What updates were provided about Dubai's $20 billion bond and the financial strategies discussed at the World Economic Forum?

Dubai’s finance chief, Nasser al-Sheikh, revealed that sovereign wealth funds from outside the UAE have shown interest in the second tranche of Dubai's $20 billion bond program, though issuance will be delayed until necessary. Speaking at the World Economic Forum in Jordan, Sheikh noted ongoing talks with international funds and financial institutions. The bond program aims to stimulate Dubai's economy, which has been affected by the global financial crisis. Sheikh also highlighted the government's focus on stabilizing the economy and reactivating Islamic mortgage firms Amlak and Tamweel, which have been inactive due to the financial downturn. The proposed merger of these firms with state-controlled banks remains under review, with a current priority on revitalizing their operations to support the property sector.

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