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UAE passes new public debt law

The UAE Federal National Council has approved a new public debt law, marking a key step toward the issuance of the country's first sovereign bond, Reuters has reported. The bill provides a legal framework for creating a government bond market in the UAE with public debt instruments traded in one or more of the country's three financial markets. The legislation, which requires presidential approval to become law, limits government debt to 25% of the country's gross domestic product, or Dhs200bn ($54.45bn).