The United Arab Emirates should soon approve a law allowing the oil producer to issue its first ever federal sovereign bonds and create a local debt market, a finance ministry official said on Tuesday.
The long-awaited law, regulating issuance and the amount of debt the world's No3 crude exporter may accumulate, awaits a presidential nod after the UAE's top advisory council passed the bill in December.
"The public debt law is now in final stages for approval and as for the ministry of finance it has already started taking measures after the cabinet's resolution to establish a public debt bureau," Nadia Sultan told a conference in the UAE capital.
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