Dubai government reduces public debt by about 29 billion dirhams to reach 25% of the emirate’s GDP – Business – Economy and Finance
Under the guidance of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, and under the supervision of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Vice President of the Cabinet, Minister of Finance, the Dubai government has succeeded in reducing public debt by about 29 billion dirhams to reach 25% of the emirate’s GDP.
The Public Debt Management Office of the Department of Finance: The implementation of the public debt reduction plan is done by paying off obligations arising from various financial instruments, including:
3.3 billion dirhams in Islamic bonds.
5.2 billion dirhams in bank loans.
20 billion dirhams as part of the financing provided by the government of Abu Dhabi and the Central Bank of the United Arab Emirates.
Abdulrahman Saleh Al Saleh, Director General of the Department of Finance in the Dubai government, said: “The prudent financial policies adopted by the Dubai government have enabled it to manage its financial resources in a wise manner, and the support of the wise leadership has enabled the Department of Finance in recent years to achieve prudent spending on projects and improve revenues and diversify them and maximize the utilization of financing tools, which facilitated it to meet its financial obligations on its scheduled dates in addition to expediting the fulfillment of some obligations.”
Rashid Ali Al Falasi, CEO of the Public Debt Management Office, said: “The Office launched the Public Debt Sustainability Strategy Program for the years 2022-2024 immediately after its establishment, and through it, it was able to implement several initiatives that included enhancing the efficiency of the public debt portfolio, developing public financial policies, and enhancing the confidence that investors and financial institutions place in the government’s financial center, by maintaining a high level of transparency and reliability. This step has reduced the public debt ratio to reach only 25% of the emirate’s GDP, which is considered a safe and low level.”
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