February 23, 2026
Methodology About Newsletter
WE THE UAE 2031
The Vanderbilt Terminal for the UAE's National Transformation
INDEPENDENT GLOBAL INTELLIGENCE FOR THE UNITED ARAB EMIRATES
UAE GDP: AED 2.03T ▲ 5.7% | Non-Oil GDP Share: 84.3% ▼ -5.2pp | FDI Inflows: $45.6B ▲ 48.7% | GDP Growth: 4.0% ▲ -0.3pp vs 2023 | Inflation: 1.7% ▼ +0.0pp vs 2023 | Female Participation: 55.1% ▲ +0.6pp vs 2023 | Population: 11.0M ▲ 4.8% | Emiratisation Rate: 12.5% ▲ 2.1pp | Global Competitiveness: #7 ▲ 3 places | Clean Energy Capacity: 7.2 GW ▲ 18.4% | ADX Index: 9,842 ▲ 4.7% | DFM Index: 4,621 ▲ 6.2% | UAE GDP: AED 2.03T ▲ 5.7% | Non-Oil GDP Share: 84.3% ▼ -5.2pp | FDI Inflows: $45.6B ▲ 48.7% | GDP Growth: 4.0% ▲ -0.3pp vs 2023 | Inflation: 1.7% ▼ +0.0pp vs 2023 | Female Participation: 55.1% ▲ +0.6pp vs 2023 | Population: 11.0M ▲ 4.8% | Emiratisation Rate: 12.5% ▲ 2.1pp | Global Competitiveness: #7 ▲ 3 places | Clean Energy Capacity: 7.2 GW ▲ 18.4% | ADX Index: 9,842 ▲ 4.7% | DFM Index: 4,621 ▲ 6.2% |

Definition

Sukuk (singular: sakk) are Sharia-compliant financial instruments that function as the Islamic equivalent of conventional bonds. Unlike bonds, which represent a debt obligation with interest (riba, prohibited under Islamic law), sukuk represent proportional ownership in a tangible asset, usufruct, or investment activity. Returns to sukuk holders are generated through the underlying asset’s income or profit rather than fixed interest payments. Common sukuk structures include ijara (lease-based), murabaha (cost-plus financing), and wakala (agency-based) arrangements.

UAE Context

The UAE is one of the world’s leading sukuk markets, with significant issuance from both government entities and private corporations. Dubai and Abu Dhabi serve as major centres for sukuk listing and trading, with NASDAQ Dubai hosting the largest concentration of listed sukuk globally by value. UAE government entities, including federal sovereign issuers, emirates-level entities, and major corporations like Emirates airline and ADNOC subsidiaries, regularly access sukuk markets for capital raising. The UAE’s dual financial centre infrastructure through DIFC and ADGM provides sophisticated regulatory frameworks for structuring and trading sukuk alongside conventional instruments.

Key Data

  • Global sukuk market: Estimated at over USD 800 billion in outstanding issuance
  • UAE market position: Among the top five sukuk-issuing nations globally
  • NASDAQ Dubai: World’s largest exchange by listed sukuk value
  • Common structures in UAE: Ijara, wakala, murabaha, and hybrid sukuk
  • Key UAE issuers: Federal government, Abu Dhabi government, Dubai government, ADNOC, Emirates, DP World
  • Green sukuk: The UAE has been a pioneer in issuing sustainability-linked sukuk

Significance for Vision 2031

Sukuk markets are essential infrastructure for the UAE’s Vision 2031 financial sector ambitions. They enable Sharia-compliant capital raising for the massive infrastructure, energy, and development projects required by the national strategy. The UAE’s leadership in green and sustainable sukuk positions it at the intersection of Islamic finance and ESG investing, two rapidly growing segments of global capital markets. Deepening sukuk markets also supports the goal of making the UAE a top-tier global financial centre serving both conventional and Islamic finance needs.

  • DIFC - Financial centre providing sukuk regulatory frameworks
  • ADGM - Abu Dhabi financial centre active in Islamic finance
  • Non-Oil GDP - Economic activity financed through sukuk issuance
  • Sovereign Wealth Fund - Investors in sukuk markets