Dubai ‘in talks’ with banks for dollar sukuk sale

Dubai ‘in talks’ with banks for dollar sukuk sale

Sources say Dubai in discussions after Abu Dhabi raised $5bn in a three-part offering last week

Dubai is in talks with banks for a possible sale of Islamic bonds in dollars, people familiar with the matter said, as it seeks ways to shore up its finances.

The sheikhdom last week sent a request for proposals for a benchmark sukuk offering, the people said, asking not to be identified because the information is private.

A final decision hasn't been made and Dubai may decide not to tap the market.

A spokesman for Dubai's Department of Finance declined to comment.

If Dubai does tap the market, it would follow other governments from the Gulf that have sold dollar debt or started the process since the spread of the coronavirus.

Abu Dhabi, the capital of the United Arab Emirates,