Sheikh Maktoum reviews UAE federal public debt report, outlines AED 38.2bn in issuances and $10bn international listings
Sheikh Maktoum reviews UAE federal public debt report 2022–2025, detailing AED 38.2bn in treasury issuances, $10bn international bond listings and outlook.
The UAE federal public debt report for 2022–2025 shows robust debt management as a cornerstone of the country’s fiscal strategy, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum said in a post on X. The report, reviewed by Sheikh Maktoum, details 23 auctions of Islamic treasury sukuk worth AED 27 billion and eight government bond auctions totaling AED 11.2 billion through December 31, 2025. It also highlights four major international issuances between 2021 and 2024 that raised $10 billion and secured listings on the London Stock Exchange and Nasdaq Dubai.
Sheikh Maktoum reviews federal public debt report
His Highness Sheikh Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, said the findings reflect high fiscal efficiency across the federal government. The minister’s review emphasized sustainable financial planning and the role of careful debt issuance in supporting national priorities. Sheikh Maktoum noted that the international listings and strong subscription rates demonstrated investor confidence in the UAE’s economic trajectory.
Details of domestic treasury issuances and auctions
The report records 23 sukuk auctions with aggregate proceeds of AED 27 billion conducted up to the end of 2025. In addition, eight treasury bond auctions generated AED 11.2 billion, bringing total domestic issuance to AED 38.2 billion during the covered period. These instruments, issued in both Islamic and conventional formats, were aimed at meeting funding needs while deepening the local capital market. Auction outcomes and pricing signalled steady domestic demand for sovereign paper.
International issuances and investor response
Between 2021 and 2024 the federal government completed four significant international offerings that together raised $10 billion. Those transactions were listed on major venues, including the London Stock Exchange and Nasdaq Dubai, and attracted subscription rates exceeding five times the size of the primary offers. The oversubscription levels underline diversified investor interest from both conventional and Islamic finance markets. Listing on global exchanges widened the investor base and established benchmark securities for regional markets.
Fiscal strategy and sustainable financial planning
The report frames debt issuance as part of a broader strategy of sustainable fiscal planning rather than a reliance on ad-hoc borrowing. By sequencing domestic and international offerings, authorities have sought to balance local market development with access to global liquidity. The federal approach emphasized predictable issuance calendars, transparent auction processes and alignment with broader budgetary needs. Sheikh Maktoum connected these practices to long-term resilience and the UAE’s objective of maintaining strong public finances.
Implications for market development and credit perception
Experts say regular sovereign issuance supports the development of yield curves, enhances liquidity for banks and investors, and provides reference points for corporate borrowing. The federal government’s mix of sukuk and bonds responds to demand from Islamic and conventional investors and strengthens the capital markets ecosystem. High subscription rates and successful international listings can also bolster the country’s standing in global capital markets and contribute to favorable borrowing conditions over time.
Policy outlook and next steps for debt management
The report’s findings point to continuity in issuance strategy, with an emphasis on market access, cost efficiency and investor diversification. Authorities are likely to continue calibrating the size and tenor of offerings to manage refinancing risk and preserve fiscal buffers. Transparent reporting and regular engagement with investors were highlighted as tools to sustain confidence and to ensure that debt supports economic priorities without compromising stability.
The federal public debt report for 2022–2025 concludes that disciplined borrowing, combined with strategic international placement and domestic market development, has reinforced the UAE’s financial position. Sheikh Maktoum said the outcomes reflect the vision of the country’s leadership and the effectiveness of planning in delivering strong fiscal results.