DUBAI: The United Arab Emirates cabinet approved a public debt strategy aimed at developing the Gulf state’s market for local currency bonds, the UAE’s vice president said in a tweet on Sunday.

“The goal is to build a bond market in the local currency ... and stimulate the country’s financial and banking sector,” UAE Vice President and the ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum said.

Individual emirates such as Dubai, Abu Dhabi, and Sharjah, have already become issuers of international debt. The UAE has no debt of its own but plans to sell federal bonds soon.