz Sedarat; Editing by Matthew Jones) Keywords: EMIRATES BOND/ (dubai.newsroom@reuters.com +971 4 391 8301) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.