Dubai has announced the establishment of a Debt Management Office that would be responsible for government’s financing requirements, managing the sovereign debt portfolio and setting strategic objectives and policies.
It will also be responsible for 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, an official statement said.
Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum appointed Rashid Ali bin Obood Al-Falasi as the Chief Executive Officer of the DMO.
Abdulrahman Saleh Al Saleh, Director General of Department of Finance, 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.”
The newly-appointed CEO said, “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.”