Middle East’s Inaugural Utilities Sustainability Sukuk to be Issued by UAE-based Firm; Achieves International Rating

The Middle East’s first Sustainability Private Corporate Sukuk related to utilities will be issued by United Arab Emirates (UAE)-based utility firm Utico in the coming weeks, according to media reports. Utico stated that it has achieved an international sustainability rating for its benchmark sized Sukuk from DNV UK.

Why it Matters?

The Sukuk will support Utico’s unique sustainability and innovation programme, and will enable the company to expand its offerings based on its core business model. In addition, Utico stated its confidence that the Sukuk would raise the standards required for Sustainable ratings, considering the benchmark set by the company since its incorporation in 2005. The Sukuk, which will be issued in the coming weeks, h...