In 2012 approximately US$20 billion of sukuk were issued by corporates in the Gulf Co-Operation Countries (GCC). As companies in the GCC face almost US$90 billion in foreign currency debt through to the end of 2014 and with the current constraints on liquidity in the banking sector remaining, the sukuk market is likely to be a key financing tool for many companies for the next few years. Bryant Edwards, Harj Rai and Lee Irvine of Latham & Watkins explore some of the developments/trends in the Middle East sukuk market over the past year.
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