The total value of sukuks, green and sustainability-linked bonds registered with the UAE’s Securities and Commodities Authority reached about 15.45 billion dirhams ($4.2 billion) between January and November, according to a top official.

SCA Chairman Mohamed Al-Shorafa disclosed the figures in an interview with the Emirates News Agency, or WAM, on the sidelines of the UN climate change conference in Dubai.

He appreciated the UAE’s commitment to sustainable development, aligning with the vision of the late founding father, Sheikh Zayed bin Sultan Al-Nahyan, and actively pursued under current leadership guidance.

The UAE’s ambitious target is to achieve net-zero emissions by 2050, with Dubai planning a 50 percent reduction in carbon emissions by 2030. 

Al-Shorafa emphasized the SCA’s pivotal role in regulating the issuance of green and sustainability-linked bonds and sukuk. 

Al-Shorafa said: “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.” 

In a significant move, the SCA exempted companies listing sustainability-linked bonds from registration fees for 2023, reflecting a positive response to the growing demand for these instruments.

Additionally, SCA CEO Maryam Al-Suwaidi highlighted the importance of green bonds in the country’s transformative journey.

“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,” Al-Suwaidi told WAM. 

The UAE has facilitated its green transition by encouraging local companies to raise capital through green sukuk. 

This move included DP World’s successful $1.5 billion green sukuk offering in October, listed on Nasdaq Dubai and the London Stock Exchange, oversubscribed by 2.3 times.