2023-12-11 14:30:30
The Securities and Commodities Authority revealed that the volume of green sukuk and bonds issues, related to sustainability, that were registered with the authority, amounted to regarding 15.45 billion dirhams, during the first 11 months of this year.
Muhammad Ali Al-Shurafa, Chairman of the Authority’s Board of Directors, said that the UAE, thanks to the vision of the late founding father Sheikh Zayed bin Sultan Al Nahyan, may God rest his soul, and through the directives of the wise leadership, is keen to establish the principles of sustainability, in an effort to achieve climate neutrality by the year 2050. This approach is closely aligned with the Authority’s initiatives that it launched this year to regulate the issuance of green sukuks and bonds.
He added in statements, in conjunction with the activities of the COP 28 conference, that the project to regulate stocks, bonds and green sukuks, which are linked to sustainability, is a major support for contributing to the implementation of the government’s vision for the country to be a global center for the new economy, during the next ten years.
He explained that the Authority’s decision to exempt companies wishing to list their green or sustainability-related bonds or sukuks in one of the local markets from registration fees for the year 2023, constituted a start in the growing demand for issuing green stocks, bonds and sukuks, as the volume of green bonds and bonds issuances related to sustainability reached… The equivalent of regarding 15.45 billion dirhams was registered with the Authority from the beginning of this year until the end of November, which included 3 green bond issues, 3 green sukuk issues, and one sustainability-related sukuk issuance.
He pointed out that the Authority’s issuance of its decision regarding the regulation of green bonds and sukuk related to sustainability, allowed public joint-stock companies to issue green bonds and sukuk, the proceeds of which are fully subscribed to be used to finance or refinance sustainable, environmentally friendly projects. The decision aims to shed light on highlighting the work that they carry out. The state, according to a clear agenda to achieve sustainable development goals on more than one level, especially with regard to sustainable economic growth.
Meanwhile, Dr. Maryam Butti Al Suwaidi, CEO of the Authority, said that the green bonds and sukuk initiative launched by the Authority is an important positive and supportive step that contributes to enhancing the country’s practices in the field of sustainability, and is also in line with the conference’s agenda in financing projects that contribute to reducing the effects of change. climate and lead to reducing carbon emissions.
She added that the project is one of the transformative projects, within the performance agreements of federal government agencies, which were signed in the presence of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, may God protect him. This initiative anticipates the future and enhances competitiveness. The country is expected to make a significant impact in all sectors, within short periods of time, ensuring the implementation of the new government work methodology of the UAE government.
She continued: “The UAE has always been a pioneer in enacting projects that are compatible with the sustainability approach, in an effort to anticipate the future and accelerate the achievement of the goals of the most active and competitive economy, within the vision of “We are the Emirates 2031,” which requires qualitative and multiplied efforts from state institutions that contribute to achieving government aspirations. “It reflects positively on society and the various sectors of the state.” (wham)
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