The Riyadh skyline. Saudi Arabia was the biggest GCC sukuk issuer in the first six months of this year. Reuters
The Riyadh skyline. Saudi Arabia was the biggest GCC sukuk issuer in the first six months of this year. Reuters
The Riyadh skyline. Saudi Arabia was the biggest GCC sukuk issuer in the first six months of this year. Reuters
The Riyadh skyline. Saudi Arabia was the biggest GCC sukuk issuer in the first six months of this year. Reuters

Global sukuk issuance to reach $200bn this year, Moody's says


Sarmad Khan
  • English
  • Arabic

Global sukuk issuances in 2021 are likely to remain below the record levels achieved in 2020, as higher oil prices and continued economic recovery reduce financing needs of sovereigns in the Gulf region, Moody’s Investors Service has said.

Gross short and long-term sukuk issuances in 2021 are expected to reach between $190 billion and $200bn, the ratings agency said in a report on Tuesday.

Volumes will however be below the $205bn recorded in 2020, it added.

Economies of oil-rich Gulf states have bounced back strongly from the twin shocks of an oil price slump and the pandemic.

Rapid mass vaccination campaigns and monetary and fiscal measures by governments and central banks in the region have supported the economic rebound.

"[The overall] sukuk issuance will be flat or slightly lower this year,” said Ashraf Madani, a vice president and Analyst at Moody's.

“We expect issuance of between $90bn and $100bn in the second half of the year, bolstered by continued economic recovery, improved liquidity in debt markets and strong investor demand.

"However, sovereign issuance from GCC countries will be lower than in the same period last year.”

Sukuk issuance in the GCC fell 19 per cent in the first half to $35.3bn, owing to a “significant drop in sovereign issuance”.

Saudi Arabia remained the largest issuer in the GCC, accounting for around 62 per cent or $22bn of the total volume – down from $24.5bn in the first half of 2020.

Oil prices this year have also risen to above $70 per barrel, which has helped the sovereigns boost revenues and cut their budget deficit.

Demand for crude has been steady as the pandemic-linked movement restrictions ease and economic activity picks up.

The International Monetary Fund expects the world economy to expand 6 per cent in 2021 after last year plunging into its worst recession since the 1930s.

Moody’s expects sovereign issuances in Malaysia and Indonesia, where funding needs remain high, to drive sukuk issues in the remainder of the year.

“We also anticipate increased issuance from corporates and banks,” Moody’s said.

"A steady stream of new issuers have joined the sukuk market in recent years and we expect this trend to continue.”

Moody’s expects green sukuk issuance to also accelerate this year as governments promote sustainable policy agendas, prompting new issuers to consider it as an alternative financing tool.

Cases of coronavirus in the GCC as of March 15

Saudi Arabia – 103 infected, 0 dead, 1 recovered

UAE – 86 infected, 0 dead, 23 recovered

Bahrain – 210 infected, 0 dead, 44 recovered

Kuwait – 104 infected, 0 dead, 5 recovered

Qatar – 337 infected, 0 dead, 4 recovered

Oman – 19 infected, 0 dead, 9 recovered

Courses%20at%20Istituto%20Marangoni%2C%20Dubai
%3Cp%3E%3Cstrong%3EUndergraduate%20courses%3C%2Fstrong%3E%3Cbr%3EInterior%20Design%3B%20Product%20Design%3B%20Visual%20Design%3B%20Fashion%20Design%20%26amp%3B%20Accessories%3B%20Fashion%20Styling%20%26amp%3B%20Creative%20Direction%3B%20Fashion%20Business%3B%20Foundation%20in%20Fashion%3B%20Foundation%20in%20Design%3Cbr%3E%3Cstrong%3EProfessional%20courses%3C%2Fstrong%3E%3Cbr%3EFashion%20e-Commerce%20%26amp%3B%20Digital%20Marketing%3B%20Fashion%20Entrepreneurship%3B%20Fashion%20Luxury%20Retail%20and%20Visual%20Merchandising%3Cbr%3E%3Cstrong%3EShort%20courses%3C%2Fstrong%3E%3Cbr%3EFashion%20design%3B%20Fashion%20Image%20%26amp%3B%20Styling%3B%20Fashion%20Trend%20Forecasting%3B%20Interior%20Design%3B%20Digital%20Art%20in%20Fashion%3Cbr%3EMore%20information%20is%20at%20%3Ca%20href%3D%22https%3A%2F%2Fwww.istitutomarangoni.com%2Fen%3Futm_source%3DLocal%26utm_medium%3Dorganic%26utm_campaign%3Dgmb%26utm_content%3Ddubai%22%20target%3D%22_self%22%3Ewww.istitutomarangoni.com%3C%2Fa%3E%3C%2Fp%3E%0A
Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

