Institutional investors get to have a bigger chunk of offered units in REIT.
The issuance comes under Alinma Bank’s $1 billion AT1 Capital Certificate Issuance Programme.
Fitch Ratings has assigned Saudi EXIM Bank (SEB) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of ‘A+’ with Stable Outlooks and Short-Term IDRs of ‘F1+’.
Landmark three-year facility oversubscribed by a diverse mix of leading regional and international banks.
The mudaraba sukuk is being issued under the lender’s $2bln AT1 capital sukuk programme
Islamic sukuk issuances grew by 124.9 per cent year-on-year to $2.9 billion in 2024, outpacing the growth of conventional bonds.
UAE companies Adnoc Gas, Salik and Dewa are among new entities set to be included in the MSCI Emerging Markets Index next month, in a move that is expected to help them broaden their investor base.
Debt capital market (DCM) issuances by Omani entities are likely to continue but at a slow pace in 2025-2026, in line with the sovereign’s aim to reduce its debt to about 30% of GDP, Fitch Ratings says.
President Donald Trump kicked off his trip to the Gulf on Tuesday with a surprise announcement that the United States will lift long-standing sanctions on Syria, and a $600 billion commitment from Saudi Arabia to invest in the U.S.
The issuances come under Masdar’s $3bln Euro Medium Term Note Programme.
On 6 May, the UAE (Aa2 stable) announced plans to significantly increase the assets of Islamic banks in the federation and the value of locally listed sukuk by 2031.
Offering period for qualified investors to run from May 15 to 21.
The pipeline for 2025 remains promising with at least 21 companies have announced intentions to go public, the report stated.
DFSA looks at best practices globally and makes it fit for purpose locally.
Our flagship event will take place from 14-15 May 2025.
Reg S category AT1 sukuk will list in Dubai and London.
The range values the Dubai Residential REIT between AED13.9 billion and AED14.3 billion.
The offering to fall under Sobha Realty’s $1.5bln Trust Certificate Issuance Programme.
Listed subsidiaries are ready to scale with rapid AI and technology adoption, bank says.
Abu Dhabi is readying to issue local currency debt as part of an ongoing effort to develop the United Arab Emirates’ (UAE) domestic debt capital markets. S&P Global Ratings expects that Abu Dhabi and the UAE federal government will issue more than $8 billion of local currency debt this year to support the building of a domestic yield curve.
Sentiment appears healthy around the deals.
OMNIYAT lists a 3-year $500m green sukuk with a profit rate of 8.375% on Nasdaq Dubai.
Saudi budget airline Flynas is looking to raise as much as SAR4.1 billion ($1.1 billion) in an initial public offering (IPO) that started this week to finance expansion.
Moody’s analysts say that because semi-liquid funds offer investors windows to redeem their shares, they introduce ‘maturity transformation risk’.
Proceeds will provide growth capital and fund projects that advance ADQ’s mandate and long-term growth ambitions.
Fitch Ratings has affirmed Jordan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB-‘ with a Stable Outlook.
The order book hit $1.20 billion.
Robust religious tourism demand and rapid rise in population support growth, Bander Al Mohanna says.
Surging growth in hyperscale data center capacity will eventually level off, but identifying that inflection point has become increasingly difficult as AI data center campuses emerge as another key growth driver.
ADQ holds key Abu Dhabi government assets including Etihad Airways and ADX in its portfolio.
Saudi Arabia’s AviLease has secured investment-grade corporate credit ratings from Moody’s and Fitch Ratings, as the global aircraft lessor continues to expand its portfolio and strategic role within the Kingdom’s aviation sector.
The sukuk and bonds are expected to be rated B+ by Fitch and S&P.
iMENA says it has raised $135mln as the first tranche of a pre-IPO capital increase.
The Saudi debt capital market (DCM) is likely to cross USD500 billion outstanding in 2025, with fundamentals intact. This is supported by the funding diversification across sectors, deficits and project financing under Vision 2030, and regulatory initiatives.
Final orderbook was in excess of $3.9 billion.
Fitch Ratings has affirmed Bank Aljazira’s (BAJ) Long-Term Issuer Default Rating (IDR) at ‘A-‘ with a Stable Outlook. Fitch has also affirmed BAJ’s Viability Rating (VR) at ‘bb+’.
Saudi Arabia’s debt capital market continued its upward trajectory in the first quarter of 2025, defying global challenges and uncertainties.
Fitch Ratings has affirmed Bank Albilad’s (BAB) Long-Term Issuer Default Rating (IDR) at ‘A-‘. The Outlook is Stable. Fitch has also affirmed BAB’s Viability Rating (VR) at ‘bbb-‘.
The biggest buying was seen in Abu Dhabi with total net buying of $2.3bln.
Fuel-on-demand vehicle service Cafu is working on selling shares in an initial public offering (IPO).
Fitch Ratings has published Omniyat Holdings Ltd’s (Omniyat) senior unsecured rating of ‘BB-‘ and assigned an expected rating of ‘BB-(EXP) to the upcoming sukuk trust certificate issuance, issued through the trustee Omniyat Sukuk 1 Limited.
The sukuk market has outperformed throughout the past month’s volatility thanks to regional liquidity.
The bank successfully priced the $500 million sukuk at a fixed profit rate of 5.125 percent.
Developer is behind distinctive Opus building in Dubai.
Moody’s has upgraded the insurance financial strength rating of Saudi Reinsurance Co. to “A2” from “A3” and revised its outlook to stable from positive, a new report showed.
Growth fundamentals for the UAE debt capital market (DCM) remain intact, with issuers from the country likely to remain among the largest in emerging markets (EM) and among the largest sukuk issuers globally, Fitch Ratings says.
Gulf issuers, including Saudi Arabia’s $925 billion sovereign wealth fund, are working on a round of bond offerings, according to sources, braving debt markets despite recent turmoil ignited by U.S. President Donald Trump’s tariff policies.
Dubai Investments is preparing to sell shares in four subsidiaries to the public and may list one of them before the year end, its CEO Khalid bin Kalban has told AGBI.
The issuance garnered the largest order book in Mashreq’s history, with demand surging to $2.9 billion despite elevated market volatility.
Saudi Arabia is poised to play a key role in propelling the growth of the global Islamic finance industry in 2025, underpinned by non-oil economic expansion and robust sukuk issuance, according to a new analysis.
Saudi Arabia dominated the Gulf’s primary debt market in the first quarter of 2025, raising $31.01 billion through 41 bond and sukuk issuances, a new analysis showed.
The Saudi Arabian asset management industry grew by over 20% in 2024, exceeding SAR1 trillion (USD266 billion) assets under management (AUM) for the first time, Fitch Ratings says.
United Carton Industries Company (UCIC) on Tuesday announced plans to float a 30% stake on the Saudi Exchange’s main market, in what would be the first initial public offering since trade tensions sparked a sell-off in the kingdom’s equity markets.
The decision to delay the listing is not due to market volatility caused by the US tariffs, Bloomberg reported.
Lebanese officials hope to meet international bondholders to talk about restructuring debt in the next 12 months but are not planning any meetings at the World Bank/IMF Spring meetings next week, finance minister Yassin Jaber said on Tuesday.
Fitch Ratings has affirmed Alinma Bank’s Long-Term Issuer Default Rating (IDR) at ‘A-‘ with a Stable Outlook. Fitch has also affirmed its Viability Rating (VR) at ‘bbb’.
The four largest banks in the United Arab Emirates (Aa2 stable) – First Abu Dhabi Bank PJSC (FAB, Aa3/Aa3 stable, a3), Emirates NBD Bank PJSC (ENBD, A2/A2 positive, baa3), Abu Dhabi Commercial Bank (ADCB, A1 stable, baa3) and Dubai Islamic Bank PJSC (DIB, A3
stable, ba1), which collectively represented around 72% of the total banking system assets as of December 2024 – reported a 10% increase in their combined net profit for the full year of 2024 compared with the previous year
But US stock futures and the dollar missed out on Thursday’s relief rally.
Consultations on introducing special purpose acquisition companies to the Saudi stock exchange’s junior market in an effort to encourage initial public offerings and listings have been announced by Saudi Arabia’s Capital Markets Authority regulator.
The bank will look to leverage Goldman Sachs’ asset management arm to deliver discretionary mandates to its private banking clients.
On the heels of sweeping tariff announcements that triggered a sharp global sell-off, President Trump has announced a 125% tariff on Chinese goods and a 90-day pause for non-retaliating countries.
As part of the Capital Market Authority’s (“CMA”) strategic objectives to develop the Saudi capital market, and based on the Capital Market Law issued by Royal Decree No. (M/30) dated 2/6/1424H, the CMA Board issued its resolution to publish the Draft Regulatory Framework for the Offering and Listing of Different Classes of Shares (“the Draft”) for public consultation for a period of thirty (30) calendar days.
Egypt open to debt-for-investment swaps, similar to the Ras El Hekma development deal with the United Arab Emirates.
Saudi Arabia, with its wealth linked inextricably to oil revenue, faces mounting pressure to raise debt or cut spending after a plunge in crude prices, complicating plans to fund an ambitious agenda to diversify its economy.
Continued growth of the global sukuk market is expected in the rest of 2025, driven by rising funding needs in many core markets, diversification goals, Islamic investor demand, and regulatory reforms, says Fitch Ratings.
Fitch Ratings expects Saudi Islamic banks to maintain growth due to reasonable oil prices, strong non-oil growth, and favorable operating conditions. However, credit growth will pressure capital, funding, and liquidity.
Bank Muscat reported a net profit of RO225.58mn for the year ended December 31, 2024.
Steep declines in stock markets since President Donald Trump set out sweeping tariffs will almost certainly delay initial public offerings in the Gulf, analysts have told AGBI.
Expanding access to sharia-compliant investment opportunities.
UAE markets opened lower on Monday, with the DFM posting a 5.95% decline, followed by the Abu Dhabi Securities Exchange, which slipped by 4.24%.
Kuwait has passed the much-awaited debt law on 26th March 2025, making it the latest in the series of reforms that the country has been undertaking in recent months.
On 2 April, US President Donald Trump announced a swath of trade actions, revisiting trade relations with the nation’s trading partners.
Saudi Arabia has launched the fourth round of its Sah savings product for 2025, offering a 4.88 percent return for April under the Ijarah sukuk structure.
Gulf countries were mostly spared from US President Donald Trump’s sweeping tariff announcement on Wednesday, but the duties coming out of Washington are still likely to be felt across the region.
