The UAE may issue its first ever sovereign federal bond toward the end of 2012 after a public debt law is signed this summer, the financial affairs minister said on Wednesday.
The UAE's top advisory council passed a new public debt bill in December with an aim of establishing a debt market in the world's No. 3 oil exporter. The legislation needs presidential approval before becoming law.
"The law will be signed this summer hopefully and will take effect immediately so we will be in a position if we need to issue any bonds toward the end of 2012," Obaid Humaid Al Tayer said on the sidelines of a financial conference.
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