UAE plans to issue sukuk and bonds worth $1.36bn in Q1: top official

The UAE is planning to issue sukuk and bonds worth 5 billion dirhams ($1.36 billion) in the first quarter of this year, revealed a top official.

Talking to state news agency WAM on the sidelines of the 17th Asian Financial Forum in Hong Kong, Younis Haji Al-Khoori, undersecretary of the Ministry of Finance, said that the total volume of issuances in 2023 reached 7.7 billion dirhams.

According to Al-Khoori, the launch of the Islamic Treasury Sukuk Program was worth 1.1 billion dirhams and witnessed strong demand, receiving bids totalling 8.3 billion dirhams – a 7.6 times oversubscription.

He further pointed out that the UAE’s participation in the forum is an opportunity to consolidate the country’s economic relations at the global level.

“Our participation embodies the national vision, through which the country seeks to become a key actor in the field of economic cooperation and an influential force within the global economy and at the heart of trade, partnerships, international groups and forums,” said Al-Khoori.

It was in November 2022 that Dubai Ruler Sheikh Mohammed bin Rashid Al-Maktoum launched National Vision 2031, outlining the country’s path for the next 10 years, focusing on the economy, society, ecosystem and diplomacy.

Al-Khoori added that the UAE’s active participation in multilateral forums, including G20 and the country’s recent membership of BRICS – an international organization previously comprising Brazil, Russia, India, China, and South Africa – is a testament to the country’s goal to spearhead multilateralism globally.

“Our presence in these key international forums exemplifies the role the UAE can play in shaping global policy priorities and dialogues,” he noted.

Meanwhile, during the same event, Patrick Lau, deputy executive director of the Hong Kong Trade Development Council, revealed that the UAE is the country’s leading trading partner in the Middle East.

He added that the non-oil foreign trade value between the UAE and Hong Kong reached 89.87 billion dirhams in the first 11 months of 2023.

The Asian Financial Forum, which began on Jan. 24, is organized by the government of Hong Kong and HKTDC.

The two-day event encompasses several events, including over 40 thematic discussions, policy dialogue, keynote luncheons and workshops.