The UAE is likely to ratify a law by the end of this year that will allow the federal government to issue bonds. Younis al-Khouri, a senior finance ministry official, said that the UAE will look to issue AED80 billion to AED100 billion worth of debt after the law is ratified. He said that he expects the law to be ratified in six to nine months. Khouri further said that after the law was ratified by the UAE's national assembly and rulers, the central bank would be responsible for issuing the dirham-denominated bonds. He did not say when the debt might be sold. The seven individual emirates in the UAE issue bonds, but the federal government has not done so in the absence of such a law. (Reuters)