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UAE in final stages to develop debt market
12 May 2011
ABU DHABI ? The UAE, which is the second biggest Arab economy, is in an advanced stage to develop a domestic market for government bonds and securities, to be offered for investment to not only commercial banks, insurance companies, pension funds but also to the high net worth individuals.
?A federal law has been drafted based on the federal government?s role in supporting and developing the public debt market,? said Obaid Humaid Al Tayer, Minister of State for Financial Affairs, while opening a conference on the Best International Practices in Public Debt Management Strategies? in Abu Dhabi.
In his keynote address, the state minister said in line with the cabinet?s directives, Ministry of Finance began the establishment of a public debt management office for developing debt management strategies and studying all potential risks.
?MoF seeks to provide effective public debt management to enhance public finances in the national economy,? he said.