The government of Dubai set up a Debt Management Office (DMO) that will be responsible for diversifying the emirate's funding sources and meeting its financing requirements.
Established under the Dubai Department of Finance, the DMO will also be in charge of managing the sovereign debt portfolio, the Dubai Media Office said in a statement on Monday.
Set up under Law No. 8 of 2022 regulating public debt in Dubai, the DMO will set strategic objectives and policies, evaluate risks to ensure government financial sustainability, maintain transparency to enhance investors’ confidence and develop relationships with all stakeholders, the media office said.
Rashid Al Falasi was appointed chief executive of DMO by Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of the emirate’s Executive Council.
“The establishment of the DMO showcases the government's continuous efforts in strengthening its financial position through the management of the sovereign debt,” Abdulrahman Al Saleh, Director General of DOF, said.
The DMO will meet the government’s financing requirements “efficiently” and ensure the development of infrastructure projects in various sectors, which, in turn, will “improve the quality of life and enhance the emirate's global competitiveness”, he added.
The economy of Dubai, the commercial, financial and trading hub of the Middle East, has rebounded strongly from the pandemic-driven slowdown. The emirate is undertaking several multibillion dollar infrastructure and other schemes across sectors as it pursues the Dubai 2040 Urban Master Plan.
This overarching vision outlines how the emirate will be developed over the next 20 years, envisaging large-scale changes to the landscape and skyline.
“The establishment of the DMO aims to ensure efficient and effective management of the public debt portfolio with prudent cost and risk strategies while developing governance frameworks that strengthen the financial policies in the emirate in general and the public debt in particular,” Mr Al Falasi said.
Diversifying funding sources and developing an efficient market for government securities will be among the DMO's priorities, he added.
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
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UAE currency: the story behind the money in your pockets
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
TICKETS
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills