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.”  


New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

Updated 28 January 2026
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New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.

The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.

Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.

The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.

Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.

Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.

The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.

In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.