The UAE Securities & Commodities Authority is working on covered bond regulations among a host of other securities markets measures, the authority’s chief executive officer said at a conference in Dubai yesterday (Sunday).

SCA CEO Al Turifi

The conference, “The UAE Capital Markets – An Important Engine for Economic Growth”, was held in collaboration with the International Capital Market Association (ICMA) and was opened by the chief executive officer of the Securities & Commodities Authority (SCA), Abdullah Al Turifi.

He told delegates that ESCA has issued 42 regulations and resolutions, and is working on several others that are intended to have a positive impact on local securities markets, with regulations for covered bonds among the measures.

There has been no previous covered bond issuance from the Middle East.

The SCA did not respond to questions from The Covered Bond Report by the time of publication.