The United Arab Emirates has taken a step towards its first sovereign bond after the Federal National Council passed a new public debt law today.
The legislation, which needs presidential approval to become law, limits government debt to 25 per cent of the country's gross domestic product, or Dh 200 billion ($54.45 bn).
An earlier version of the legislation discussed last year had said public debt should not exceed 45 per cent of GDP, or Dh300 billion.
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