Dubai bond to cover budget gap, refinancing-official

DUBAI: Dubai plans to use proceeds from its planned benchmark Islamic bonds to cover its budget deficit and debt refinancing needs, a senior government official told Reuters on Tuesday.

"The plan is to issue a benchmark size bond. Proceeds will be used to cover budget deficit and refinancing of debt," the official, who spoke on condition of anonymity, told Reuters.

"Dubai International Airport assets will be used to back the sukuk," he said.