GCMA 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 Capital Market Association (GCMA) is pleased to note the progress of legislation that could lay the groundwork for issuance of domestic currency government securities in UAE.  GCMA 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. GCMA will work towards ensuring the success of any issuance and development of an active secondary debt capital market.”

NOTE TO EDITORS:

The Gulf Capital Market Association

The Gulf Capital Market 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.  GCMA 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 Capital Market Association
info@gulfcapitalmarket.org
www.gulfbondsukuk.org