Dubai has been scrambling to put finances in its state-owned conglomerates back in shape since its 2009 debt crisis.

The unrated emirate, whose overall debt load is estimated at $115 billion or 140 percent of its economic output, has hired Mitsubishi UFJ Securities, Standard Chartered Bank and UBS AG as arrangers and dealers for the new program, the prospectus showed.

Emirates NBD and National Bank of Abu Dhabi will be the dealing banks for the bond program.

Last week Dubai’s department of finance announced it planned to come back to the debt market with a potential dollar bond issue, buoyed by tightening spreads and an oversubscribed bond from its flagship airline recently.

Appetite for Dubai debt has been rising in recent months, with the emirate seen as a safe haven as social unrest spread to nearby Bahrain, Oman and Yemen.

Dubai’s budget deficit more than halved to AED6.02 billion ($1.64 billion) or 2 percent of gross domestic product last year from 2009, coming slightly above the original plan, the prospectus showed.

Its direct debt as of May 20 was AED115.4 billion ($31.42 billion), or 38 percent of 2010 GDP, according to the document.

The emirate has no current plans to implement corporate or income taxes, the prospectus said. Besides customs duties, it levies a 20 percent income tax on profits earned by foreign banks.

Earlier this year, Dubai’s ruler approved a 2011 government budget with a deficit of AED3.78 billion ($1 billion), or 1.3 percent of economic output, with revenue set at 29.91 billion.

Dubai plans total expenditures of AED33.7 billion in 2011, slightly below last year’s AED35.9 billion.

The public sector plays a leading role in the Dubai economy, which accounts for 28 percent of the overall UAE output, but the direct government spending amounts to just 10 percent of GDP.

A Dubai government official said in May that the emirate, bracing for some $30 billion in debt redemptions over the next two years, plans to cut state spending by 20 to 25 percent until 2013 to narrow its funding gap.

Dubai’s trade and property-based economy expanded by 2.4 percent last year, the prospectus showed citing preliminary data, higher than a previous 2.2 percent estimate by the emirate’s statistics office.