The United Arab Emirates’ finance ministry said on Thursday it will issue on May 9 the first tranche of federal treasury bonds, as part of a plan to develop a local currency bond market The central bank will act as issuing and payment agent, the ministry said on Twitter, as reported by Reuters.

The ministry said on April 20 it plans to raise 9 billion dirhams ($2.45 billion) with eight auctions between May and the end of the year, with varying tenors of two, three and five years in an initial phase and 10 years in the medium term.