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Government of Dubai establishes a debt management office

Rashid Ali bin Obood Al-Falasi has been appointed as the chief executive officer of the debt management office

by Gulf Business

May 10, 2022

The Department of Finance (DOF) for the Government of Dubai officially announced the establishment of a Debt Management Office (DMO). Meeting the government’s financing needs, managing the sovereign debt portfolio, setting strategic objectives and policies, pursuing risks to ensure government financial sustainability, and maintaining high levels of transparency to boost investor confidence and develop strong relationships with stakeholders will be the responsibilities of the DMO.

The Debt Management Office was founded by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, in his capacity as the Ruler of Dubai, under Law No. 8 of 2022, which regulates public debt in Dubai.

Government of #Dubai establishes a Debt Management Office.#WamNews https://t.co/fUBKF470eh

— WAM English (@WAMNEWS_ENG) May 9, 2022

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council has appointed Rashid Ali bin Obood Al-Falasi as the chief executive officer of the DMO.

Abdulrahman Saleh Al Saleh, director general of DOF, said: “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.”

Al Falasi stated: “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 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.”