The Dubai government’s Department of Finance (DOF) announced on Monday the creation of a Debt Management Office to supervise numerous crucial financial functions.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, named Rashid Ali bin Obood Al Falasi as the DMO’s chief executive officer following its establishment.
According to the DOF, the DMO’s responsibilities include meeting the government’s financing needs, managing the sovereign debt portfolio, establishing strategic objectives and policies, pursuing risks to ensure government financial sustainability, and maintaining high levels of transparency to boost investor confidence and develop strong relationships with stakeholders.
The Debt Management Office was formed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, in his capacity as Ruler of Dubai, under Law No. 8 of 2022 controlling the public debt in Dubai.
“The establishment of the DMO demonstrates the government’s ongoing efforts to strengthen its financial position through the management of sovereign debt, as well as to meet the government’s financing requirements efficiently and, as a result, to 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, in line with the leadership’s vision,” Abdulrahman Saleh Al Khalifa said.
According to Al Falasi, the DMO’s mission is to ensure efficient and effective management of the public debt portfolio through prudent cost and risk strategies, as well as to develop governance frameworks that strengthen the emirate’s financial policies in general and the public debt in particular, diversify funding sources, and develop an efficient government securities market.
“The newly constituted office is devoted to establishing and maintaining a high degree of transparency in order to increase stakeholders’ confidence in Dubai credit and its strategic vision and activities in many sectors, based on worldwide best practises,” Al Falasi stated.
