Global sukuk issuance expected to remain steady in 2024: S&P

In 2023, global sukuk issuance declined by 6.1 percent to $168.4 billion. Shutterstock
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Updated 15 January 2024
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Global sukuk issuance expected to remain steady in 2024: S&P

RIYADH: Sukuk issuance globally is expected to total between $160 billion and $170 billion in 2024 thanks to higher financing needs in some core Islamic finance countries, according to S&P Global.  

In its latest report, the US-based agency said that the steady momentum of the sector is also supported by easing liquidity conditions across the world.  

In 2023, global sukuk issuance declined by 6.1 percent to $168.4 billion compared to the previous year, due to tighter conditions in Saudi Arabia’s banking system and Indonesia’s lower fiscal deficit.  

However, the drop in 2023 was somewhat compensated by an increase in foreign currency-denominated Shariah-compliant bonds.

S&P Global further noted that digitalization could unlock some opportunities by streamlining sukuk issuance, even though it demands the harmonization of legal documents and a standardized interpretation of the Shariah. 

According to the report, sustainable Shariah-compliant bond volumes are also expected to rise in 2024, on the back of the successful UN Climate Change Conference held in Dubai last year.

“Sustainable sukuk will also continue to contribute to the increase in sukuk issuance, which is still low, while the recently concluded COP28 in the UAE highlighted the role Islamic finance and sukuk can play in addressing climate change,” said S&P Global in the report.  

Earlier this month, it was announced that Saudi Arabia’s National Debt Management Center is on track to launch a sukuk savings program to further develop the local market.  

Speaking at the Capital Market Forum, Hani Al-Medaini, CEO of NDMC, said that the center has planned several initiatives to help the domestic market grow and strengthen.  

The official informed that NDMC is planning to get riyal-denominated sukuk included in global indices with the help of the Capital Market Authority.  

He added: “The CMA is leading us on that front while providing full support. That will help in creating more liquidity in our domestic market.”  


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.