{"id":88399,"date":"2024-01-26T00:00:00","date_gmt":"2024-01-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/finmin-plans-to-issue-aed-5-bn-sukuk-in-1q-2024\/"},"modified":"2024-01-26T00:00:00","modified_gmt":"2024-01-26T00:00:00","slug":"finmin-plans-to-issue-aed-5-bn-sukuk-in-1q-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/01\/26\/finmin-plans-to-issue-aed-5-bn-sukuk-in-1q-2024\/","title":{"rendered":"FinMin plans to issue AED 5 bn sukuk in 1Q 2024"},"content":{"rendered":"

The Finance Ministry plans to issue some AED 5 bn worth of bonds and sukuk in <\/strong>1Q 2024<\/strong>, Finance Ministry Undersecretary Younis Haji Al Khoori told Wam<\/a> at Hong Kong\u2019s Asian Financial Forum, without clarifying the breakdown of the planned issuances. The UAE issued some AED 7.7 bn in debt in 2023, Al Koori added.<\/p>\n

Background:<\/strong> In a bid to diversify funding, the Central Bank of the UAE and the Finance Ministry launched the first AED denominated sukuk<\/a> back in April 2023 as part of the T-Sukuks issuance program, which it listed on Nasdaq Dubai in May 2023. The AED 1.1 bn issuance was 7.6x oversubscribed, after attracting some AED 8.3 bn bids.<\/p>\n

Still trying to diversify the budget, and reduce reliance on oil: <\/strong>Al Khoori emphasized the Ministry\u2019s commitment to sustainable financing in softening financial burdens, as well as the implementation of the corporate tax in June 2023. <\/p>\n

REMEMBER-<\/strong> The share of AED-denominated issuances and sukuk in the UAE\u2019s debt mix is expected to rise next year<\/a>, as a result of issuers looking to diversify funding, the implementation of the Central Bank of the UAE\u2019s AED monetary framework, and strong investor demand, including from local banks with solid liquidity, as per Fitch\u2019s 2024 UAE Debt Capital Markets Dashboard report<\/a>. The AED monetary framework is an initiative launched in 2017 to manage the Emirates\u2019 money markets and the AED exchange rate, and maintain the peg to the USD.<\/p>\n

IN OTHER DEBT NEWS-<\/strong><\/p>\n

UAE leads green bond issuances in the GCC, Bloomberg says:<\/strong> Green, social, sustainable, and sustainable-linked bonds issuances in the Emirates soared 170% y-o-y in 2023 to USD 10.7 bn (c. AED 39.3 bn), ranking the UAE the top issuer in the MENA region with 45% of the MENA region\u2019s total issued green bonds, according to Bloomberg data picked up by Alb<\/a>ayan<\/a>. Regionally, green and sustainable bond issuances surged 155% y-o-y to hit a record high of USD 24 bn, (c. AED 88.14 bn).<\/p>\n

The Emirati green bond and sukuk market saw 11 new issuers<\/strong>, including DP World<\/a> with a USD 1.5 bn sukuk issuance; the Sharjah government<\/a>, with a USD 1 bn sukuk issuance; Taqa<\/a> with a USD 1.5 bn bond issuance; Mubadala<\/a> with a USD 750 mn green bond issuance; and others. <\/p>\n","protected":false},"excerpt":{"rendered":"

The UAE issued some AED 7.7 bn in debt in 2023<\/p>\n","protected":false},"author":1,"featured_media":88400,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1546],"tags":[68,7,1393,242,66],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam-uae","tag-finance","tag-nasdaq-dubai","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"dda022e7-feb6-44d2-87e9-3e88293d9409","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2195.jpeg","photo_position":"above","homepage_title":"","full_issue_title":"FinMin plans to issue AED 5 bn sukuk in 1Q 2024","related_issue":[88395],"teaser":"The UAE issued some AED 7.7 bn in debt in 2023","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.1c83748f-88b8-4d36-b536-4bf5c61e6950.mp3"},"yoast_head":"\nFinMin plans to issue AED 5 bn sukuk in 1Q 2024 - 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