Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, announced that the issuance of bonds and Sukuk by the ministry in 2023 amounted to around $2 billion (AED 7.7 billion).
By the first quarter of 2024, the ministry plans to issue bonds and sukuk valued at AED 5 billion, he noted.
Speaking at the ongoing Asian Financial Forum in Hong Kong, Al-Khoori highlighted the successful launch of the Islamic Treasury Sukuk in 2023. The Sukuk, valued at AED 1.1 billion, saw strong demand, with bids received worth AED 8.3 billion and 7.6 times oversubscribed.
Addressing the importance of the ministry’s participation in the Forum, Al-Khoori emphasized its role in improving global financial relations and contributing to international efforts to find solutions to economic growth.
It underlined the UAE’s status as Hong Kong’s largest trading partner in the Middle East, with non-oil trade reaching AED 22.2 billion in the first half of 2022. The 2019 agreement between the two sides aims encourage and protect investments, fostering a favorable relationship. investment environment.
Discuss financial and economic matters in the forum, Al-Khoori He outlined the ministry’s commitment to supporting economic diversification in the UAE. He emphasized the country’s progress in reducing dependence on oil and transitioning towards a globally competitive economy, driven by knowledge and innovation.
Al-Khoori detailed the ministry’s focus on sustainable financing to ease financial burdens and achieve energy transition goals. He highlighted the role of the Task Force on Sustainable Finance in the UAE, which promotes environmentally friendly investments to mitigate long-term vulnerabilities to climate change and achieve substantial economic benefits.
Besides, Al-Khoori shared the ministry’s initiative to broaden the revenue base by implementing a corporate income tax, starting June 2023. The corporate tax system has been designed in accordance with best practices, demonstrating the commitment of the country to comply with international standards of tax transparency and prevent harmful tax practices. .
News source: Emirates News Agency