The GCC faces high spending requirements on two fronts. Infrastructure projects require approx. US$120-150 billion between now and 2019, while refinancing corporate capital market debt also demands US$23.6 billion, due before 2019.
However, green Islamic financing fuelled corporate and infrastructure Sukuk issuance in the GCC last year, writes Michael Wilkins, Head of Sustainable Finance at S&P Global Rating. So, it appears that this nascent asset class could help the development of Sukuk issuance overall in the region.
Read the full article here on pages 44-45.