29 Dec 2010
(MENAFN) Humaid al Tayer, the Minister of State for Financial Affairs in the UAE said that the Federal National Council (FNC) which is the top legislative body in the country approved a public debt law in a first step towards UAE’s first federal government bonds, reported The National.
The minister said that the selling of bonds would raise money that the government would be use to decrease the $816.7 million budget deficit if needed. First bond sale could take place by the end of 2011 or early in 2012.
Earlier this month, the FNC approved the Federal budget of 2011 with a gap of $10.3 billion. The budget predicts a $11.2 billion of expenditures and $10.3 billion of revenue.
The president of the Gulf Bond and Sukuk Association Michael Grifferty said that the government was in preparations for a bond issuance such as setting mechanisms for trading the securities and gauging demand. He added that federal bonds provide central bank with another tool for influence interest rate and controlling market.
08 Apr 2026
BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more