HONG KONG – UAE Ministry of Finance Undersecretary Younis Haji Al Khoori announced that the ministry’s issuance of bonds and Sukuk in 2023 totaled around $2 billion (AED7.7 billion).
For Q1 2024, the ministry is planning to issue bonds and Sukuk valued at US$1.3 billion (AED5 billion), he said.
Speaking to the Emirates News Agency (WAM) at the ongoing Asian Financial Forum in Hong Kong, Al Khoori highlighted the success of the Islamic Treasury Sukuk launch in 2023.
The Sukuk, valued at US$299 million (AED1.1 billion), experienced robust demand, with bids received worth US$2.2 billion (AED8.3 billion), and an oversubscription by 7.6 times.
Addressing the significance of the ministry’s participation in the Forum, Al Khoori emphasized its role in enhancing global financial relationships and contributing to international efforts for economic growth solutions.
He underscored the UAE’s status as Hong Kong’s largest trading partner in the Middle East, with non-oil trade reaching US$6 billion (AED22.2 billion) in the first half of 2022.
The 2019 agreement between the two sides aims to encourage and protect investments, fostering a favorable investment environment.
Discussing financial and economic matters at the forum, Al Khoori outlined the ministry’s commitment to supporting economic diversification in the UAE.
He emphasized the country’s strides in reducing reliance on oil and transitioning toward a globally competitive, knowledge and innovation-driven economy.
Al Khoori detailed the ministry’s focus on sustainable financing to alleviate financial burdens and achieve energy transition goals.
He highlighted the role of the Sustainable Finance Working Group in the UAE, promoting environmentally friendly investments to mitigate long-term vulnerabilities to climate change and realizing substantial economic gains.
Al Khoori shared the ministry’s initiative to expand the revenue base by implementing a corporate profit tax, effective from June 2023.
The corporate tax system has been designed in accordance with best practices, demonstrating the country’s commitment to meeting international standards for tax transparency and preventing harmful tax practices.