Kazakh gold miner Solidcore is considering issuing bonds in the Gulf region to finance investment, including in new projects in Kazakhstan estimated to cost up to $350 million, the company’s CEO Vitaly Nesis told Reuters.
The Investment Corporation of Dubai (ICD), the principal investment arm of the emirate’s government, could potentially turn to the capital markets with a raft of listings over the next year or so, according to analysts.
Social bond issuance is much larger than it was before the coronavirus pandemic, although the use of proceeds has shifted as growth has cooled in recent years.
Saudi Arabia’s flynas is reportedly going ahead with plans to sell a 30 per cent stake in IPO.
We view the GCC countries extremely likely to support GCCIA in case of distress, notably its biggest shareholder Saudi Arabia (unsolicited; A+/Stable/A-1).
The initial price thoughts for the senior unsecured structure are in the area of MS euro +90 basis points.
The issuance was oversubscribed 7.2 times, attracting $3.6 billion in orders.
Dubai-based decarbonisation company secured 43 new solar projects across the Gulf region last year.
Fitch Ratings has affirmed Emirates Islamic Bank PJSC’s (EI) Long-Term Issuer Default Rating (IDR) at ‘A+’ with a Stable Outlook. Fitch has also upgraded the bank’s Viability Rating (VR) to ‘bbb-‘ from ‘bb+’.
IPTs for the Reg S, no-grow issuance is in the UST+ 140 bp area.
US-based Nuveen registered an office in the UAE last year, and Fortress has partnered with Abu Dhabi sovereign Mubadala.
The issuance falls under BADEA’s existing Euro Medium-Term Note Programme.
Fitch Ratings has affirmed UAE-based Sharjah Islamic Bank PJSC’s (SIB) Long-Term Issuer Default Rating (IDR) at ‘BBB+’ with a Stable Outlook and Viability Rating (VR) at ‘bb’.
A proposed change to the regime governing global sukuk risks transforming the asset class into an equity-like instrument that can’t be assessed by credit-rating companies, according to Bashar Al Natoor, head of Islamic finance at Fitch Ratings.
Derayah’s listing aligns with Saudi Arabia’s broader efforts to deepen its capital markets as part of the Financial Sector Development Program under Vision 2030.
The COVID-19 pandemic delivered a profound shock to the global economy, reflected in rating downgrades in 2020-21. Five years later, average credit quality for the companies we rate has largely rebounded to pre-pandemic levels, thanks to extraordinary government intervention and the rapid normalization of conditions once the health crisis ended.
The issuance has been set for on or before March 18.
Abu Dhabi National Oil Company is considering listing its international investment arm XRG on an exchange outside of the United Arab Emirates, three people with knowledge of the matter said, potentially creating one of the largest listed energy companies globally.
The emirate, rated A/A+, began marketing the issuance at the 120bp area over Treasuries.
Saudi Arabia’s Tadawul reinforced its position as the Arab world’s leading stock exchange, accounting for 62 percent of the total market capitalization of regional platforms in 2024.
Ratings agency maintains the country’s long-term sovereign credit rating at BB-.
Fitch ratings has affirmed Kuwait’s long-term foreign-currency Issuer Default Rating (IDR) at ‘AA-‘ with a stable outlook.
Kingdom’s healthcare education firm to offer two million shares in April.
More blue and transition bonds likely amid water scarcity and hydrocarbon exposure, says S&P.
Fitch Ratings has affirmed Nakilat Inc.’s USD850 million series A senior secured bonds (senior debt) due 2033 at ‘AA-‘ and its USD300 million series A subordinated second-priority secured bonds (junior debt) due 2033 at ‘A+’.
Bond will launch on Tapei Stock Exchange on 17th March.
The platform is being implemented through a partnership with Canada’s Aquanow, which is licenced by Dubai’s Vara.
The GCC region — established in 1981 and composed of the United Arab Emirates (UAE), Bahrain, Saudi Arabia, Oman, Qatar and Kuwait — has been gaining a larger presence in global portfolios as its weight in key market indexes has increased.
Private credit remains the darling of private markets allocations, according to a resoundingly high number of Middle East fund selectors based in Dubai.
Green sukuk issuance activity nearly doubled in Saudi Arabia last year, says Moody’s.
Foreign inflows into GCC equity markets were strong in February 2025, with a net inflow of $2.47 billion, marking a sharp acceleration from $939 million in January.
Strong demand led to the order books exceeding 4.3 times and the final issue being oversubscribed by nearly 2.6 times.
The Omani group has set the final price for its IPO at Bzs123 per share.
The initial price thoughts are at Treasuries +120 basis points (bps) area.
Etihad had not officially announced a date for the IPO.
Books were in excess of $4.1 billion.
Kuwait has launched a plan to develop a new electronic system within its banking sector to prepare for the resumption of government bond sales to fund projects and shore up fiscal deficits, a local newspaper reported.
Fitch Ratings has assigned National Central Cooling Company PJSC’s (Tabreed; BBB/Stable) USD1.5 billion sukuk trust certificate issuance programme, issued through the trustee Tabreed Sukuk Programme Limited, and its USD700 million issue due March 2030, a final senior unsecured rating of ‘BBB’.
Dubai is opening a building dedicated primarily for hedge fund startups looking to expand into the city that’s emerged as a growing hub for the sector in recent years.
Government entities are playing a pivotal role in shaping project finance across the Gulf region as countries pursue economic diversification, drawing private investment into sectors like green energy, utilities, and transportation, according to a report by S&P Global Ratings.
We expect demand for Islamic finance to remain robust in 2025, supported by sustained economic momentum and ambitious development agendas in core Islamic markets.
Primary debt issuances of bonds and sukuk across the Gulf Cooperation Council region rose 55.1 percent in 2024 to $147.9 billion, according to an analysis.
UAE-based issuances ranked second, with $38.5 billion through 109 issues, representing 26 percent of the market.
The ratings on Mumtalakat Sukuk Holding Company’s sukuk programme have also been affirmed at ‘B+’.
ANZ, Deutsche Bank, Emirates NBD Capital are among the JLMs.
The transaction attracted exceptional investor demand, with the order book peaking at US$1.7 billion—an oversubscription of 3.4 times.
Muscat – Retail subscription for the initial public offering (IPO) of Asyad Shipping, the maritime transport arm of Asyad Group and one of the world’s largest diversified maritime transport and shipping solutions companies, will end on Wednesday.
We have changed our outlook for the Saudi banking sector to stable from positive. Although we expect the operating environment for banks to benefit from a strong non-oil economy, on the back of high government spending, funding conditions will tighten as strong credit demand continues to outpace deposit growth.
Our outlook for the United Arab Emirates’ (Aa2 stable) banking sector shifts to stable from positive. We expect real non-oil GDP growth to soften yet remain sound in 2025 at 5.0% compared with 5.4% in 2024, which will continue to support stable operating conditions and sustain strong business sentiment.
Kuwait and Qatar reclassified as developed markets.
Fitch Ratings has revised the Outlook on Bahrain’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from Stable and affirmed the IDR at ‘B+’.
The UAE firm is looking to further strengthen its finances this year with the intention to refinance its debt.
CEO Abdulla Alnuaimi says the model increased connectivity by 400 per cent and new post-trade capabilities.
The notes will be listed on the London Stock Exchange.
The sale of 3.1 billion shares was oversubscribed by 4.4 times, Abu Dhabi energy company said.
Emirates NBD Capital, HSBC and JP Morgan were the global coordinators.
Dubai developer Damac Real Estate Development has sold $750 million in 3-1/2-year Islamic bond (sukuk), according to a document seen by Reuters on Wednesday.
The pricing of comparable sukuk and bonds analysed by Fitch Ratings remained highly correlated in 2024 for the fifth-year running with spreads between the two instrument types further narrowing despite regional geopolitical tensions, economic volatility and sharia-compliance uncertainties, says Fitch Ratings.
UAE technology services firm Alpha Data plans to raise up to $163.2 million, the company said on Thursday, in Abu Dhabi’s first initial public offering this year.
IPTs out for Saudi SRC’s inaugural dual tranche sukuk.
Abu Dhabi’s Etihad Airways more than tripled net profit last year to $476 million.
This pricing reflects an implied market capitalisation of SAR1.5bn (approximately $400m) at listing.
Sukuk is part of the Islamic lender’s $3 billion trust certificate issuance programme.
Asyad Shipping, a subsidiary of Asyad Group, has announced the price range for its highly anticipated initial public offering (IPO), which is set to open for public subscription on Thursday.
Fitch Ratings has affirmed Kuwait International Bank K.S.C.P.’s (KIB) Long-Term Issuer Default Rating (IDR) at ‘A’ with a Stable Outlook and its Viability Rating (VR) at ‘bb-‘.
Saudi Arabia’s capital market is experiencing rapid growth both regionally and globally, with the Kingdom seeing a surge in initial public offerings on both the main index and the parallel market, Nomu, according to an official.
Fitch Ratings has affirmed Abu Dhabi National Takaful Company P.S.C.’s (ADNTC) Insurer Financial Strength (IFS) Rating at ‘A-‘. The Outlook is Stable.
ADNTC’s rating reflects the insurer’s good company profile, its ‘Very Strong’ capitalisation, and strong profitability.
Saudi Arabia’s stock exchange has a robust pipeline of 50 initial public offerings, a sign of growing confidence in the Kingdom’s capital market, according to a top official.
Saudi Arabia’s first and only commercial helicopter operator, THC, has rapidly expanded its footprint, supporting giga projects, emergency medical services, tourism, and major national events.
HSBC and J.P. Morgan as joint global coordinators.
A 3.5-year benchmark Regulation S, USD-denominated, senior unsecured Sukuk offering may follow, subject to market conditions.
The price range of Umm Al Qura for Development and Construction Co.’s initial public offering (IPO) on the Main Market (TASI) is set at SAR 14-15 per share, according to Albilad Capital, the financial advisor of the potential IPO.
The outlook for initial public offerings in the Middle East and North Africa region remains positive in 2025, with Saudi Arabia leading the market with 27 potential listings, according to an analysis.
Saudi Arabia holds the largest share of the Gulf Cooperation Council’s debt capital market, with 44.8 percent of outstanding issuances, according to Fitch Ratings.
Fitch Ratings has assigned Saudi Arabian Mining Company’s (Ma’aden) trust certificate issuance programme a final senior unsecured rating of ‘BBB+’. The programme is issued via the special-purpose vehicle Ma’aden Sukuk Limited.
GCC-based banks contributed more than half of ESG sukuk issued in 2024.
The bank has named an HSBC veteran to run its wealth management business, from the UAE.
