Wednesday, February 28, 2024

15 billion dirhams in the UAE, amounting to green sukuk and bond issuance


The Securities and Commodities Authority has revealed that the volume of green sukuk and bonds registered with the authority in the first 11 months of this year was about 15.45 billion dirhams.

Chairman of the Board of Directors of the Securities and Commodities Authority His Excellency Muhammad Ali Al-Shurafa said the UAE “may his soul rest in peace” for the vision of late founding father Sheikh Zayed bin Sultan Al Nahyan. and keen to establish principles of sustainability in an effort to achieve climate neutrality through the guidelines of smart leadership. By 2050, this approach is closely aligned with the Commission’s initiatives launched this year to regulate the issuance of green bonds and bonds.

“A plan to regulate green stocks, bonds and sukuk,” he said in statements to Emirates News Agency, WAM, in conjunction with the activities of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28). Linked to Sustainability” is a key support to contribute to the realization of the government’s vision of the country becoming a global hub for the new economy within the next ten years.

He explained that the authority’s decision to exempt companies wishing to list their green or sustainability-related bonds or sukuk on one of the local markets from registration fees by 2023 marked the beginning of a growing demand for the issuance of green stocks, bonds and sukuk. , as to the volume of sustainability-related green bonds and sukuk issues… its registration with the Authority from the beginning of this year to the end of November was about 15.45 billion dirhams, including 3 green bond issues, 3 green sukuk issues and one sustainability-related sukuk issue.

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He pointed out that the authority’s decision to regulate green bonds and sustainability-related sukuk allowed public joint-stock companies to issue “green” bonds and sukuk whose entire subscription proceeds are used for financing or refinancing. The decision aims to highlight to businesses that the country has a clear agenda to achieve the Sustainable Development Goals on more than one level with respect to sustainable, environmentally friendly projects, particularly sustainable economic development.

For his part, the CEO of the Securities and Commodities Authority, Dr. Maryam Buti Al Suwadi said the Green Bonds and Sukuks initiative launched by the Authority is an important positive and supportive step that will contribute to improving the country’s practices in this sector. The objectives of this initiative are also in line with the agenda of the COP28 conference in the field of financing projects that contribute to reducing the effects of climate change and reducing carbon emissions.

Al Suwaidi told Emirates news agency WAM that the plan to issue shares, bonds and green sukuk was one of the changes to be made within the performance contracts of central government companies, which were signed in the presence of Sheikh Mohammed. Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, said, “God willing,” this initiative looks to the future and improves the country’s competitiveness. It is expected to have a significant impact on all sectors within a short period of time. Implementation of the new government work system of the United Arab Emirates government.

Al Suwadi continued: “The UAE has always been a pioneer in implementing projects consistent with a sustainable approach in an effort to anticipate the future and accelerate the achievement of the goals of a more dynamic and competitive economy in the vision of “We”. Multiple attempts are required. Positive impact on various sectors of society and state.”

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Bill Dittman
Bill Dittman
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