Qatar's multicurrency unlimited sukuk trust certificate program is rated preliminary 'AA' (see " Global Sukuk Ventures' Proposed Sukuk Program Assigned Preliminary 'AA' Ratings ," Oct. 29, 2025). Global Sukuk Ventures (Q.P.J.S.C.), a private shareholding company incorporated in Qatar that is fully owned by Qatar, has established a sukuk (trust certificate) issuance program. Qatar (AA/Stable/A-1+) is the sponsor of the sukuk program. Under the transaction's documents, Global Sukuk Ventures will issue certificates based, among other things, on a master lease agreement, a master murabaha agreement, and a purchase undertaking with Qatar. The proceeds of the sukuk will be used for the government's funding purposes. Under the terms of these agreements, Qatar will provide sufficient funds to pay investors the periodic distribution
