The Department of Finance (DOF) for the Government of Dubai announced on Monday the establishment of a Debt Management Office to oversee several key financial tasks.
Following the DMO establishment, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, appointed Rashid Ali bin Obood Al Falasi as the chief executive officer of the DMO.
The DMO has several responsibilities, including meeting the government’s financing requirements, managing the sovereign debt portfolio, setting strategic objectives and policies, pursuing risks to ensure government financial sustainability, as well as maintaining high levels of transparency to enhance the investor confidence and develop robust relationships with stakeholders, the DOF said in a statement.
The Debt Management Office was established under Law No. 8 of 2022 regulating the public debt in Dubai, issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, in his capacity as the Ruler of Dubai.
“The establishment of the DMO showcases the government’s continuous efforts in strengthening its financial position through the management of the sovereign debt, furthermore, to meet the governments financing requirements efficiently, and thereby ensure the development of infrastructure projects in various sectors, which in turn aims to improve the quality of life and to enhance the emirate’s global competitiveness, serving the leadership’s vision,” Abdulrahman Saleh Al Saleh, director-general of DOF, said.
Al Falasi said the establishment of the DMO aims to ensure efficient and effective management of the public debt portfolio with prudent cost and risk strategies while developing governance frameworks that strengthen the financial policies in the emirate in general and the public debt in particular, in addition to diversifying funding sources and develop an efficient market for government securities.
“The newly established office is committed to developing and maintaining a high level of transparency to enhance stakeholders’ confidence, both domestically and internationally, in Dubai credit and its strategic vision and initiatives in various sectors, based on the international best practices,” said Al Falasi.
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