According to statistics obtained by Arabian Business from the Union of Arab Banks, the UAE has increased by 170% in green bond issuance, while Saudi Arabia has recorded a 69% increase as its largest issuer in 2023.
The United Arab Emirates topped the regional green bond tables during 2023, with a value of $10.7 billion.
With a significant increase of 170% over the previous year, the issuance of…Green bonds About 45% of the total regional bond issuances come from the UAE.
This is according to data obtained by Arabian Business , according to the latest figures prepared by the Research and Studies Department in Union of Arab Banks For May 2024.
In the same context, the Kingdom of Saudi Arabia recorded 32% of the total volume of regional green bond issuances, achieving an increase of 69% on an annual basis.
And it was Public Investment Fund The Kingdom is the largest issuer of green bonds in the region during 2023, as it issued bonds worth $5.5 billion in February 2023. This activity reflects the Kingdom’s increasing role in the sustainable financial market and its endeavor to promote the green economy.
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On the other hand, the total number of green sukuks issued in the Middle East and North Africa region reached 6.5 billion US dollars in 2023, representing more than half of the total green sukuks issued globally.
Green Sukuks are Islamic financial instruments used to finance environmentally friendly projects or achieve sustainable goals. Green Sukuks are similar to traditional bonds in terms of financial structure, but they comply with Islamic law and do not include usurious interest.
Projects that can be financed using green bonds include a variety of initiatives, including renewable energy and sustainable infrastructure projects, as well as sustainable agriculture projects.
