DUBAI (Reuters), – Next year, the United Arab Emirates Federal Government will trade on the stock exchange for additional dollar bonds. A finance ministry official stated Wednesday that plans are in place to issue local currency debt.

To raise $4 billion, the UAE’s debt capital markets made their debut last week. Although the UAE had not issued any bonds in the past, several of its seven emirates did so.

Younis al Khoori, undersecretary of Ministry of Finance, stated that individual emirates would be free to issue debt as they see fit according to their priorities and needs.

Khoori stated that local currency bonds would be issued in due time and that no date was yet set for next dollar issuance.

We will continue the net year in which we started the issuances this year. Khoori said that then the dirham-denominated would follow once the strategy and plan are agreed upon with the central banks. He also stated that market readiness would be evaluated.

The UAE’s inaugural bond deal was ordered in tranches of 10-20 and 40-year bonds. Orders totaled $22.5 billion last week.

The UAE indicated at that time that the bonds proceeds would be used to finance Cabinet-approved infrastructure projects, and also to fund investments by Emirates Investment Authority. This is the UAE’s federal sovereign wealth funds.

Khoori stated that up to 15% can be used in capital expenditure projects.