UAE cabinet approves debt strategy to build local currency bond market

UAE cabinet approves debt strategy to build local currency bond market

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.

Dubai's dnata opens $41m cargo complex in the UK

The dnata City North complex can handle 150,000 tons of cargo per year

Updated 24 January 2021

Arab News

January 24, 2021 18:22

DUBAI: Emirates Group's airport services subsidiary dnata has opened a new £30 million ($41.05 million) cargo complex at Manchester Airport in the north of the UK.

The dnata City North complex can handle 150,000 tons of cargo per year, including pharmaceuticals, perishables, dangerous goods, aircraft engines and vehicles.

Alex Doisneau, managing director of dnata UK, said: "We are thrilled to announce the opening of another world-class cargo facility in a strategic location in the UK. Our new, purpose-built facility in