The government of Dubai set up a Debt Management Office (DMO) that will be responsible for diversifying the emirate’s funding sources and meeting its financing requirements.
Established under the Dubai Department of Finance, the DMO will also be in charge of managing the sovereign debt portfolio, the Dubai Media Office said in a statement on Monday, report agencies.
Set up under Law No. 8 of 2022 regulating public debt in Dubai, the DMO will set strategic objectives and policies, evaluate risks to ensure government financial sustainability, maintain transparency to enhance investors’ confidence and develop relationships with all stakeholders, the media office said.
Rashid Al Falasi was appointed chief executive of DMO by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of the emirate’s Executive Council.
“The establishment of the DMO showcases the government’s continuous efforts in strengthening its financial position through the management of the sovereign debt,” Abdulrahman Al Saleh, Director General of DOF, said.
The DMO will meet the government’s financing requirements “efficiently” and ensure the development of infrastructure projects in various sectors, which, in turn, will “improve the quality of life and enhance the emirate’s global competitiveness”, he added.