Market Archive – GCMA

• Dubai’s government debt burden to call this year amid robust economic momentum, S&P says 23/05/2023
  Rating agency expects Dubai economy to expand by 3 per cent this year and grow at pace over two to three years
• UAE’s Majid Al Futtaim picks banks for 10-yr USD green sukuk 23/05/2023
  Proceeds from the sukuk sale will go towards funding or refinancing eligible green projects under the company’s green finance framework of 2019
• Qatar Investment Authority commits up to $1bln to boost local equity market 23/05/2023
  The program will also help improve price discovery and diversify capital markets
• Adnoc L&S IPO: Company increases number of shares on offer for retail investors 23/05/2023
  Retail portion of initial public offering has been raised to more than 1.4 billion shares from 1.1 billion, equal to 19% of total shares on offer
• Fitch Upgrades DP World to ‘BBB+’, Outlook Stable 18/05/2023
  Fitch Ratings has upgraded DP World Limited’s (DPW) Long-Term Issuer Default Rating (IDR) to ‘BBB+’ from ‘BBB-‘. The Outlook is Stable. The Short-Term IDR has been upgraded to ‘F2’ from...
• Saudi Arabia sells $6 bln in two-tranche Islamic bond 18/05/2023
  Saudi Arabia raised $6 billion on Monday from the sale of Islamic bonds, or sukuk, selling $3 billion each in two tranches of six years and 10-years, a document from...
• UAE’s Aldar to issue 10-year $500mln green sukuk 18/05/2023
  Aldar Investment Properties, a unit of Abu Dhabi’s largest developer Aldar Properties , launched a $500 million 10-year debut green Islamic bond, or sukuk, on Wednesday, according to a bank...
• Fitch Upgrades SABIC to ‘A+’ 25/04/2023
  The upgrade follows the upgrade of SABIC’s majority parent, Saudi Arabian Oil Company (Saudi Aramco; A+/Stable), which in turn followed the upgrade of the Saudi Arabian sovereign rating to ‘A+’/Stable
• S&P revises Egypt’s outlook to negative on currency depreciation and rising inflation 25/04/2023
  Rising external financing needs could pose downside risks to the Arab world’s third-largest economy
• Taqa raises $1.5bn from dual tranche bond to fund expansion 18/04/2023
  Deal includes company’s debut $1bn green bond issued under its green finance framework