The order books were in excess of $6.1 billion and $5.5 billion.
The Newport Beach, California-based firm, which manages around $2 trillion, secured a license from the Dubai Financial Services Authority on Wednesday, according to the regulator’s records.
Kuwait’s AA- rating would present investors with a risk diversification opportunity.
The MENA markets saw 25 IPOs during Q4 2024, raising $7.9bn in proceeds, the report shared.
The bond will be listed on the Taipei Exchange and Euronext Dublin.
The Reg S sukuk will consist of 5-year and 10-year tranches.
The Saudi Arabian Mining Co., or Ma’aden, priced its $1.25 billion debut sukuk, oversubscribed by 9.2 times, with demand exceeding $11 billion for the five and ten-year tranches, according to an official statement.
The UAE Cabinet has approved a resolution to reconstitute the Board of Directors of the Securities and Commodities Authority (SCA) for a three-year term, under the chairmanship of Mohamed Ali Al Shorafa Al Hammadi, Chairman of the SCA Board of Directors.
The Capital Market Authority (CMA) in Saudi Arabia has initiated a public consultation regarding proposed changes.
Bond will have a reoffer rate of 9.625%.
As part of the Capital Market Authority’s (“CMA”) strategic objectives to develop the capital market, and based on the Capital Market Law issued by Royal Decree No. (M/30) dated 02/06/1424 H, the CMA Board issued its resolution to publish the Draft Amendments of the Investment Funds Regulations, Real Estate Investment Funds Regulations, and the Glossary of Defined Terms Used in the Regulations and Rules of the Capital Market Authority (the “Draft Amendments”); for public consultation for a period of (30) calendar days.
CMA seeks public consultation on proposed changes to investment fund regulatory framework.
There is traction in sustainable bonds overall in the Middle East, but the sector could require acceleration in the form of net zero policy implementation or regulatory requirements.
The $1.6tn asset manager’s mixed assets strategy, previously only available in the US, will be offered to the bank’s wealthy Asia clients through its VCC structure.
Workplace saving and investment schemes are more of an employee benefit than an alternative to pensions, experts argue.
With so many moving parts in play, Egypt must remain committed to the structural reform.
The emirate managed to tighten pricing on its debut €500mln bond last year.
Their focus is stability and security, and investing in cryptocurrencies is anything but that.
Dubai is hoping to raise up to $500 million from the initial public offering of Alec Engineering and Contracting, according to media reports.
A flurry of fintech, retail, and super-app firms are likely to hit the IPO market this year.
Company in talks with Gulf state’s regulators regarding planned expansion.
Geopolitical tensions and market volatility are the main concerns of asset managers in the Gulf Cooperation Council (GCC) countries, according to our latest survey of the sector’s chief investment officers (CIOs).
Saudi Arabia’s Debt Capital Market is expected to hit $500 billion by the end of 2025, fueled by the Kingdom’s economic diversification efforts under Vision 2030, according to Fitch Ratings.
Ghaf Benefits will allow private company employers to offer potential investment returns on end-of-service benefits for first time.
The Saudi Arabian Mining Co., or Ma’aden, intends to issue US dollar-denominated sukuk under its International Trust Certificate Issuance Program, scheduled to launch Feb. 4, a bourse filing revealed.
At the beginning of february, the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) held a couple of public hearings on Sharia Standard 62.
Fitch Ratings has assigned Saudi Arabian Mining Company’s (Ma’aden) trust certificate issuance programme an expected senior unsecured rating of ‘BBB+(EXP)’. The programme is issued via the special-purpose vehicle Ma’aden Sukuk Limited.
Some in a special unit of 50 lawyers and staff members that had been assigned to regulate cryptocurrency are being reassigned in the agency.
UAE’s issuance growth will stem from $35 billion Al Maktoum Airport and $8.2 billion drainage projects.
The price range for the Offering has been set between SAR 27 – 30 per share.
Saudi Arabia’s AlMajal AlArabi Group (MAG) is considering an initial public offering on the Tadawul main market and has appointed Riyad Capital as an adviser, people familiar with the plans told AGBI.
The listing comes under DP World’s $10 billion Global Medium-Term Note Programme.
The region is seeing growing appetite for investments in beauty, lifestyle, and e-commerce.
The law will likely approve raising $65bln over the next 50 years.
No sovereign has defaulted on sukuk, says ratings agency.
The Saudi stock market was among the Arab region’s top performers in December, with the Tadawul index rising 3.39 percent amid improved liquidity and investor confidence, a new report showed.
The firm has appointed SNB Capital as the lead manager, financial adviser, bookrunner and underwriter for the IPO.
Robust IPO activity, positive economic data, oil prices drive strong demand.
Big fund managers are giving way to anti-climate crusaders
Fitch Ratings has affirmed Etihad Credit Insurance PJSC’s (ECI) Insurer Financial Strength (IFS) Rating at ‘AA-‘ (Very Strong) and its Long-Term Issuer Default Rating (IDR) at ‘AA-‘. The Outlooks are Stable.
Flows into sustainable funds slumped to a six-year low in 2024 and ESG is under attack in the US, but demand for clean energy will continue to drive investment.
The issuance comes under the government’s Global Medium Term Note Programme.
Saudi Arabia’s Public Investment Fund has successfully priced a $4 billion bond issuance, divided into two tranches.
The offering was four times oversubscribed with strong demand from a range of global investors.
The Egyptian government has mandated banks to market a USD dual tranche bond with the size capped at $2 billion.
Investment firm obtains market regulator’s approval to proceed with offering.
The firm has expanded its presence in the capital, looking to strengthen existing relationships with sovereign wealth funds and family offices.
This launches a new asset class for trading at ICE Futures Abu Dhabi and will include: Micro MSCI GCC Countries Index Futures, Micro MSCI Qatar Index Futures, Micro MSCI UAE Index Futures and Micro MSCI India Index Futures.
Bahrain is expected to issue $2-3 billion of international bonds including sukuk in 2025 in addition to a $1 billion sukuk issued by state-owned Bapco Energies earlier this month.
Tightening global liquidity or significant oil price drop could however challenge sovereign issuances, while retail bank issuances will be “sporadic and opportunistic”.
In common with Saudi Arabia, the UAE saw a growing private sector and growth-slanted pipeline in 2024, however these deals showed more mixed performance with many trading down on debut.
Global sustainable bond issuance is projected to reach $1 trillion in 2025, driven by a worldwide focus on green development, according to global credit rating agency Moody’s.
The company said the offer price for the share sale will be determined at the end of the book-building period.
Strong investor appetite meets cautious market conditions as UAE prepares for potential landmark listings.
Orooj has been promoted from his previous role as Director, Syndicate with Mashreq.
Etihad Airways and flynas are gearing up to list on local stock markets this year, marking the first IPOs by Gulf carriers in nearly two decades, with Etihad sounding out investors next week ahead of a potential sale of around a 20% stake, two sources said.
Investor demand topped $16bln across the tranches, excluding JLM interest.
There are at least four companies in the portfolio worth looking at for initial public offerings, says its chief executive Khalid bin Kalban.
Saudi low-cost carrier Flynas is likely to get approval soon from the market regulator for its planned listing on the Riyadh stock exchange.
For more than a year, there has been continuous debate among fixed income investors on the relative importance of spreads or yields to the health of our asset class. We think this debate has been answered by the continued inflows into fixed income (at the time of writing, for the past 59 weeks into US investment grade).
Fitch Ratings has assigned Al Sagr Cooperative Insurance Company (Al Sagr) an Insurer Financial Strength (IFS) Rating of ‘BBB’ and a National IFS Rating of ‘A+(sau)’. The Outlooks are Stable.
Saudi Arabia’s Public Investment Fund has launched a $4 billion two-part bond, Arab News has been told.
This is supported by ongoing activities from both banks and corporate entities.
We expect Saudi issuers to continue tapping the global and the local capital markets to finance Saudi Vision 2030. While this appears manageable in the short term, we are keeping an eye on the leverage build-up in the medium-to-long term.
Oman’s state-owned logistics firm Asyad Group plans to sell shares in its shipping subsidiary through an initial public offering, it said on Wednesday, as part of the Gulf country’s privatisation drive.
BNP Paribas, Citi, Goldman Sachs International and Standard Chartered Bank are joint global coordinators.
On 1 January 2025, the Central Bank of Bahrain (“CBB”) (the sole regulator of the financial services sector in Bahrain) implemented the ‘Cross-border Registration Regulation for Investment Funds’ (“Funds Passporting Regime”) pursuant to the ‘Regulatory Framework for the Cross-Border Registration of Financial Products between the Regulatory Authorities Regulating GCC Capital Markets (“Regulatory Framework”) that was issued in November 2022.
The size and scope of the global private credit markets will continue to grow rapidly in 2025, spurred by lower interest rates, declining default risk and solid economic strength, led by the US and Europe.
The global ESG sukuk market is set to surpass USD50 billion outstanding in 2025, and remain one of the key dollar funding tools among the Islamic finance markets in Saudi Arabia, the UAE, Indonesia, and Malaysia, Fitch Ratings says.
Saudi Arabia’s National Debt Management Center has completed its riyal-denominated sukuk issuance for January, raising SR3.72 billion ($990 million).
Investcorp is considering a tie-up with a strategic investor or an initial public offering in the next few years, its executive chairman has said.
Credit Agricole CIB, Citi, Goldman Sachs, J.P. Morgan and Nomura have been tapped to manage the issuance.
First phase focused on integrating the Bloomberg Auction System to enhance the local currency debt issuance process and workflows
The bank said it will revisit the issuance when market conditions are more favourable.
The first issue was valued at $59mln, holding a two-year maturity period until 14 January 2027.
The Bapco deal was supported by a capped tender offer of up to US$250m for its US$1bn 7.5% October 2027s.
These projections reflect significant shifts in the global economic landscape, with the ongoing OPEC+ agreement on oil production cuts playing a key role in tempering growth expectations for the Kingdom in the near term.
UAE leads for the third year raising USD 6.4 billion.
Conventional bond will be listed on LSE’s International Securities Market.
Saudi Arabia’s stock exchange has announced the launch of its Fixed Income Market Making Framework to ensure the availability of secondary market liquidity.
The Middle East and North Africa (MENA) region’s investment banking landscape recorded a notable surge in initial public offerings (IPOs) to an 18-year high and an 86 percent rise in bond issuance last year.
Waleed Saeed Abdul Salam Al Awadhi was appointed after Dr Maryam Al Suwaidi, the first woman to hold the position, stepped down.
