About the Public Debt Management Office

The Public Debt Management Office(‘DMO’) was established pursuant to Law No. 8 of 2022 Regulating the Public Debt of the Government of Dubai, issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, in his capacity as the Ruler of Dubai.

The establishment of the DMO embodies the government's commitment to fortify its financial foundation and boost global competitiveness. The office efficiently meets the government's financing requirements and contributes to vital infrastructure projects across sectors, aligning with the leadership's vision.

The DMO plays a crucial role in the effective governance of the government's financial resources. The key responsibilities encompass:

Effective Risk Management:

Ensuring a targeted risk profile of the Public Debt portfolio contributing to overall fiscal stability.

Investor Confidence:

Building and sustaining the trust of investors and financial institutions by maintaining a high level of transparency and credibility.

Funding Requirements:

Meeting the government's financial requirements while adhering to established risk management standards.

Best Practices:

Managing the Public Debt in alignment with safe and sound best practices, fostering fiscal responsibility.

Mission

To effectively and responsibly manage Dubai's public debt, ensuring prudent borrowing practices and safeguarding the government's financial stability while promoting transparency, investor confidence, and sustainable economic growth.

Vision

To be a leading and internationally recognized authority in public debt management, renowned for its expertise, innovation, and commitment to excellence, thereby contributing to Dubai's long-term prosperity and fiscal resilience.

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Debt Origination

Identifying, analyzing, and arranging the government's funding requirements and managing the public debt portfolio.

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Debt Service

Timely servicing and maintaining records of public debt by making the appropriate institutional arrangements.

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Investor Relations

Managing relationships with investors and other stakeholders, promoting transparency through timely disclosures, and effective communication.

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Policies & Governance

Establishing and implementing policies & governance structures as per best practices, monitoring risks associated with public debt, and overseeing financial liabilities of Government related entities.

Regulation

Public Debt Law - No. (8) of 2022
Public Debt Law - No. (8) of 2022

The Law No. 8 of 2022 regulates the public debt in Dubai, Issued by His Highness Sheikh Mohamed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE, in his capacity as the Ruler of Dubai.

Director General's Message

H.E Abdulrahman Saleh Al Saleh

Despite the financial crisis that hit the global economy in the late first decade of this century, which was followed shortly by the pandemic crisis, and despite the economic repercussions of these major crises and the ongoing geopolitical crises in various places around the world, the government of Dubai has achieved consecutive successes in managing public debt. This accomplishment can be attributed to the deep awareness of its leaders and the financial officials, their forward-looking perspective, and their steadfast commitment to ensuring that Dubai continues to shine brightly and maintains a prestigious financial position in various fields and on all fronts.

The continuous government efforts to enhance the financial position of the Emirate of Dubai have led to the establishment of the Public Debt Management Office. This office contributes to meeting the financial requirements of the government, which is expected to enrich ongoing government initiatives, including investments in the development of infrastructure projects in various sectors. Serving the aspirations of our wise leadership, the goal is to improve the quality of life and enhance the global competitiveness of the emirate.

The government of Dubai's continuous commitment to fulfilling its financial obligations on time reflects the image of the government financial stability and commitment to achieving its strategy in financial risk management. Here, the vital role of the Public Debt Management Office comes into play in solidifying the financial stability of the government and achieving the goals outlined in its financial strategies. 

H.E Abdulrahman Saleh Al Saleh

Chief Executive Officer's Message

Mr. Rashed Ali Bin Obood Al Falasi

At the Public Debt Management Office, we recognize Dubai's resilience and prominence as a global hub across various sectors. We are committed to playing a pivotal role in efficiently meeting the government's financing requirements and contributing to vital infrastructure projects and strategic initiatives, all while maintaining a responsible and sustainable public debt management objective.

Our aim is to ensure the efficient and effective management of the public debt portfolio, employing prudent cost and risk strategies. We focus on developing governance frameworks that strengthen financial policies in the emirate as a whole and enhance the management of public debt. Our efforts extend to diversifying funding sources and creating an efficient market for government securities.

The team is dedicated to fostering confidence among investors and financial institutions in Dubai's credit profile and its strategic vision & initiatives across various sectors. This dedication is upheld by maintaining a high level of transparency and credibility.

Mr. Rashed Ali Bin Obood Al Falasi

Chief Executive Officer's Profile

Mr. Rashed Ali Bin Obood Al Falasi

In April 2022, Mr. Rashed Ali Bin Obood Al Falasi was appointed as the Chief Executive Officer of the Public Debt Management Office (‘DMO’) for the Government of Dubai by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince, through the Executive Council Resolution No. (31) of 2022.

Mr. Rashed serves as a board member at the Dubai Investment Fund, the Dubai Real Estate Corporation, and the Emirates Post Group. He is also an active member of various committees across the government.; Mr. Rashed played a vital role in setting up the DMO for the Government of Dubai. As the CEO, he oversees the government's public debt and leads the development of its strategies and governance frameworks to strengthen financial policies in the emirate.

Before joining the Department of Finance (‘DoF’) for the Government of Dubai in 2014, Mr. Rashed worked in the financial market operations at the Securities and Commodities Authority of the federal government. In this capacity, he oversaw the supervision of the entities listed in the capital markets.

 

In 2020, during the global pandemic, Al Falasi led the team representing the government to issue two billion dollars of sukuks and bonds, carrying the lowest interest rate for thirty-year bonds and the lowest profit for ten-year sukuk in the history of the government. He also managed the financing of several strategic projects and government initiatives, such as the Dubai Metro and Expo 2020 and several projects related to Dubai airports.

 

Al Falasi holds a Masters’ of Business Administration in Finance from the Canadian University of Dubai with a cum laude distinction. He also graduated from the Government Secondment Program for Emirati Leadership (GSPEL) by the Mohammed bin Rashid Center for Leadership Development. Additionally, Al Falasi has attended several overseas programs, in the United States of America and the United Kingdom, related to debt capital markets and international project financing.