Dubai secures bond deal

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} Dubai has raised $10 billion to ease its liquidity problems through a bond deal with the United Arab Emirates (UAE).   The UAE, a federation of seven states of which Dubai is one, is one of the region's leading oil producers, but Dubai itself does not have large oil resources, relying instead on tourism and its financial institutions.   Real estate is crucial to these sectors, but the global financial crisis has made credit more expensive and harder to obtain.   "This program will secure the necessary funding for Dubai to meet its financial obligations and continue its development program," a statement declared.   The five-year bonds will pay a 4 percent annual interest.   *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *