UAE Ministry of Finance to develop local debt capital market with Central Bank
MoF has launched several new projects to bolster finance sector
Abu Dhabi: The UAE Ministry of Finance announced the implementation of transformational projects that support the country's efforts to transition towards the future and enhance its competitiveness. These projects align with the 'We the UAE 2031' vision and the UAE's efforts to become the global hub for the new economy over the next decade.
The first project, 'Developing the Local Debt Capital Market in the Country', is a collaboration with the UAE Central Bank. It establishes programmes for issuing local public debt instruments, represented by bonds and Islamic treasury sukuk in dirhams, and primarily trading them in the primary and secondary local markets.
The project aims to build and enhance the yield curve in UAE dirhams and provide reference pricing points for local financing operations carried out by financial institutions within the state, thereby improving market activity, expanding the investor base, and developing a highly efficient financial market in the UAE.
The Ministry of Finance is working on implementing 'Enhancing the Presence of Specialized Emirati Leadership in the Financial Field at International Forums' to make the UAE more prominent in international cooperation over the next ten years.
The joint project with the Ministry of Foreign Affairs aims to invest in empowering national talents to occupy Emirati memberships in leadership positions within international organizations. This will enhance the UAE's presence in international forums and support its participation in shaping international strategic decisions and building economic partnerships with countries worldwide.
Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, highlighted that the UAE, in its second 50-year journey, prioritizes developing governmental work to meet the nation's future requirements by adopting new methodologies and ways of working through digital transformation.
Al Hussaini emphasized the Ministry's efforts to develop government services by focusing on areas that enhance the competitiveness of the economic environment and its ability to attract foreign investments. One such effort is empowering Emiratis to represent the UAE internationally.