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UAE will institute federal debt management office

Office will ensure better regulatory oversight of borrowing.

May 24, 2010 9:53 by

The UAE said it plans to ensure better legislative oversight of borrowing by setting up a federal debt-management office, the Wall Street Journal reported Monday.

The issuance of a public debt management law will come later this year, according to Sheikh Ahmed Bin Saeed Al Maktoum, chairman of Dubai’s Supreme Fiscal Committee. And a similar debt-management office is planned for Dubai, as well.

The announcements come as the government seeks to restructure $23 billion in debt owed by Dubai World, a state controlled entity.

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