The UAE will issue a law on public debt and establish a debt management office this year, before considering any issues of sovereign bonds, the minister of state for finance said on Monday.

'The first thing is that the law of public debt needs to be issued...after that we will consider the matter of issuing bonds,' said Obaid Humaid Al Tayer, minister of state for finance said.

'The law will be passed this year.'

Al Tayer said after a law is passed, a debt management office will also be set up during the year. Any sovereign issues will take place after completion of law and the setting up of office, he added.-Reuters