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The United Arab Emirates is expected to issue its first ever federal government bonds before 2018 to help the country's banks meet global liquidity rules, but feasibility studies are yet to be completed, a senior Finance Ministry official said. UAE banks, such as National Bank of Abu Dhabi and Emirates NBD, could buy the dirham-denominated government debt to help meet liquidity requirements being phased in under the Basel III global banking standards.Longer-term bonds could help finance federal government development projects.The federal government planned to spend 46 billion dirhams ($12.5 billion) in 2014, which is as little as around 14 percent of overall fiscal spending in the UAE, while the individual emirates account for the rest.
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