Dubai: Dubai’s Department of Finance has formally launched the Debt Management Office to handle all of the government’s financing requirements and manage the sovereign debt portfolio.
“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,” said Rashid Ali bin Obood Al Falasi, who is the new CEO of the Debt Management Office.
Among its wider mandate, the DMO will also oversee the setting of strategic objectives and policies, risks related to ensure government financial sustainability, as well as ‘maintain high levels of transparency to enhance the investor confidence and develop robust relationships with stakeholders’.
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 and 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," said Abdulrahman Saleh Al Saleh, Director-General of the Department of Finance. “(And) to meet the government’s financing requirements efficiently, and 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.”