DUBAI (Dow Jones)--Several Dubai government-related entities are expected to issue debt this month to take advantage of abundant liquidity in credit markets, a top Dubai government official told a local television station on Monday.
"For sure, we will see several debt issuances this month and from more than one GRE in Dubai and in the United Arab Emirates, because the liquidity in the market is abundant and we should benefit from it. If this liquidity isn't used then it will be costly for the banks and financial institutions," Sheikh Ahmed Bin Saeed Al Maktoum, the chairman of Dubai's Supreme Fiscal Committee, told Dubai TV in an interview.
Late last year, the chief executive of Dubai's Electricity and Water Authority said the utility is targeting a $1 billion Islamic bond, or sukuk, in the first quarter of this year, as part of a 4.5 billion U.A.E. dirham ($1.23 billion) issuance plan for refinancing existing debt and new investments.
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