UAE planning to sell federal bonds in 2020: official

The United Arab Emirates is planning to sell federal bonds in 2020, a government official told news channel Al Arabiya on Monday.

The country last year issued a law permitting the federal government to begin issuing sovereign debt, which is normally sold by individual emirates.

The bonds "are for the achievement of certain goals for the UAE, and the proceeds are not used to fund the budget, except in certain capital projects," said Younis Haji al Khoori, undersecretary at the ministry of finance.