DUBAI - The Securities and Commodities Authority (SCA) disclosed that the total value of green and sustainability-linked bonds and Sukuk registered with the authority reached approximately AED15.45 billion during the first 11 months of 2023.

Speaking to the Emirates News Agency (WAM) during COP28, Mohamed Ali Al Shorafa, Chairman of the SCA Board, lauded the UAE for its commitment to sustainability approach, aligning with the vision of the late founding father, Sheikh Zayed bin Sultan Al Nahyan, and the directives of the wise leadership.

In this regard, Al Shorafa highlighted the authority's decision to regulate the issuance of green and sustainability-linked bonds and Sukuk.

Al Shorafa stated, "Issuing green bonds and Sukuk is one of the transformational projects in supporting the efforts to make the UAE the new global economic hub for the next ten years."

The SCA's decision to exempt companies wishing to list their green or sustainability-linked bonds or Sukuk in a local market from registration fees for 2023, Al Shorafa said, "marked a significant start in the growing demand for the issuance of these Sukuk and bonds."

"Issuing green bonds and Sukuk is one of the transformational projects for which performance agreements were signed by federal government entities in 2022 in the presence of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai," said Dr. Maryam Al Suwaidi, SCA's CEO.

"These performance agreements represent forward-looking quality projects that will enhance the country's competitiveness, and the transformational projects will greatly impact all sectors over short periods and ensure the implementation of the new government action model of the UAE government."