UAE looks to build local banking and financial sector with sale of dirham-denominated Treasury bonds: report – Arabian Business

UAE looks to build local banking and financial sector with sale of dirham-denominated Treasury bonds: report – Arabian Business

Sales of dirham-denominated Treasury bonds are on the horizon for the UAE as it looks to strengthen its local banking and financial sectors.

In the UAE, the federation issued its first-ever dollar bond last year. The country also received its initial credit rating from Fitch Ratings in 2020, which placed it in the fourth-highest investment grade, Bloomberg reported. 

The bond programme “will enable market participants in the UAE to maintain a transparent, single, diversified, and sustainable pool of dirham liquidity,” Khaled Mohamed Balama, the governor of the UAE Central Bank, said in a statement Wednesday.