Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE - Expo 2020 may boost sukuk issuance  Join our daily free Newsletter

MENAFN - Khaleej Times - 05/02/2014
No. of Ratings : 0
Add to Mixx!

(MENAFN - Khaleej Times) The World Expo 2020 is expected to leave a positive impact on sukuk issuance in the UAE and particularly in Dubai, according to an industry specialist.

The UAE maintained a spot among world's top issuers despite the credit crunch and global financial crisis. Private sector credit growth in the country is expected to accelerate between 2014 to 2020, Zawya's Adnan Halawi said in his address to the Sukuk Congress Mena in Dubai

Historically, the UAE is still the largest issuer in Mena with 76 issues worth 49.46 billion followed by Saudi Arabia totalling 70 sukuks of 46.5 billion while Qatar ranked third with 24 issues of 23.79 billion. Mena accounts for 30 per cent of outstanding global sukuk market with 80 billion compared to 270 billion globally. During the last five years, sukuk value and volume witnessed upward trend but plunged in 2013

The reason for decline was mostly driven by US Fed idea of tapering its stimulus package in May 2013 sending bonds yields up around the world, and making it less attractive to issue debt. Halawi mentioned the region used to be more than 50 per cent of global sukuk issuance in 2006, but came down to 23 per cent in 2013. "There are reasons and region needs to address those reasons," he added. Sukuk issuance grew from 22 billion in 2006 to 133 billion in 2012

Saudi Arabia managed to become the world's second largest issuer of sukuk. In the region the Saudi Arabia leads with 37.65 billion followed by UAE 24.20 billion and Qatar at third position with 13.56 billion

In 2013, only Mena's GCC states sold sukuk. Saudi Arabia led with 20 issuance worth 15.215 billion followed by UAE's 13 sukuks of 7.12 billion and Qatar's nine of 2.35 billion. In Mena region, government institutions ranked top in sector followed by financial services, real estate, transport, power and utilities, and oil and gas. Halawi said oil and gas sector has big potential


Khaleej Times

  MENA News Headlines
 Oct 8 2015 - UK official says Russia making situation in Syria more dangerousKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) UK Secretary of State for Defence, Michael Fallon, called on Russia Thursday to stop supporting the regime of Bashar Al-Assad and to stop the regime from bombing ...

 Oct 8 2015 - EP calls for intØ¢'l protection for E.JerusalemKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The European Parliament called Thursday East Jerusalem to be placed under immediate international protection after a series of violent clashes have left several ...

 Oct 8 2015 - USD to drop further as profit raise postpones - analystKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The rate of the US dollar is expected to drop against the main currencies in time of weakening expectations on the raise of profit rates in the US before the end ...

 Oct 8 2015 - Israeli forces arrests 40 Palestinians in West BankKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Forty Palestinians were arrested by the Israeli force during an operation in the West Bank, said a statement by the Palestinian prisoners club Thursday.According ...

 Oct 8 2015 - Syrian Army: Russian airstrikes reduced ISIL fighting capabilitiesKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Airstrikes by Russian warplanes reduced fighting capabilities of the so-called Islamic State in Iraq and Levant (ISIL) in Syria, the Syrian Armed Forces Commander ...

 Oct 8 2015 - Western, Russian intervention in Syria making matters worse - Arab LeagueKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Western and Russian intervention in Syria will not end the war and will not eliminate presence of the so-called Islamic State in Iraq and Levant (ISIL), said ...

 Oct 8 2015 - Kuwait- Light rain, dust for Thursday evening weather - forecastKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Light rain and dust is expected for the weather Kuwait Thursday's evening, said a weather forecast official.Deputy head of Kuwait weather forecast department, ...

 Oct 8 2015 - Jewish settler stabbed in JerusalemKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) A Jewish man was stabbed Thursday in his upper body in Jerusalem in the third stabbing attack in just over 24 hours.Haaretz newspaper said on its website that a ...

 Oct 8 2015 - OPEC oil price up to USD 48.24 pbKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The OPEC daily basket price went up Wednesday USD 2.16 and stood at USD 48.24 per barrel (pb) compared with USD 46.08 pb the previous day, the cartel said here on ...

 Oct 8 2015 - Kuwaiti seeks Costa Rica's support to get non-Permanent UNSC seatKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) A Kuwaiti Parliamentary friendship group sought Costa Rica's President Luis Guillermo Solis' support to help Kuwait obtain a non-permanent seat at the UN Security ...




Click to Apply


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help