Easing monetary conditions and large investment projects will underpin steady growth for the wider region, in turn supporting further fiscal adjustment and reforms.
According to Sico’s calculations of Riyad Capital’s 2024 earnings, $2.5 billion would be 21 times the company’s earnings per share – higher than the 15 times EPS usually expected in IPOs.
The kingdom’s IPO momentum has seen two bumper listings with Almoosa Health and Nice One in January.
S&P Global Ratings forecasts that sukuk issuance will amount to $190 billion to $200 billion in 2025, following the market’s strong performance last year.
The issuance is expected to improve the bank’s Tier 1 capital.
Bahrain’s Bank ABC has mandated joint lead managers and book runners for perpetual Additional Tier 1 capital securities to be listed on London Stock Exchange (LSE).
The Gulf Cooperation Council is set to see another strong year of listings after raising nearly $13 billion in 2024, its second-best year since the COVID-19 pandemic, driven by a surge in late-year flotations.
Saudi Arabia’s banking sector is experiencing a surge in activity in debt and sukuk markets as leading financial institutions move to strengthen their capital bases and fund strategic growth initiatives.
The firm was on a UAE-domiciled fund launch spree in 2024, as local regulations changed the way global asset managers could promote their funds to retail investors.
UAE’s largest lender priced a $600 million London-listed sukuk last week.
Saudi Arabia led the Gulf Cooperation Council’s initial public offerings market in 2024, earning a global ranking of seventh in total IPO proceeds, according to the latest report from Kamco Invest.
Saudi Arabia’s Capital Market Authority has unveiled its ambitious 2024-2026 strategic plan, which aims to further develop the Kingdom’s financial market and enhance its global competitiveness.
Fitch Ratings has affirmed Abu Dhabi Ports Company PJSC’s (ADP) Long-Term Issuer Default Rating (IDR) at ‘AA-‘. Fitch has also affirmed ADP’s euro medium-term notes programme (EMTN) and its USD1 billion 2031 senior unsecured notes at ‘AA-‘. The Outlooks are Stable.
The issuance by Aldar at ‘PJSC’ level represents the largest conventional hybrid in the Middle East.
Higher Islamic debt issuances by Qatar and Saudi Arabia supported the growth in aggregate sukuk in the GCC or Gulf Co-operation Council in 2024, according to Kamco Invest, a regional economic think-tank.
The American asset manager is betting on the growing family office and larger wealth space as part of its expansion into the Middle East region.
A key trend emerging in both markets is the increasing appetite for technology and digital-first businesses.
Saudi Arabia has raised $12 billion from global debt markets in its first international bond issuance of the year, attracting bids worth nearly $37 billion. This demonstrates strong investor appetite for Saudi debt instruments.
Dubai-listed Emirates NBD has launched $700 million senior unsecured five-year notes to be listed on the Tapei Exchange.
UAE, Saudi Arabia, and Turkey bond markets are abuzz, say bankers.
The latest issuance will take place next week in London with pricing taking place Wednesday.
Shares of the online cosmetics retailer soared to as high as SAR45.5 ($12.1) each.
Stability amid volatility; key funding role in OIC; sharia risks.
The government will raise the total RO750mn from the local market through eight issues of government development bonds worth RO550mn.
Riyad Bank has commenced the issuance of its additional Tier 1 sukuk under its SR10 billion ($2.66 billion) Additional Tier 1 Capital Sukuk Program via a private placement in the Kingdom.
Citi, Goldman Sachs International and JPMorgan were global coordinators and joint bookrunners on Saudi Arabia’s sovereign bond issue.
The 908 million Saudi riyals IPO set the final price at SAR 35 per share.
Riyad Bank has commenced the issuance of SAR-denominated sukuk through a private placement within Saudi Arabia as part of its 10 billion Saudi riyals ($2.66 billion) additional Tier 1 capital sukuk programme.
Citi is the sole structuring advisor, global coordinator and joint bookrunner.
In 2025, widening gaps between decarbonization ambitions and implementation will be brought into focus by the contrast of fresh pledges and increasingly destructive climate events.
Moody’s Ratings (Moody’s) has today assigned a Baa2 insurance financial strength rating (IFSR) to Liva Insurance Company (Liva KSA). The outlook is positive. Based in Saudi Arabia, Liva KSA is a mid-tier property and casualty insurer, underwriting various commercial and personal lines products.
The outlook for Bank Muscat has been revised to positive from stable, with its Long-Term IDR affirmed at ‘BB+’ and its Viability Rating (VR) at ‘bb+’. Additionally, the bank’s Government Support Rating (GSR) remains at ‘bb+’.
Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan on Sunday approved the annual borrowing plan for 2025, outlining a strategic road map for managing the Kingdom’s funding needs.
Omani economic analysts and experts have welcomed Oman’s State Budget for 2025. Their consensus is that the Budget is relatively balanced and maintains support for social spending, while also taking a positive step toward reducing the cost of public debt.
Muscat Stock Exchange issues regulations for securities lending and borrowing, covered short selling
The issuance of these regulations forms part of ongoing efforts to develop and update capital market systems and legislation.
Fitch said the default rate edged up to 2.3% in October, from 2.2% in September and 2% in August
OQBI raised OMR 188 million rials in an offering comprising a total of 1.69 billion shares
The Accounting and Auditing Organization for Islamic Financial Institutions’ (AAOIFI) Sharia Standard No. 62 could affect the credit profiles of new sukuk and may entail assessing potential implications for an obligor’s Issuer Default Rating (IDR) and debt ranking, Fitch Ratings says.
Tawuniya and Alfozan Holding have agreed to be cornerstone investors
Fitch Ratings has assigned Salik Company PJSC a first-time Long-Term Issuer Default Rating (IDR) of ‘A-‘. The Outlook is Stable.
Total external debt in the Middle East and North Africa climbed to $443 billion last year as low and middle-income nations spent a record $1.4 trillion on servicing their foreign debt, the World Bank said in a report on Tuesday.
Bahrain sukuk will be listed on the London Stock Exchange’s Main Market
Fitch Ratings has affirmed ACWA Power Management and Investments One Limited’s (APMI One) USD814 million senior secured notes at ‘BBB-‘ with a Stable Outlook.
Nearly 1.7bln shares are on offer by the parent representing 49% of the company
Shares expected to begin trading on the Dubai Financial Market on December 10.
A day earlier, the UAE lender mandated banks to issue notes under its $20 billion Euro Medium Term Note programme.
Philippides will lead the expansion of the asset management business.
The kingdom’s newest national airline, Riyadh Air is wholly owned by Saudi sovereign wealth fund PIF.
Listings momentum will continue next year amid expansion of country’s economy, analysts say.
The offer period runs from November 24 to December 8, and the trading debut on the Bahrain Bourse is scheduled for December 19.
Sky Kurtz, CEO of the controlled environment agriculture firm, said Morocco and Singapore are short-term expansion targets, with the USA and Mexico ‘an exciting opportunity’ for the long-term.
Saudi Arabia and the UAE led Gulf region merger and acquisition activity, which increased 7 percent in value to $71 billion in the first nine months of the year.
Quarter-on-quarter losses narrowed as the investment bank continues debt restructuring efforts
Saudi Arabia’s Capital Market Authority has approved its largest regulatory overhaul to date for the sukuk and debt instruments market, marking a significant step in the country’s financial sector development.
A source told Zawya that the bonds would be listed on Amman Bourse by mid-December.
The Ministry is actively studying the feasibility of issuing retail bonds as a strategic step to empower individual investors and enhance financial inclusion.
Fitch Ratings has affirmed Abu Dhabi Developmental Holding Company PJSC’s (ADQ) Long-Term Foreign-and Local-Currency Issuer Default Ratings (IDR) at ‘AA’, with Stable Outlooks. Fitch has also affirmed ADQ’s Short-Term IDR at ‘F1+’.
Investors put in 131 billion riyals ($34.8 billion) of orders for the initial public offering of a Saudi Arabian financial services firm, in the latest example of strong demand for share sales in the kingdom.
As we look ahead to next year, four key trends, reflecting both short and longer-term structural shifts, will influence credit quality.
Dubai International Financial Centre (DIFC) has announced the complete redemption and timely repayment of a $700 million sukuk. The move represents a key milestone in the execution of its sustainable financing strategy and underscores its dedication to responsible financial management.
The number of shares allocated to individual investors stood at 1.59 million offer shares, representing 20% of the total stake on offer.
Germany-based Delivery Hero expects its UAE unit to start trading on the Dubai bourse by mid-December.
There are six funds currently in the process of being set up and three more funds are expected to launch in the coming months, the firm said.
Fitch Ratings has affirmed National Bank of Oman SAOG’s (NBO) Long-Term Issuer Default Rating (IDR) at ‘BB’ with a stable outlook.
Fitch Ratings has upgraded Banque Misr’s (S.A.E) (BM) Long-Term Issuer Default Rating (IDR) to ‘B’ from ‘B-‘.
Fitch Ratings has upgraded Commercial International Bank (Egypt) S.A.E. (CIB) ‘s Long-Term Issuer Default Rating (IDR) to ‘B’ from ‘B-‘ and its Viability Rating (VR) to ‘b’ from ‘b-‘. The Outlook is Stable.
The UAE’s debt capital markets experienced a 13.1 percent year-on-year growth in the third quarter of 2024, reaching a total of $294.4 billion, according to the managing director at Fitch Ratings.
Sustainable issuance declines in third quarter but still on pace to reach $950 billion for full year
Global issuance of green, social, sustainability, sustainability-linked and transition (collectively, sustainable) bonds totaled $216 billion in the third quarter of 2024, representing a 14% decline from the second quarter of this year.
The up to $2bln issuance is planned for next week.
With fractional sukuk, retail investors can invest as little as $1,000 in the sukuk market rather than a minimum of $200,000.
The Oman methanol and ammonia producer OQ Base Industries (OQBI) to offer 49% of its shares.
Growth momentum is expected to strengthen from 2026, supported by the North Field Expansion (NFE) LNG project.
Saudi Vision 2030, a government program aimed at diversifying the oil-focused Saudi economy, will be a powerful catalyst for banking sector growth in Saudi Arabia over the next few years.
Saudi Arabia’s Masarrah Investment Company has joined as a cornerstone investor and will invest about Dh250 million.
OQ Base Industries expects to start trading on the Muscat Stock Exchange in December.
Egypt’s external finances have been bolstered by the Ras El-Hekma foreign investment, non-resident inflows into the debt market, and new IFI financing, facilitated by improved policy settings, including greater exchange rate flexibility and tighter monetary conditions.