Brief scoreline:

Liverpool 2

Mane 51', Salah 53'

Chelsea 0

Man of the Match: Mohamed Salah (Liverpool)

Results

Stage 7:

1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29

2. Sam Bennett (IRL) Deceuninck-QuickStep - same time

3. Phil Bauhaus (GER) Bahrain Victorious

4. Michael Morkov (DEN) Deceuninck-QuickStep

5. Cees Bol (NED) Team DSM

General Classification:

1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28

2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35

3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02

4. Chris Harper (AUS) Jumbo-Visma - 0:01:42

5. Neilson Powless (USA) EF Education-Nippo - 0:01:45

The specS: 2018 Toyota Camry

Price: base / as tested: Dh91,000 / Dh114,000

Engine: 3.5-litre V6

Gearbox: Eight-speed automatic

Power: 298hp @ 6,600rpm

Torque: 356Nm @ 4,700rpm

Fuel economy, combined: 7.0L / 100km

The specs

Engine: 8.0-litre, quad-turbo 16-cylinder

Transmission: 7-speed auto

0-100kmh 2.3 seconds

0-200kmh 5.5 seconds

0-300kmh 11.6 seconds

Power: 1500hp

Torque: 1600Nm

Price: Dh13,400,000

On sale: now

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

UAE currency: the story behind the money in your pockets
Day 3 stumps

New Zealand 153 & 249
Pakistan 227 & 37-0 (target 176)

Pakistan require another 139 runs with 10 wickets remaining

Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

HOW TO WATCH

Facebook: TheNationalNews 

Twitter: @thenationalnews 

Instagram: @thenationalnews.com 

TikTok: @thenationalnews   

The Birkin bag is made by Hermès. 
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.

