The UAE has no urgent need to issue federal bonds, the Minister of Finance and Dubai Crown Prince Shaikh Hamdan bin Rashid al-Maktum said on 22 February at a press conference to review the 2014 budget.
But he said that the government, together with the UAE Central Bank and the stock market, is preparing legislation for a state public debt law, which could take up to 20 months to be completed. The law paves the way for future issuance of federal bonds. The minister notes that the development of a market in state securities would be a key tool to find alternative sources of funding for major infrastructure projects at low cost and acceptable risk. (CONTINUED - 377 WORDS)
