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UAE tops regional green bond rankings with $10.7 billion

The United Arab Emirates topped the regional green bond rankings, with sales reaching $10.7 billion, an increase of nearly 170 percent and representing about 45 percent of regional totals.

Bloomberg data Capital markets league tables has revealed that in 2023, annual issuances of green social, sustainable and sustainability-linked bonds (GSSB) in the Middle East and North Africa (MENA) reached a new record of $24 billion, an increase of 155 percent .

This increase was primarily driven by growth in the United Arab Emirates and Saudi Arabia, which accounted for 77 percent of total regional emissions.

The year the United Arab Emirates hosted the 28th United Nations Climate Change Conference (COP28) stood out for the large number of first issuances of sustainable debt by companies and government entities in the country, which amounted to 7.95 billion dollars in total.

The top 11 green issuers included DP World sukuk bonds or sukuk ($1.5 billion), Sharjah government ($1 billion), TAQA ($1 billion), Emirates NBD ($750 million), Masdar ( 750 million dollars), Mubadala. ($750 million), Aldar sukuk ($500 million), Commercial Bank of Dubai ($500 million) and Five Holdings ($350 million), in addition to Dubai Islamic Bank’s green Sukuk ($750 million). dollars) and Abu Dhabi. Islamic Bank (US$500 million).

Meanwhile, Saudi Arabia accounted for 32 percent of total regional volume, a year-on-year increase of 69 percent.

Saudi Arabia’s Public Investment Fund was the region’s largest issuer in 2023, driven by issuances of $5.5 billion in February 2023.

Other notable Saudi issuers Bloomberg The Saudi National Bank ($60.69 million), the Saudi Electricity Company ($1.2 billion) and Al Rajhi Bank ($1 billion) stood out.

2023 was dubbed a “landmark year” for the green Sukuk, with Islamic issuances accounting for more than a quarter of MENA’s total for the first time.

In 2023, green Sukuk totaling approximately $6.5 billion were issued in the MENA region. This represents more than half of all global green Sukuk, with notable sales from ADIB ($500 million), DP World ($1.5 billion) and First Abu Dhabi Bank. (approximately 350 million dollars), Majid Al Futtaim (500 million dollars) and Aldar (500 million dollars).

News source: Emirates News Agency

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