To control what is transition – worthy too tightly would be to miss the point.
Data is so hot right now, but it can’t tell you everything.
Mamoura is set to issue a benchmark size dirham-denominated 5-year senior unsecured sukuk.
The indicative share price of Dhs1.94 and Dhs2.04 per share implies a market valuation of around $5.74bn (Dhs21.07bn).
Banks globally face a difficult task in implementing their net zero plans. Leading banks have made commitments to reduce their financed emissions, focusing on high-emitting or carbonintensive sectors, but their ability to meet reduction targets will be influenced by numerous factors outside their control.
Fitch Ratings has upgraded Fertiglobe Plc’s Long-Term Issuer Default Rating (IDR) and senior unsecured rating to ‘BBB’ from ‘BBB-‘ and removed them from Rating Watch Positive.
The UK’s largest wealth manager and financial advisory firm with over USD 220 billion funds under management, St. James Place (SJP), said the importance of Middle East in global financial markets continues to grow and the region is set to gain prominence amid global shifts.
Two more emerging market governments could join Chile and Uruguay as SLB issuers, drawn by flexibility on use of proceeds.
Proceeds will enhance the group’s financial position and fund its ongoing growth and diversification strategies.
A group of finance ministers from Gulf Co-operation Council countries on Thursday celebrated the region’s economic integration as the oil-exporting countries continue in their diversification efforts.
Abu Dhabi is emerging from Dubai’s shadow as it attracts its own share of asset managers’ and billionaires wealth, helping cement United Arab Emirates’ role as an alternative to global financial hubs.
The auction attracted interest from eight primary dealers for both tranches maturing in May 2027 and September 2029.
A new draft standard, Shariah Standard 62 from the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), proposes Islamic sukuk be effectively backed by underlying assets.
Dubai Islamic Bank currently boasts an outstanding value of over $9 billion through 11 sukuk listings on Nasdaq Dubai.
Pearl Petroleum operates two of the biggest gas fields in the Kurdistan Region of Iraq.
Analysts had expected an announcement of fresh Saudi investment into Egypt, but bin Salman left without announcing any firm commitments.
A USD-denominated, fixed rate, 5-year, benchmark, Regulation S, senior, unsecured, Sukuk offering by GFH Senior Sukuk Limited, under its USD 500,000,000 Trust Certificate Issuance Programme, expected to be rated B- by S&P and B by Fitch, will follow, subject to market conditions.
The regulation, which came into effect in April, has already sparked a flurry of feeder funds launched via local tie-ups.
The company will list its shares on ADX next month. Informed sources told Zawya the company could raise as much as $2 billion from the listing.
An Omani official on Tuesday said Muscat can become a leading player in sustainable green financing in the Gulf, as the country continues to make reforms as part of its Vision 2040 agenda.
On behalf of the government of the Sultanate of Oman represented by the Ministry of Finance, the Central Bank of Oman (CBO) announced the new issue of Government Development Bonds (GDBs).
The institutional book building process was many times oversubscribed.
UAE retail giant Lulu Group expects up to 10 per cent revenue growth this year with plans to open new stores in the Gulf region as it moves forward with its initial public offering on the Abu Dhabi Securities Exchange.
Saudi Arabia and the UAE led the initial public offering activity in the Gulf Cooperation Council in the third quarter of the year, raising $1.7 billion, a 6 percent increase from the previous year, an analysis showed.
Dubai-based classified advertising company Dubizzle Group has mandated Emirates NBD, Goldman Sachs, HSBC and Morgan Stanley for an IPO expected to take place in 2025.
The Egyptian government seeks to issue new sukuk and green bonds valued between LE 5-10 billion during the third and fourth quarters of the FY2024/2025, according to Finance Minister Ahmed Kouchouk yesterday.
Saudi Arabia’s United International Holding, the financial unit of retailer United Electronics, known as Extra, will proceed with its initial public offering amid momentum in the kingdom’s stock market.
Ejada Systems Ltd. is considering an initial public offering in Riyadh at a valuation of as much as $1.5 billion, marking a rare listing by a technology services firm in Saudi Arabia.
Lulu Group expected to announce plans to proceed with an IPO on the Abu Dhabi Securities Market (ADX) by early next week.
In what is Oman’s biggest IPO, OQ Exploration and Production has set the offer price at 390 baisas a share. The energy company has completed its well received book-building process, after which it set the price at the top end of the range.
ADNH Catering has successfully finalized the bookbuild and public subscription for its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).
Financial instruments will be denominated in Saudi riyals.
Saudi Arabia and the UAE are expected to continue leading the Middle East’s sustainable bond market, after posting $16.7 billion in issuances in the first nine months of 2024.
The two-year bonds with a 6% coupon will optimise capital structure, bank said.
ADNH Catering, a unit of Abu Dhabi National Hotels, has raised Dh864 million ($235 million) through its initial public offering, pricing its shares at the top of the indicated range amid continued investor demand for listings in the region.
Despite being well capitalised on the back of high profitability, Qatari banks have been extraordinarily active in the international debt markets this year as they race to lock in lower borrowing costs for refinancing 2024 maturities as well as to diversify funding sources within an easing monetary cycle.
Fitch Ratings has revised the Outlooks on Shelf Drilling, Ltd. (Shelf) and its subsidiary Shelf Drilling Holdings, Limited (SDHL)’s Long-Term Issuer Default Ratings (IDR) to Negative from Stable and affirmed the IDRs at ‘B’.
While asset managers have sought partnerships to provide public-private products, Franklin Templeton is contemplating going solo.
Our global survey of 32 banks actively engaged with private credit shows that their average annual growth in lending to the ecosystem of 18% in 2021-23 nearly matches the rapid 19% increase in capital-raising by private credit funds over this period.
The country has pledged to mobilize AED1 trillion by 2030 to fund sustainable projects.
The book-building period for institutional tranche will end on Oct. 17.
The proceeds from the sukuk will be used to strengthen the bank’s Tier 1 capital base, which supports its lending activities and future growth strategies.
GIS, the largest shareholder of which is state owned QatarEnergy, has been listed since on the Qatar Stock Exchange since 2008.
Fitch expects rates to reach 4.5 percent at the end of 2024 and 3.5 percent at the end of 2025, boosting Q4 and 2025’s issuance activity.
The NBK Capital Partners investments team will join Janus Henderson as the firm’s new emerging markets private capital division.
The ongoing conflict in the Middle East threatens to undermine sovereign credit ratings across the region if it escalates, according to S&P Global.
Real estate investment trusts (REITs) could see greater traction in the GCC due to lower interest rates in the short term and tax exemptions and government efforts to encourage investment diversification in the long term.
Qatari telecommunications company Ooredoo has raised $500 million through its new international bond offering.
The market value of OQ Exploration and Production Company (OQEP), following its listing on the Muscat Stock Exchange (MSX) later this month, will exceed RO3bn, representing approximately 11.6% of the total market capitalisation of companies listed on the Omani bourse, according to a top official of the MSX.
Gulf International Services has announced plans to list its wholly-owned subsidiary Al Koot Insurance on the Qatar Stock Exchange (QSE).
Fitch Ratings has affirmed Nama Electricity Distribution Company SAOC’s (NEDC) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at ‘BB+’ and senior unsecured rating at ‘BB+/RR4’. The Outlook on the IDR is Stable. A full list of rating actions is below.
Fitch Ratings has affirmed UAE-based Abu Dhabi Islamic Bank PJSC’s (ADIB) Long-Term Issuer Default Rating (IDR) at ‘A+’ with a Stable Outlook. At the same time, Fitch has also upgraded the bank’s Viability Rating (VR) to ‘bb+’ from ‘bb’.
Tamkeen Human Resource Co. issued the prospectus for the initial public offering (IPO) of 7.95 million shares on the Main Market (TASI).
Fitch Ratings has affirmed Mashreqbank PSC’s (Mashreq) Long-Term Issuer Default Rating (IDR) at ‘A’ with a Stable Outlook and upgraded its Viability Rating (VR) to ‘bbb’ from ‘bbb-‘.
The UAE capital, which is home to Mubadala, Adia and ADQ, manages nearly $1.7tn in assets, report finds.
It plans to announce final offer price on October 16 and start trading on October 23.
Global sukuk issuances are rising following the US Fed’s rate cut to 5% in September 2024, with financing conditions improving, Fitch Ratings says.
Five issuers from the Gulf raised funds – from Oman, Qatar and the UAE.
Saudi Arabia has launched its October subscription for the subscription-based savings product, Sah, offering a 4.92 percent return to promote financial stability and growth among citizens.
Abu Dhabi-listed TAQA Group has announced the pricing of dual tranche senior unsecured notes totalling $1.75 billion. The notes will be listed on the London Stock Exchange (LSE).
The bond will settle on 10 October and mature in 2029.
The country is witnessing a turnaround due to a $57bln global bailout led by the UAE and IMF.
Janus Henderson has finalised its acquisition of a majority stake in global private credit firm Victory Park Capital, a deal that was first announced this August.
AerCap Holdings N.V. (the “Company”) is pleased to announce the successful completion of its inaugural benchmark Sukuk issuance of $500 million priced at a profit rate of 4.500%, with a five-year maturity period. The trust certificates in Sukuk format were issued by Aercap Sukuk Limited.
Qatar’s Dukhan Bank DUBK.QA has started taking bids for its 5-year Islamic bonds, or sukuk issuance, an arranging bank document seen by Reuters showed on Wednesday.
Government spending will support economic diversification, but oil market risks pose challenges.
Abu Dhabi Commercial Bank, Citigroup, Emirates NBD and HSBC are running the deal.
The Saudi Arabian asset management industry (AMI) is poised for growth in 2H24–2025, following regulatory reforms, expanding equity and debt capital markets, and increasing numbers of high-net-worth individuals seeking asset-management services, Fitch Ratings says.
Arabic news site Argaam said the bonds are expected to be issued following an investor’s meeting on Tuesday.
The new issuance will further diversify ADQ’s funding sources to contribute to financing strategic growth initiatives within the group and build out ADQ’s long duration credit curve for investors.
The Saudi Arabian asset management industry (AMI) is poised for growth in 2H24–2025, following regulatory reforms, expanding equity and debt capital markets, and increasing numbers of high-net-worth individuals seeking asset-management services, Fitch Ratings says.
Expenditure projected to reach 29.5% of GDP next year, with revenue anticipated to drop 4.3% annually.
Saudi Arabia’s assets under management are expected to reach $300 billion within the next two years, driven by regulatory reforms and expanding equity and debt capital markets, according to Fitch Ratings.