Indoor cricket World Cup:
Insportz, Dubai, September 16-23

UAE fixtures:
Men

Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final

Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final

RESULTS
%3Cp%3E3.30pm%3A%20Al%20Maktoum%20Challenge%20Round%203%20%E2%80%93%20Group%201%20(PA)%20%2475%2C000%20(Dirt)%202%2C000m%3Cbr%3EWinner%3A%20Jugurtha%20De%20Monlau%2C%20Pat%20Dobbs%20(jockey)%2C%20Jean-Claude%20Pecout%20(trainer)%3C%2Fp%3E%0A%3Cp%3E4.05pm%3A%20Dubai%20City%20Of%20Gold%20%E2%80%93%20Group%202%20(TB)%20%24250%2C000%20(Turf)%202%2C410m%3Cbr%3EWinner%3A%20Global%20Storm%2C%20William%20Buick%2C%20Charlie%20Appleby%3C%2Fp%3E%0A%3Cp%3E4.40pm%3A%20Burj%20Nahaar%20%E2%80%93%20Group%203%20(TB)%20%24250%2C000%20(D)%201%2C600m%3Cbr%3EWinner%3A%20Discovery%20Island%2C%20James%20Doyle%2C%20Bhupat%20Seemar%3C%2Fp%3E%0A%3Cp%3E5.15pm%3A%20Nad%20Al%20Sheba%20Turf%20Sprint%20%E2%80%93%20Group%203%20(TB)%20%24250%2C000%20(T)%201%2C200m%3Cbr%3EWinner%3A%20Al%20Dasim%2C%20Mickael%20Barzalona%2C%20George%20Boughey%3C%2Fp%3E%0A%3Cp%3E5.50pm%3A%20Al%20Bastakiya%20%E2%80%93%20Listed%20(TB)%20%24170%2C000%20(D)%201%2C900m%3Cbr%3EWinner%3A%20Go%20Soldier%20Go%2C%20Adrie%20de%20Vries%2C%20Fawzi%20Nass%3C%2Fp%3E%0A%3Cp%3E6.25pm%3A%20Al%20Maktoum%20Challenge%20Round%203%20%E2%80%93%20Group%201%20(TB)%20%24450%2C000%20(D)%202%2C000m%3Cbr%3EWinner%3A%20Salute%20The%20Soldier%2C%20Adrie%20de%20Vries%2C%20Fawzi%20Nass%3C%2Fp%3E%0A%3Cp%3E7.10pm%3A%20Ras%20Al%20Khor%20%E2%80%93%20Conditions%20(TB)%20%24300%2C000%20(T)%201%2C400m%3Cbr%3EWinner%3A%20Al%20Suhail%2C%20William%20Buick%2C%20Charlie%20Appleby%3C%2Fp%3E%0A%3Cp%3E7.45pm%3A%20Jebel%20Hatta%20%E2%80%93%20Group%201%20(TB)%20%24350%2C000%20(T)%201%2C800m%3Cbr%3EWinner%3A%20Alfareeq%2C%20Dane%20O%E2%80%99Neill%2C%20Charlie%20Appleby%3C%2Fp%3E%0A%3Cp%3E8.20pm%3A%20Mahab%20Al%20Shimaal%20%E2%80%93%20Group%203%20(TB)%20%24250%2C000%20(D)%201%2C200m%3Cbr%3EWinner%3A%20Sound%20Money%2C%20Mickael%20Barzalona%2C%20Bhupat%20Seemar%3C%2Fp%3E%0A
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204-cyl%20turbo%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C600rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C500-4%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.9L%2F100km%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh119%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food

MATCH INFO

Azerbaijan 0

Wales 2 (Moore 10', Wilson 34')

Why seagrass matters
  • Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
  • Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
  • Biodiversity: Support species like sea turtles, dugongs, and seabirds
  • Coastal protection: Reduce erosion and improve water quality
BOSH!'s pantry essentials

Nutritional yeast

This is Firth's pick and an ingredient he says, "gives you an instant cheesy flavour". He advises making your own cream cheese with it or simply using it to whip up a mac and cheese or wholesome lasagne. It's available in organic and specialist grocery stores across the UAE.

Seeds

"We've got a big jar of mixed seeds in our kitchen," Theasby explains. "That's what you use to make a bolognese or pie or salad: just grab a handful of seeds and sprinkle them over the top. It's a really good way to make sure you're getting your omegas."

Umami flavours

"I could say soya sauce, but I'll say all umami-makers and have them in the same batch," says Firth. He suggests having items such as Marmite, balsamic vinegar and other general, dark, umami-tasting products in your cupboard "to make your bolognese a little bit more 'umptious'".

Onions and garlic

"If you've got them, you can cook basically anything from that base," says Theasby. "These ingredients are so prevalent in every world cuisine and if you've got them in your cupboard, then you know you've got the foundation of a really nice meal."

Your grain of choice

Whether rice, quinoa, pasta or buckwheat, Firth advises always having a stock of your favourite grains in the cupboard. "That you, you have an instant meal and all you have to do is just chuck a bit of veg in."

Mobile phone packages comparison
Traits of Chinese zodiac animals

Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent   

Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M3%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%2FUSB-4%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206E%2C%20Bluetooth%205.3%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Midnight%2C%20silver%2C%20space%20grey%2C%20starlight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%2F35W%20dual-port%2F70w%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%2C%202%20Apple%20stickers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C599%3C%2Fp%3E%0A
AGUERO'S PREMIER LEAGUE RECORD

Apps: 186
Goals: 127
Assists: 31
Wins: 117
Losses: 33

Updated: September 08, 2021, 4:30 AM`