UAE cabinet approves debt strategy to build local currency bond market

UAE cabinet approves debt strategy to build local currency bond market

UAE cabinet approves debt strategy to build local currency bond market Individual emirates such as Dubai, Abu Dhabi, and Sharjah, have already become issuers of international debt    His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. Image courtesy Sheikh Mohammed bin Rashid Al Maktoum's official Twitter handle. DUBAI- The United Arab Emirates cabinet approved a public debt strategy aimed at developing the Gulf state's market for local currency bonds, the UAE's vice president said in a tweet on Sunday."The goal is to build a bond market in the local currency ... and stimulate the country's financial and banking sector," UAE Vice President and the ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum said.Individual emirates such as Dubai, Abu Dhabi, and Sharjah, have already become issuers of international debt. The UAE has no debt of its own but plans to sell federal bonds soon. urn:newsml:reuters.com:*:nL4N2H325S(Reporting by Lisa Barrington, writing by Davide Barbuscia) (([email protected]; +971522604297; Reuters Messaging: [email protected]))Zawya Coveragereal estateEgypt's SODIC gross contract sales grows 2% to $471mlnretailCOVID-19 violations: Dubai shuts down department store; fines 28 establishmentstelecommunicationsSaudi's Al-Babtain Power announces 10% cash dividendfoodSaudi dairy giant Almarai buoyant on 2021 despite 46%