Fitch Ratings has affirmed Oman Telecommunications Company S.A.O.G.’s (Omantel) Long-Term Issuer Default Rating (IDR) at ‘BB+’.
The catering firm is offering 9 billion shares, representing 40 per cent of the company’s total issued share capital.
Riyad Bank completed its $750 million worth of USD-denominated additional Tier 1 sustainable sukuk issuance, under its international additional Tier 1 sukuk program.
Fadi Khoury joins the $1.2tn global asset manager in Abu Dhabi after seven years at Columbia Threadneedle and a decade at Amundi.
Fitch Ratings has assigned UAE-based Union Insurance Company (P.J.S.C.) (Union) a first-time Insurer Financial Strength (IFS) Rating of ‘BBB’ with a Positive Outlook.
Saudi Aramco sold $1.5bln in five-year sukuk at a spread of 85 basis points over U.S. Treasuries and $1.5bln in 10-year Islamic bonds at 100 bps above the same benchmark.
Saudi energy giant Aramco plans to issue US dollar-denominated sukuk under its SA Global Sukuk Limited’s Trust Certificate Issuance Programme, according to a filing on the Tadawul exchange.
The sustainable sukuk will fall under the bank’s international additional Tier 1 capital sukuk programme.
Satellite company will delist its shares on September 30, while the combined entity Space42 will continue to trade on the Abu Dhabi bourse.
Partnership with Mubadala to develop and manage real estate assets is credit positive for AIP.
Qatar’s debt capital market (DCM) issuance is expected to be broadly stable amid the government’s continued debt repayments and limited corporate DCM access, Fitch Ratings says.
When BlackRock Inc. landed a $5 billion investment pledge from Riyadh in April, pictured smiling alongside Larry Fink and Public Investment Fund Governor Yasir Al Rumayyan was an executive seen as a rising force within the sovereign investor.
The OQEP’s initial public offering marks the largest IPO in Oman’s history and the first of its kind in the exploration and production sector.
Qatar’s sukuk issuances surged by 122 percent in the first half of this year compared to the same period in 2023, reaching $500 million, according to a new analysis.
Qatar’s debt capital market (DCM) issuance is expected to be broadly stable amid the government’s continued debt repayments and limited corporate DCM access, Fitch Ratings says.
The Central Bank of Egypt is currently pursuing approval from the Financial Regulatory Authority and the Egyptian Stock Exchange.
Climate investment to date falls far short of needs to achieve net zero emissions at the global level by 2050 and adapt to the physical effects of climate change.
Estithmar Holding celebrated this morning the listing of its first Sukuk in Qatari Riyals on London Stock Exchange, at the Stock Exchange’s headquarters. This is the first time that London Stock Exchange has witnessed listing in Qatari riyals.
The Islamic banks announced a fixed price tender offer to purchase QIIB Tier 1 sukuk.
The brokerage can now provide investment banking services in the kingdom.
The bank said the capital raised from the sukuk will fulfil its financial and strategic needs.
This initiative aims to enhance capital structure and refinance $350 million in existing AT1 securities.
The company will proceed with a dual listing on Abu Dhabi’s ADX and the Saudi Tadawul.
OQEP is looking at a valuation of around $8bln and a dividend yield of 7.5%–8%, according to a banker involved.
The “revolution” hinges on the level of exposure that sukuk investors have to the instrument’s underlying assets.
The company will proceed with a dual listing on Abu Dhabi’s ADX and the Saudi Tadawul.
The indicative share price of SAR5 and SAR5.30 per share implies a market valuation of around SAR 2.8bn ($763.2m).
Al Ahli Bank of Kuwait K.S.C.P. (ABK) has successfully priced a US$300 million Additional Tier 1 (AT1) bond offering with a coupon rate of 6.5% per annum.
Saudi Arabia’s Capital Market Authority has unveiled a plan for 2024-2026 to develop a robust debt market and enhance the international competitiveness of its asset management industry.
S&P Global Ratings has revised Saudi Arabia’s forecast to positive from stable on Friday, reflecting the kingdom’s sustained reforms momentum, strong non-oil growth outlook and economic resilience.
This transaction marks the first Green Repo scheme for both institutions, utilising green bonds as the underlying collateral.
Fitch Ratings has affirmed Kuwait’s Long-Term Foreign-Currency Issuer Default Rating (LTFC IDR) at ‘AA-‘ with a Stable Outlook.
India’s government is ready to offer the Maldives emergency financial support to help ease the island nation’s financial woes as risks of the first sukuk default loom, people familiar with the matter said.
Investors can expect more initial public offerings (IPOs) in Oman, as the sultanate aims to raise additional funds from the markets over a five-year period.
PGIM, the global asset management business of the New York Stock Exchange-listed Prudential Financial has opened an office in Abu Dhabi to expand its operations in the Middle East amid a sharp increase in affluent clients in the region.
The milling firm said that the retail subscription period will run from September 18 to September 19.
Abu Dhabi’s Etihad Airways plans to make its stock market debut no sooner than 2025, two people familiar with the matter said, in potentially the first IPO of a major Gulf airline as the UAE’s capital ramps up effort to become a global travel hub.
Moreover, QIB’s profit rate was the lowest achieved by a GCC bank for a senior unsecured 5 year issuance in 2024.
Although converging with conventional peers, the profitability of Islamic banks in the Gulf Cooperation Council (GCC) will remain stronger over the next 12-18 months.
The Dubai International Financial Centre (DIFC) is looking to continue to attract wealth and asset managers through the launch of its fund centre.
Saudi Arabia-led Gulf Cooperation Council (GCC) and Southeast Asia will drive sovereign sukuk issuance volumes to exceed 2023, Moody’s Ratings said in a new report.
OQ SAOC intends to offer up to 25% of the shares in the state-owned upstream oil and gas operator.
Fitch Ratings has upgraded Emirates Islamic Bank PJSC’s (EI) Long-Term Issuer Default Rating (LT IDR) Ex-Government Support (xgs) to ‘BBB(xgs)’ from ‘BBB-(xgs)’ and its Short-Term (ST) IDR (xgs) to ‘F2(xgs)’ from ‘F3(xgs)’.
Subscription period will begin this month, pending approval from Oman’s Financial Services Authority
The global sukuk market is poised for a strong performance in 2024, with issuance volumes expected to surpass those of 2023 despite a slowdown in the year’s second half.
The REIT exercised the right to extend sukuk maturity by one year earlier this year, but must still reduce the outstanding debt by $74mln according to its terms.
Saudi Arabia’s debt issuance will likely slow in the second half of 2024, Fitch Ratings says. Large dividend payments by Saudi Arabian Oil Company are used to temper sovereign financing needs.
The issuance received significant response from international investors, attracting orders valued at $1.40bln, or almost 3x oversubscription.
We expect full-year 2024 sukuk issuance volumes to exceed 2023, supported by strong sovereign issuance across the Gulf Cooperation Council (GCC) and Southeast Asia, and from Saudi Arabia (A1 positive) and Malaysia (A3 stable) in particular. Issuance will slow after strong activity in the first half as issuers prefinanced maturities.
Ankara is expected to continue to maintain tight monetary policy.
Fitch Ratings has assigned ADNOC Murban RSC LTD’s (ADNOC Murban; ‘AA’/Stable) GMTN programme a final senior unsecured rating of ‘AA’. Fitch has also assigned USD1 billion 4.25% notes due 2029, USD1.5 billion 4.5% notes due 2034, and USD1.5 billion 5.125% notes due 2054 under the programme senior unsecured ratings of ‘AA’.
Abu Dhabi National Oil Company (ADNOC) PJSC announced today, that its wholly-owned subsidiary, ADNOC Murban RSC Ltd (ADNOC Murban), the primary debt capital markets issuing and rated entity for ADNOC Group, has successfully priced its inaugural offering of notes under its newly established Global Medium Term Note (GMTN) Programme in three tranches with an aggregate principal amount of $4 billion.
The issuance comes under ADNOC Murban’s Global Medium Term Note Programme.
Global asset managers can take two routes to reach retail investors in the UAE following the changes in regulation.
Share sale could raise around $1bln, sources told Bloomberg
Fitch Ratings has affirmed First Abu Dhabi Bank P.J.S.C.’s (FAB) Long-Term Issuer Default Rating (IDR) at ‘AA-‘ with a Stable Outlook and its Viability Rating (VR) at ‘a-‘. A full list of rating actions is found below.
Egypt’s economy offers new opportunities to strengthen the partnership between Egyptian and American business communities.
Goldman Sachs, HSBC and JPMorgan are among the bookrunners, Bloomberg reported.
According to ADX data, the first tranche of the bonds is valued at $500 million, with a fixed interest rate of 4.875 percent, maturing on 25th July, 2029.
Arabian Mills set a price range on Sunday for its SR954m–SR1.016bn (US$254m–$271m) all-secondary IPO that will be the third milling company to list on Tadawul.
Fitch Ratings has published ADNOC Murban RSC LTD’s (ADNOC Murban; ‘AA’/Stable) upcoming GMTN programme’s expected senior unsecured rating of ‘AA(EXP)’. The assignment of a final rating is contingent on the receipt of final documents conforming to information already reviewed.
UAE’s third largest lender Abu Dhabi Commercial Bank has hired banks to arrange investor meetings for the sale of US dollar denominated 10.5 year non-callable for 5.5 year tier 2 capital securities, an arranging bank document showed on Monday.
Bankers have said that issuance from the Middle East’s banking sector is likely to be plentiful as supply picks up in September.
Fitch Ratings has assigned Abu Dhabi Commercial Bank PJSC’s (ADCB; A+/Stable/bb+) upcoming issue of US dollar-denominated subordinated Tier 2 notes an expected long-term rating of ‘A-(EXP)’. A final rating is contingent upon the receipt of final documents conforming to information already received.
The IPO remains subject to market conditions and regulatory approval from the Securities and Commodities Authority.
AAOIFI is a Bahrain-based standard setting body for the Islamic finance industry.
Qatar-based Estithmar Holding has issued a 500 million Qatari riyal ($137 million) sukuk, marking the first corporate issuance denominated in local currency under its 3.4 billion-riyal program.
Global asset manager Franklin Templeton is launching seven feeder funds in the UAE targeted at retail investors.
Qatar’s $2.5bn green bond has driven the other Gulf Co-operation Council (GCC) countries to scout for sustainable debt, as the aggregate issuances (including the green bonds and sukuks) from the region is slated to breach $150bn this year, according to Kamco Invest, a regional economic think-tank.
