Saudi Arabia was the leading issuer within the region, accounting for more than half of the total volume. Getty
Saudi Arabia was the leading issuer within the region, accounting for more than half of the total volume. Getty
Saudi Arabia was the leading issuer within the region, accounting for more than half of the total volume. Getty
Saudi Arabia was the leading issuer within the region, accounting for more than half of the total volume. Getty

GCC green bond and sukuk issuances hit a record in 2022


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The market for green and sustainable bonds and sukuk in GCC economies set a new record in 2022 amid increased participation from banks and government-related entities, according to Bloomberg data.

Total GCC green and sustainable bond and sukuk issuances last year reached $8.5 billion from 15 deals, compared with $605 million from six deals in 2021, data from Bloomberg’s Capital Markets League Tables showed.

Saudi Arabia was the leading issuer within the region, accounting for more than half of the total volume, with the UAE accounting for the remaining issue volume. In 2021, all GCC issuances were generated by the UAE.

“Following Cop27 in Egypt and ahead of Cop28 in the UAE, the trajectory of the wider region’s green finance market has taken on new significance,” said Venty Mulani, data specialist — sustainable fixed income, at Bloomberg LP.

“2022 proved to be a record year for green and sustainable bonds and sukuk in the Gulf, whereby the debut of several notable government-related entities and banks suggests sustainable finance is continuing to enter the mainstream in the region.”

In October, Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, listed its debut $3 billion green bond on the London Stock Exchange.

The transaction was more than eight times oversubscribed, with orders exceeding $24 billion, the state-run Saudi Press Agency reported at the time.

In November, Dubai Islamic Bank, the UAE’s biggest Sharia-compliant lender by assets, raised $750 million through the sale of its debut sustainable sukuk.

Last January, Abu Dhabi National Energy Company, better known as Taqa, together with Emirates Water and Electricity Company, raised $700.8 million through its first green bond as it diversifies funding sources to include sustainable financing for projects.

Globally, sales of new green and sustainable bonds and sukuk decreased by about 14 per cent to $635 billion in 2022 from a year earlier, in part due to growing economic uncertainty and rising interest rates.

For the first time, more money was raised in the debt markets for climate-friendly projects than for fossil-fuel companies last year.

Roughly $580 billion was arranged in 2022 for renewable energy and other environmentally responsible ventures, while the oil, gas and coal industries raised about $530 billion, according to Bloomberg data.

GCC economies are projected to grow 3.7 per cent and 2.4 per cent in 2023 and 2024, respectively, driven by stronger hydrocarbon and non-hydrocarbon industries, the World Bank said in October.

Oil producing countries have benefitted from a surge in global crude prices following Russia’s invasion of Ukraine in February.

Brent, the benchmark for two thirds of the world’s oil, is currently trading at about $80 a barrel after falling to less than $30 in 2020.

The International Monetary Fund cut its global growth forecast for 2023 in October and warned of a cost-of-living crisis as the global economy continues to be affected by the Ukraine war, broadening inflation pressures and a slowdown in China.

The fund maintained its global economic estimate for 2022 at 3.2 per cent but downgraded this year’s forecast to 2.7 per cent — 0.2 percentage point lower than its July forecast.

  • Dubai has been ranked as the most popular Middle East city for ultra-wealthy residents. The emirate hosts 67,900 millionaires, according to a report by New World Wealth and Henley & Partners. Reuters
    Dubai has been ranked as the most popular Middle East city for ultra-wealthy residents. The emirate hosts 67,900 millionaires, according to a report by New World Wealth and Henley & Partners. Reuters
  • Tel Aviv in Israel is in second place, with 42,400 millionaires. AFP
    Tel Aviv in Israel is in second place, with 42,400 millionaires. AFP
  • Abu Dhabi, the capital of UAE, is third, with 23,800 millionaires. Bloomberg
    Abu Dhabi, the capital of UAE, is third, with 23,800 millionaires. Bloomberg
  • In fourth place is Qatari capital Doha, home to 21,300 high-net-worth individuals. Bloomberg
    In fourth place is Qatari capital Doha, home to 21,300 high-net-worth individuals. Bloomberg
  • Saudi Arabia's capital Riyadh rounds off the top five, with a millionaire population of 17,200. EPA
    Saudi Arabia's capital Riyadh rounds off the top five, with a millionaire population of 17,200. EPA
Six tips to secure your smart home

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Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai

16 Indoor cricket matches are 16 overs per side

8 There are eight players per team

There have been nine Indoor Cricket World Cups for men. Australia have won every one.

5 Five runs are deducted from the score when a wickets falls

Batsmen bat in pairs, facing four overs per partnership

Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.

Zones

A Front net, behind the striker and wicketkeeper: 0 runs

B Side nets, between the striker and halfway down the pitch: 1 run

Side nets between halfway and the bowlers end: 2 runs

Back net: 4 runs on the bounce, 6 runs on the full

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2.15pm: Maiden (PA) Dh40,000 1,700m; Winner: AF Arrab, Antonio Fresu (jockey), Ernst Oertel (trainer).

2.45pm: Maiden (PA) Dh40,000 1,700m; Winner: AF Mahaleel, Antonio Fresu, Ernst Oertel.

3.15pm: Sheikh Ahmed bin Rashid Al Maktoum handicap (TB) Dh200,000 2,000m; Winner: Dolmen, Richard Mullen, Satish Seemar.

3.45pm: Handicap (PA) Dh40,000 1,200m; Winner: Amang Alawda, Sandro Paiva, Bakhit Al Ketbi.

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The biog

Name: Abeer Al Bah

Born: 1972

Husband: Emirati lawyer Salem Bin Sahoo, since 1992

Children: Soud, born 1993, lawyer; Obaid, born 1994, deceased; four other boys and one girl, three months old

Education: BA in Elementary Education, worked for five years in a Dubai school

 

Why are asylum seekers being housed in hotels?

The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.

A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.

Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.

The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.

When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.

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How much do leading UAE’s UK curriculum schools charge for Year 6?
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  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
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*Annual tuition fees covering the 2024/2025 academic year

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Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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The Vile

Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah

Director: Majid Al Ansari

Rating: 4/5

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How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

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Updated: January 04, 2023, 4:00 PM