JEDDAH: ARAB NEWS
Published — Friday 26 April 2013
Last update 26 April 2013 6:45 am
The Kingdom’s increasingly high-profile role as a regional and global financial power will again come under the spotlight at a high-profile conference to be held in Riyadh next month.
One of the key areas under discussion will be the role of sukuk in the development of debt capital markets.
The rate of sukuk issuance accelerated significantly throughout 2012 and into 2013, particularly as new players entered the market.
According to KFH, Saudi Arabia issued $ 10.5 billion in sukuk in 2012, representing a 278 percent year-on-year increase, positioning the Kingdom as the second major global issuer of sukuk after Malaysia.
The amounts raised through sukuk are also becoming more substantial — total sukuk issuance in the Gulf increased to $ 24 billion last year.
Bankers, thought-leaders and government officials take part in the Ministry of Finance/Euromoney Saudi Arabia Conference, according to event organizers.
The Ministry of Finance/Euromoney Saudi Arabia Conference, taking place in Riyadh on May 7 and 8 at Al Faisaliah Hotel. They will attend one of the most important regional financial events of 2013.
In a major panel discussion held at the event, the issues of Saudi sovereign sukuk and how the sukuk market fits into the Kingdom’s government plans for economic development will be analyzed.
The panel will review the progress of sukuk in Saudi Arabia this year, and will review the pipeline for 2013 as well as the emerging yield curve.
Richard Banks, director, emerging markets, Euromoney Conferences, said: “The major areas of focus for the event will be government finance, corporate finance, and the financial system structure, and all three are strong associated with rise of sukuk and the wider development of the Islamic financial industry.” He said 2012 marked a significant step-change in the rate of sukuk issuance, and it’s important that we evaluate what this means for the Kingdom and the wider financial sector.
Confirmed keynote speakers at the event include:
Ibrahim Al-Assaf, minister of finance, Shwaish Al-Duwaihi, minister of housing, Muhammad Al-Jasser, minister of economy and planning,
Tawfiq Al-Rabiah, minister of commerce and industry, Abdullatif Al-Othman, governor and chairman of the board of directors, SAGIA, and
Mohamad Al-Sheikh, chairman of Capital Markets Authority.
The Euromoney Saudi Arabia Conference is being held in partnership with the Ministry of Finance, with lead sponsors including Aseer, BNP Paribas, Gulf International Bank, HSBC and NCB.