RIYADH: The first auction of the UAE’s federal treasury bonds received bids valued at 9.4 billion dirhams ($2.6 billion) and were oversubscribed 6.3 times, Emirates News Agency reported on Wednesday. The value of the first auction of the dirham-denominated bonds stands at 1.5 billion dirhams and comes as part of the country’s 9 billion dirhams T-bonds issuance program of 2022. A strong demand was seen across both the two- and three-year tranches at 750 million dirhams each. “This reflects confidence in the UAE’s economic and financial policies and its future development plans,” deputy prime minister and chairman of the Central Bank of the UAE said. “It also reflects the UAE’s position as an attractive hub for investment, its strong creditworthiness and economic and competitive capabilities at the global level,” Sheikh Mansour bin Zayed Al-Nahyan added. In line with the 2022 issuance plan, a series of periodic auctions will follow.