Press Statement from the Central Bank of the UAE about the new Federal Government debt law

Dubai, UAE, October 15, 2018:   H.E Mubarak Rashed Al Mansoori, Governor of the Central Bank of the UAE: “The new Federal Government debt law lays the foundations for the development of a bond market in dirham denomination in the UAE. This is important as it will create deeper, more resilient financial markets, benchmark the yield curve, provide more diversified sources of financing, mobilise additional domestic savings and attract capital inflows. The development of vibrant public and private bond markets (including Sukuk) will also facilitate compliance with liquidity requirements (Basel III), and allow investors to balance risks in more diversified portfolios.

Overall, this is in line with the Nation’s vision to press ahead with further diversification of the economy, and will underpin the UAE’s position as a growing regional and global financial centre, and further improve the UAE’s credit rating.”