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The Federal Debt Management Office plays a key role in advancing the UAE’s sustainable economic development by minimising costs and managing challenges with the highest levels of efficiency and effectiveness, while maintaining the stability of the country’s financial sector and securing the funding requirements for the federal government.
Formally established as a directorate within the UAE Ministry of Finance through Decretal Federal Law No (9) of 2018 Regarding Public Debt, the Federal Debt Management Office (FDMO) is mandated to maintain sovereign debt at a sustainable level, raise sovereign funds with minimal risk and cost, and serve as the federal authority for the UAE’s sovereign credit ratings.
The Federal Decree Law No (9) of 2018 on Public Debt regulates the general rules governing the issuance and management of Public Debt in accordance with a prudent and safe policy, to manage its risks and minimise its costs.
The legal framework defines the functions of the FDMO, in accordance with the UAE financial laws and regulations, to ensure prudent and efficient federal debt management, while promoting the highest standards of transparency and accountability in all operations undertaken on behalf of the UAE federal government. In line with this mandate, the FDMO aims to achieve the following strategic objectives:
Support and develop a highly efficient financial market in the UAE
Provide a federal mechanism for financing infrastructure projects, government financial guarantees, and emergency financial obligations
Provide another level of funding for the federal government to achieve a diversified financing strategy
Provide support to the Central Bank of the UAE to enhance liquidity management within the banking sector
The FDMO is structured across Front, Middle and Back Office functions, facilitating both specialisation and effective risk management within the organisation.
(Issuance and Market Relations)
(Analytics and Risk Management)
(Recording Transactions, Managing Financial Records, and legal support)
The FDMO is taking a hands-on approach to managing risks in the debt and investment portfolios. It will prepare a Medium-Term Debt Strategy (MTDS) covering the next three fiscal years, which will address the annual borrowing plan and debt operations to align the structure of the debt and investment portfolios with FDMO’s cost and risk preferences. The MTDS will set out the strategy for managing the total portfolio of liabilities and assets under FDMO’s control. The FDMO risk management policy addresses all key risk types, including:
Mitigate refinancing risk by managing the maturity profile of debt and asset portfolios so that there is sufficient cash on hand to meet future maturities
Managing credit risk by ensuring that counterparts are rated at acceptable approved levels, and mitigate exposure through netting and collateralisation
Mitigate market risk for changes in interest rate, currency and commodity prices by employing asset-liability matching strategies where it is both feasible and cost effective.
Formulate an operational risk management framework that includes a business continuity plan and disaster recovery plan.
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