Moody’s Investor Services has affirmed its AAA credit rating with a stable outlook for the Islamic Development Bank, driven by the financial institution’s robust asset performance.
Fitch Ratings has revised Arabian Centres Company’s (trading as Cenomi Centres) Outlook to Negative from Stable, while affirming its Long-Term Foreign-Currency Issuer Default Rating (IDR) ‘BB+’. The senior unsecured rating was also affirmed at ‘BB+’ with a Recovery Rating of ‘RR4’. A full list of ratings is below.
These IPO aspirants will also aim to do their bit on secondary market pricing too.
Fitch Ratings has assigned Abu Dhabi Future Energy Company PJSC’s (Masdar; AA-/ Stable) USD1 billion of senior unsecured green-labelled bond a long term senior unsecured rating of ‘AA-‘.
Saudi Arabia’s Vision 2030 includes large-scale projects requiring substantial funding.
Sukuk issuance in all currencies outpaced bond issuance in H1 2024.
Three-trance transaction is first bond issuance for the global energy giant in three years.
The healthcare and education investment company said it will soon appoint advisers to the IPO.
One of the key strategic goals of Moody’s compliance and third-party risk management solutions is to help our customers answer the question – who am I doing business with? It’s a deceptively simple question that can be very complicated to answer.
Fitch Ratings has assigned Abu Dhabi Future Energy Company PJSC’s (Masdar; AA-/ Stable) USD1 billion senior unsecured green-labelled bond an expected long term senior unsecured rating of ‘AA-(EXP)’.
The total number of bond issues listed on the stock exchange is 36, including 16 government development bond issues, while the total number of sukuk issues listed on the stock exchange is 13, including 6 sovereign sukuk issues.
Saudi Arabia led the Gulf Cooperation Council’s initial public offering market in the first half of 2024, raising $2.1 billion in what was an annual increase of 141 percent, an analysis has revealed.
23.8% increase in foreign currency issuances, at $32.7b, up from $26.4b in H1-2023.
New rules introduced to develop its capital market and bolster investor confidence.
The lender has selected Abu Dhabi Commercial Bank, Bank ABC, Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, ICBC, ING, J.P. Morgan and Standard Chartered Bank as joint lead managers and bookrunners.
Blockchain offers significant benefits for Islamic finance, including enhanced transparency and the development of innovative financial products.
Demand for the three tranches topped $31.5bn, drawing over $11bn for each of the 10- and 30-year tranches and more than $9.5bn for the 40-year bonds.
Fitch Rating has assigned India’s Larsen & Toubro Limited’s (L&T, BBB+/Stable) Gulf-based subsidiaries a first-time Long-Term Foreign-Currency Issuer Default Ratings (IDR) of ‘BBB’ with a Stable Outlook.
This listing marks the bank’s 9th public Sukuk issuance and first since 2020.
Alpha Data, a UAE-based IT services company, plans to raise nearly $200 million from an initial public offering (IPO) in Abu Dhabi, Bloomberg reported.
EFG Hermes’ Ali Khalphey said e-commerce, IT, healthcare and consumer finance firms are likely to go public.
The bond issuance saw significant demand and was oversubscribed 4.4 times.
The ‘Regulating the Private Offering of Debt Bonds, Sukuk and Securitised Financial Instruments’ project is described as one of the transformational projects.
The AT1 Bonds issuance is set to strengthen the overall capital adequacy of the Bank.
Abu Dhabi’s quest to attract top hedge funds to its financial center is creating a shortage of office space in the oil-rich emirate.
Arada’s sukuk listing brings the total value of sukuk issuances to $93 billion.
Gulf International Bank (GIB) has successfully issued a $500 million five-year bond under its EMTN programme receiving strong interest from regional and international investors.
Fitch Ratings has affirmed Qatar Islamic Bank (Q.P.S.C)’s (QIB) Long-Term Issuer Default Rating (IDR) at ‘A’ with a Stable Outlook. QIB’s Viability Rating (VR) has also been affirmed at ‘bbb’. A full list of rating actions is below.
United International Holding Company, the subsidiary of Saudi-listed United Electronics Company (eXtra), has received the approval of the Capital Market Authority (CMA) to register and float 7.5 million shares, equivalent to 30% of the company’s share capital, on the main market (Tadawul).
Sharjah’s government plans to raise up to 1 billion dirhams from a 5-year sukuk auction, an arranging bank document disclosed on Monday.
The Sukuk was successfully priced at a profit rate of 5.662 per cent with a term of seven years.
The Saudi sukuk and debt instruments market reached 18.30% of GDP by the end of 2023, with 70 sukuk and debt instruments listed on the capital market.
Global credit rating agency Moody’s has affirmed Saudi Arabia’s credit rating at A1 with a positive outlook.
Raising SR29.95 billion ($8 billion) from sukuk and debt instruments and securing SR198 billion in foreign investments are some of Saudi Arabia’s achievements underscored in the Kingdom’s Capital Markets Authority’s latest report.
The company was part of a wider privatisation programme under Saudi Arabia’s Vision 2030 strategy aimed at diversifying the oil-dominated economy.
Fitch Ratings has affirmed the United Arab Emirates’ (UAE) Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘AA-‘ with a Stable Outlook.
Sukuk issuance across the Middle East and North Africa surged 48 percent to $6.2 billion in the first half of 2024, driven by green and social projects, a new analysis showed.
State-owned Energy Development Oman (EDO)’s $750 million sukuk was more than four times oversubscribed, marking strong investor confidence.
Fitch Ratings has affirmed Doha Bank Q.P.S.C.’s Long-Term Issuer Default Rating (IDR) at ‘A’ with a Stable Outlook. Doha Bank’s Viability Rating (VR) has also been affirmed at ‘bb’. A full list of rating actions is below.
The Middle East and North Africa (Mena) market for Sukuk has continued to expand in the first six months (H1) of 2024, while the Islamic loan market has seen a decline, according to data from Bloomberg’s Capital Markets League Tables.
Sukuk is also maturing as a key funding and policy tool, accounting for 12.4% of all EM dollar debt issued so far in 2024 (excluding China; 2023: 15%; 2017: 5%).
The initial price guidance for the debt sale has been placed at around 140 basis points over U.S. Treasuries, the document said.
Agreements taking shape at a faster pace are reducing uncertainty for countries and investors.
The bond will be listed on the London Stock Exchange (LSE) and Nasdaq Dubai.
The initiative marks the UAE’s first onshore feed fund for retail investors, giving them access to international markets and the opportunity to diversify their portfolios.
The CMA has approved Arabian Mills’ public listing application, and the company will publish the IPO prospectus soon.
Fitch Ratings has affirmed Abu Dhabi’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘AA’ with a Stable Outlook.
Bond offerings in Saudi Arabia are set to expand with increased activity, highlighting significant growth opportunities in the Kingdom’s financial sector, according to the investment minister.
The Chimera JPMorgan Global Sukuk ETF will become the 14th ETF and the second fixed-income option available to investors on ADX, reflecting the growing interest in Sharia-compliant investment products in the region, the stock exchange said in a statement Monday.
State-owned Energy Development Oman plans to sell U.S. dollar denominated 7-year Islamic bonds, or sukuk, according to an arranging bank document seen by Reuters on Monday.
UAE-based Sharjah Islamic Bank (SIB) plans to offer a benchmark-sized US dollar-denominated five-year Sukuk issue, a bourse filing showed on Monday.
Saudi Arabia has opened its fifth round of the subscription-based savings product, Sah, for June, offering a 5.55 percent return, encouraging financial stability and growth among citizens.
The UAE is set to roll out some initiatives to boost its debt capital market, as it seeks to strengthen its position as a global economic hub.
The $1.6tn asset manager has recruited a 20-year bond investment veteran from Alliance Bernstein.
Following the redemption, ADNOC Distribution’s free float remains unchanged at 23%.
Saudi Arabia placed over half of an $11.2 billion share sale in Aramco (2222.SE), opens new tab with foreign investors, two people with knowledge of the matter told Reuters on Saturday.
Saudi Aramco, the world’s largest oil-producing company, has set the final price of its secondary public offering at 27.25 Saudi riyals ($7.27) a share, pricing it at the lower end of the target range in a move that will allow it to raise $11.2 billion.
The edtech firm says the offering saw 39x oversubscription
The real estate developer flagged the mandate for a five-year senior unsecured Reg S sukuk, fixed income news service IFR reported.
The company is offering offer 1.5mln shares in the IPO.
The shareholders are offering 1.4 billion shares, equivalent to 20 per cent of the company’s total issued share capital.
Saudi Arabia’s sukuk and debt capital market has grown significantly since 2019, surpassing SR30 billion ($7.9 billion), according to the Kingdom’s Capital Market Authority.
Saudi Arabia’s Public Investment Fund has priced its inaugural sterling bond offering of £650 million ($829.80 million) under its existing Euro Medium-Term Note program.
The transaction achieved the largest price tightening by any UAE bank in the last five years for an additional tier 1 transaction.
Fitch Ratings has affirmed Oman Reinsurance Company SAOG’s (Oman Re) Insurer Financial Strength (IFS) Rating at ‘BBB-‘. The Outlook is Stable.
The Gulf region’s IPO frenzy shows no signs of slowing, with Saudi and UAE firms lining up stock market listings across sectors, expected to attract more global capital as the markets deepen, analysts say.
UAE and Saudi Arabia’s startups to continue taking center stage in dealmaking this year.
The lender plans to raise $500mln from the sale of perpetual debt.
Saudi Arabia kicked off a $12 billion secondary offering in Aramco on Sunday that’s been years in the making.
The prospect of eventual rate cuts in the US (Aaa negative) and other major developed markets this year has improved investor appetite for emerging market (EM) sovereign debt.
Saudi Arabia successfully issued $5 billion in triple-tranche Islamic bonds on May 28, attracting strong investor interest, Reuters reported, citing fixed-income news service IFR.
Lenovo, the world’s biggest maker of personal computers, will issue $2 billion in convertible bonds to Saudi Arabia’s sovereign wealth fund as part of a broad investment agreement that is expected to boost the kingdom’s technological ambitions.
Moody’s Ratings (Moody’s) has today upgraded the long-term issuer ratings of Dubai Electricity & Water Authority PJSC (DEWA) to A3
from Baa2. Moody’s has also changed DEWA’s Baseline Credit Assessment (BCA) to baa1 from baa2. The outlook is stable.
Alef Education, which is floating 20% of its share capital in an initial public offering (IPO), has set the offer price range between 1.30 ($0.35) UAE dirhams and AED 1.35 per share, potentially raising as much as AED 1.89 billion ($515 million) at the top of the price range.
