News

Sharjah lists $200m sukuk on Nasdaq Dubai

Islamic_bankingThe total value of sukuk listed in Dubai has surpassed $67 billion following the registration of a $200 million Islamic bond on Nasdaq Dubai by the emirate of Sharjah. The listing brings Nasdaq Dubai’s value for 2020 to $2.9 billion, which is still some way behind the record $14.15 billion achieved in 2019 but nevertheless helps boost Dubai’s ambition to be one of the world’s centres for Islamic finance and sukuk issuance. Issuers from the UAE make up almost half (44%) of the total value of listings. Meanwhile, global long-term sovereign sukuk issuance is forecast to rise by 6% in 2020 to $75 billion as governments look to raise more capital in the face of falling oil prices and the economic impact of Covid-19, according to a report from Moody’s Investor Services. “Issuance volumes could rise more markedly if oil prices and demand were to be durably dampened as a consequence of the coronavirus outbreak, leading to higher deficits and financing requirements among hydrocarbon-exporting issuers, including those in the Gulf Cooperation Council and southeast Asia,” stated the report. © 2020 funds global mena

Executive Interviews

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Roundtables

Middle East Investor Roundtable 2020: Dimensions of diversification

Investors in the Middle East consider the tools that will be needed to navigate the Covid-19 crisis, the continued appetite for dividend and why it’s all about tech. Chaired by Romil Patel.

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