GBSA Applauds FNC Passage of Debt Legislation

By 02/01/2011

GBSA Applauds FNC Passage of Debt Legislation

GBSA APPLAUDS UAE FEDERAL NATIONAL COUNCIL PASSAGE OF DEBT MANAGEMENT LEGISLATION


Debt Law Would Underpin Domestic Debt Capital Market
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For Immediate Release


DUBAI, January 2, 2011 – 
The Gulf Bond and Sukuk Association (GBSA) is pleased to note the progress of legislation that could lay the groundwork for issuance of domestic currency government securities in UAE.  GBSA President Michael Grifferty said, “This legislation would provide a sound basis for management of public liabilities and a best practice framework for issuance of government securities. Issuance of government instruments would stimulate development of the region’s debt capital market and promote further diversification of the national and regional economy. GBSA will work towards ensuring the success of any issuance and development of an active secondary debt capital market.”

 

NOTE TO EDITORS:

The Gulf Bond and Sukuk Association

The Gulf Bond and Sukuk Association (GBSA) is the regional trade association representing the Arabian Gulf bond and sukuk market. Andrew Dell, HSBC’s Managing Director and head of CEEMEA Debt Capital Markets, Global Capital Financing, is Chairman of its Steering Committee.  GBSA harnesses the commitment of its stakeholders to promote a wide and deep market on the basis of international best practices as adapted to the Arabian Gulf region.

For further information please contact:

Michael P. Grifferty
President
The Gulf Bond and Sukuk Association
info@gulfbondsukuk.org
www.gulfbondsukuk.org