Oct. 25 (Bloomberg) -- The Dubai government set up a $6.5 billion program to sell medium-term notes as the emirate plans its first international bond sale since June 2008.

The sale of Islamic bonds and those that don't comply with Muslim banking rules may take place as soon as next week, said two investors who attended a marketing meeting in Dubai today. The offering is separate from a $10 billion fund-raising program, which is part of a $20 billion support fund that the Dubai government set up for state-related companies.

“It’s a little early” to assess demand, said Nish popat, head of fixed income at ING Investment Management Dubai Ltd. who attended today’s meeting. “It will depend on whether it is conventional or sukuk, what the tenor of the bond is going to be, although the meeting was very good to understand what Dubai’ true position with debt is.”

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