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Economy

UAE cabinet approves debt strategy for 2021-2023 to build local currency bond market

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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.

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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.

The cabinet on Sunday also approved changes in the residency and nationality procedures in the country by enabling foreign students to bring their families whenever they have the financial means.

“The Council also adopted a decision regarding the regulation of the recruitment of expatriate university students for their family members, by enabling university students to bring in their families whenever they have the financial capacity resulting from recruitment and providing adequate housing in order to achieve stability and moral support,” read a statement on the decision posted by the Emirates News agency.

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