According to the report, around 45 percent of the 200,000 will be in the UAE. While Saudi Arabia will account for 33 percent of the jobs, Kuwait will account for 10 percent, Oman will account for 7 percent, Qatar 4 percent and Bahrain will account for 1 percent of the total job created by 2030.

Currently, the UAE accounts for 79 percent of the solar projects in the GCC region.

Concentrated solar power projects and PV projects will account for 89 percent of the jobs created in the renewable energy sector by 2030.

By 2030, GCC nations would create 124,000 solar PV jobs, 50,000 concentrated solar power (CSP) jobs, and 23,000 jobs for small-scale solar rooftop projects.

The IRENA report also revealed that around 67 percent of the 200,000 jobs created by 2030 in the GCC region would be in construction and installation. IRENA expects jobs in the manufacturing sector will also increase when the market will start to mature.

GCC members are also committed to increase their energy production from renewable sources and reduce their dependency on unclean sources such as coal and fossil fuel. IRENA indicated that the GCC’s installed power capacity grew four-fold between 2014 and 2017.

According to IRENA, renewable energy projects undertaken by GCC nations will also help them save around $76 billion by 2030.GW of renewable energy by 2023.

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Total issuance of $87 billion in the first six months of the year is a 37 percent increase when compared to the same period last year. Islamic bonds issued in 2019 are also expected to increase by 5.7 percent from $123 billion in 2018. This will be the fourth consecutive annual increase that is attributed to increased activities in Malaysia and Saudi Arabia.

According to Moody’s, strong Islamic bond issuance in the first six months has reduced sovereign and corporate funding needs.

“We, therefore, expect second-half volumes to moderate to around US$43 billion, though Malaysia and the Gulf Cooperation Council (GCC) countries, particularly Saudi Arabia, will continue issuing regularly,” Vice President at Moody’s, Nitish Bhojnagarwala told the media.

According to Moody’s,  Islamic Bonds issued in Southeast Asia also increased significantly by 41 percent. Bonds issued by the Gulf Cooperation Council countries increased by 9 percent during the first six months of the year. The credit rating agency expects new entrants from Africa and the issue of Green sukuk to increase issuance. It also expects the green sukuk market to grow significantly especially in Southeast Asian countries such as Malaysia and Indonesia.

Recently, Indonesia raised around $561 million through a biweekly Islamic bond auction. Earlier this month, Turkish mining company Eti Krom hired JP Morgan to raise $250 million from its first sale of Islamic bonds.

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