CAIRO - The United Arab Emirates has raised 1.5 billion dirhams ($408 million) in its second local currency-denominated bond auction, the state news agency WAM reported on Monday.

The sale of the two-year and three-year tranches, each at 750 million dirhams, attracted 9.7 billion dirhams in offers combined, it added. The auction was the second of several planned for this year.

(Reporting by Moataz Mohammed; writing by Mahmoud Mourad; editing by Gareth Jones)