The investor meetings for the debt sale will take place beginning from May 28 and will be followed by a US dollar denominated senior unsecured Green Notes.
Privatization of state-related entities to support the initial phase of regional IPO growth.
Saudi banks’ net interest margins will likely narrow in 2024 after remaining broadly flat during 2023 as their funding costs rise amid tight sector liquidity.
Fitch Ratings has affirmed Oman’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB+’ with a Stable Outlook.
Qatar’s Ministry of Finance has announced the issuance of green bonds totaling $2.5 billion, marking the first such issuance in the region. The bonds aim to fund environmentally friendly projects.
The price was tightened from initial guidance of 70 basis points over UST for five-year bonds and from 80 bps for the 10-year note after combined orders topped $10.9bln
Emirates Islamic is set to raise USD 750 from its debut five-year senior sustainability-linked sukuk, Reuters reports, citing a document it has seen.
Qatar is selling its first dollar bonds in four years and its debut green deal, as one of the world’s largest liquefied natural gas exporters seeks to tap into a booming global market for sustainable debt.
Alef Education Holding, a UAE-based education technology company, plans to list its shares on the Abu Dhabi Securities Exchange as it seeks to boost its domestic business and expand its international footprint.
Fitch Ratings has upgraded Ras Al Khaimah’s (RAK) Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘A+’ from ‘A’. The Outlook is Stable.
The company plans to float 30% of its total share capital on the Kuwait stock exchange.
Fitch Ratings has assigned Jordan Islamic Bank (JIB) a Long-Term Issuer Default Rating (IDR) of ‘BB-‘ with a Stable Outlook. Fitch has also assigned JIB a Viability Rating (VR) of ‘bb-‘.
Middle East IPOs’ positive aftermarket performance continued into 2024, as most Q1 2024 IPOs saw significant post-IPO gains, revealed PwC Middle East’s latest IPO+ Watch.
Dubai: Fakeeh Care Group, one of Saudi Arabia’s largest healthcare providers, announces that it has set the final offer price at SR57.5 per share, at the top end of the previously announced price range for the IPO.
Oman is poised to reclaim its investment-grade rating due to continued reduction in its debt-to-GDP ratio, enhanced fiscal performance, and a commitment to medium-term reforms, Standard Chartered said in its latest global focus report for Q2 2024.
As companies, large and small, explore ways to integrate artificial intelligence1 (AI) into their operations, they must grapple with a myriad of associated risks. These range from inaccurate predictions and biased outputs to scalability challenges.
Fitch Ratings has affirmed The International Islamic Bank’s (IIB) Long-Term Issuer Default Rating (IDRs) at ‘CCC-‘, Short-Term IDR at ‘C’ and Viability Rating (VR) at ‘ccc-‘ and removed them from Rating Watch Negative (RWN).
Saudi Arabia led the Gulf Cooperation Council initial public offering market with an annual 594 percent surge in the first quarter of 2024, according to Kuwait Financial Centre.
Fitch Ratings has affirmed Bank Aljazira’s (BAJ) Long-Term Issuer Default Rating (IDR) at ‘A-‘ with Stable Outlook and its Viability Rating (VR) at ‘bb+’.
Investment bank and asset manager is hoping to tap HNWIs and investors to meet obligations and then launch a new corporate strategy.
Al Rajhi Bank, the world’s largest Islamic bank by assets and market capitalization, has launched $1 billion in Additional Tier 1 sustainable sukuk, or Islamic bonds, a document from one of the banks arranging the deal revealed on Thursday.
The British lender will give its retail clients access to its suite of signature CIO funds, which has raised more than $1bn globally in 12 markets.
The price guidance for the benchmark-sized debt sale has been placed around 55 bps over U.S. SOFR mid-swap.
The developer has picked HSBC and Standard Chartered Bank as joint global coordinators, while ADCB, ADIB, Dubai Islamic Bank, Emirates NBD Capital, FAB, Mashreq and Morgan Stanley are working on the deal as joint lead managers and joint bookrunners, the document said.
Saudi Arabia has embarked on a rapid and ambitious social and economic transformation program under Vision 2030.
S&P Global Ratings expects Saudi Arabia’s investments in the non-oil economy as part of its Vision 2030 program will underpin the country’s economic expansion and support GDP growth.
Saudi-based fintech Rasan Information Technology Co. is set to offer 22.74 million shares for an initial public offering on the Kingdom’s main market.
New report states Saudi’s CMA will also target a 17% ownership of free float shares by end of 2024
Abu Dhabi Developmental Holding Company (ADQ) announced its inaugural $2.5 billion bond listing on the London Stock Exchange (LSE). This marks a significant step in diversifying the Abu Dhabi-based investment and holding company’s funding sources and supporting its strategic growth agenda.
Fitch Ratings has affirmed UAE-based Bank of Sharjah P.J.S.C.’s (BOS) Long-Term Issuer Default Rating (IDR) at ‘BBB+’ with a Stable Outlook. Fitch has also upgraded BOS’s Viability Rating (VR) to ‘b-‘ from ‘ccc+’. A full list of rating actions is below.
Initiative provides a platform for various private companies at various growth stages.
The latest investment propels WEE’s valuation to $40mln, which will help the platform enhance its logistics capabilities, expedite its growth, and expand its team.
Saudi Arabia’s budget airline, flynas, is gearing up for its Initial Public Offering (IPO) on the country’s stock exchange, Tadawul, as reported by Bloomberg News.
The global Islamic finance industry continues to rapidly grow it assets but only in a few core markets.
Saudi Arabian water and wastewater infrastructure company Miahona is seeking to raise as much as $148 million in its initial public offering, a bourse filing showed on Monday.
The Islamic finance industry is projected to grow globally in 2024-2025 with total assets likely to witness single-digit growth driven by economic diversification efforts, a report said.
Formally known as Abu Dhabi Developmental Holding Co, ADQ is pursuing a debt sale to help diversify its funding sources for future acquisitions, a person familiar with the matter told Reuters.
Oman has slashed the ratio of its debt to GDP to the lowest level in 10 years while the debt servicing has also sharply receded, according to official data.
The transaction for what is dubbed a tier 1 sukuk marks the first US dollar AT1 issuance from Kuwait since 2021.
The Chairman of KIB, Sheikh Mohammed Jarrah Al-Sabah stated that “As a result of Kuwait International Bank’s (“KIB”) outstanding achievements during the last few years, the solid financial position, its strong credit rating, in line with its well-planned expansionary strategy and its sustainability; and to maintain an appropriate capital adequacy ratio (CAR) level, the Bank decided on issuing an Additional Tier 1 (“AT1”) Sukuk, which was approved by its Annual General Assembly and all competent regulatory bodies.
Fitch Ratings has affirmed Banque Saudi Fransi’s (BSF) Long-Term Issuer Default Rating (IDR) at ‘A-‘ with a Stable Outlook. Fitch has also affirmed BSF’s Viability Rating (VR) at ‘bbb’.
The Abu Dhabi Department of Finance (DoF) has announced the issuance of $5 billion in U.S. dollar-denominated bonds in three different maturity periods.
Saudi Arabia’s Rawabi Holding Co. has raised 1.2 billion riyals ($320 million) from its largest ever riyal-denominated sukuk issuance.
Fitch Ratings has affirmed Arab National Bank’s (ANB) Long-Term Issuer Default Rating (IDR) at ‘A-‘ with Stable Outlook. Fitch has also affirmed ANB’s Viability Rating (VR) at ‘bbb’.
Abu Dhabi, on Tuesday launched a $5bn three-part bonds as it returned to the debt markets for the fist time in three years, fixed income news service IFR said.
Fitch Ratings has affirmed Alinma Bank’s Long-Term Issuer Default Rating (IDR) at ‘A-‘ with Stable Outlook and Viability Rating (VR) at ‘bbb’.
Abu Dhabi sold its first eurobonds since 2021, raising $5 billion in one of the biggest deals from emerging markets this year.
Supermarket chain Spinneys’ aims to raise upto Dhs1.38bn($375m) from its initial public offering in the UAE as it will list a 25 per cent stake on the Dubai Financial Market (DFM), it disclosed on Tuesday.
Storms that hit the United Arab Emirates, Oman, Saudi Arabia and other Gulf Cooperation Council (GCC) countries in April 2024, causing heavy floods, will push up local insurers’ claims and reinsurance costs, a credit negative.
On 19 April, Israel (A2 negative) launched strikes against Iran in response to retaliatory drone and missile strikes that Iran conducted a week prior. Ongoing mediation from other Middle Eastern countries, economic disincentives and military deterrence reduce the likelihood of further escalation.
Global sukuk issuance is expected to continue growing in the remaining months of this year, driven by funding and refinancing demands, Fitch Ratings said.
Alongside the IPO program, the government plans to establish a digital registry for state-owned assets.
In its most recent regional economic outlook, the International Monetary Fund (IMF) expects the Middle East and North Africa (MENA) region’s gross domestic product (GDP) to grow moderately by 2.7 percent in 2024 from 1.9 percent in 2023. In 2025, the IMF expects growth to strengthen by 4.2 percent as the impact of temporary factors such as regional conflicts fade.
The investor meetings are scheduled to start from April 23 and will be followed by a dollar-denominated additional tier 1 perpetual non-callable for 5.5 year sukuk offering.
Some GCC NOCs accelerated their sustainability targets after the 28th Conference of the Parties (COP28), which took place in the fourth quarter of 2023. Even so, we expect the overall shift in strategies to adapt to the energy transition will remain gradual as NOCs continue to prioritize their core operations–oil exploration and production.
Egypt is aiming to achieve its targets from the initial public offering (IPO) program within the next 3-5 years, according to Finance Minister Mohamed Maait. Maait stated that Egypt is unlikely to offer government bonds in international markets before the end of the 2023/2024 fiscal year.
Saudi Arabia’s NEOM megaproject is gearing up for its inaugural Saudi riyal Islamic bond (sukuk) sale this year, with plans to raise as much as SAR5 billion ($1.3 billion), Bloomberg reported, citing people familiar with the matter.
Abu Dhabi clean energy company Masdar plans to raise between $750 million and $1 billion through the sale of a green bond this year as it looks to fund its renewable projects globally, a senior executive has said.
Spinneys, the operator of premium supermarkets in the UAE and Oman, plans to list its shares through an initial public offering on the Dubai Financial Market as it seeks to tap into “enormous opportunities” to boost its UAE presence and expand into Saudi Arabia.
On 13 April, Iran conducted drone and missile strikes against Israel (A2 negative) in response to a suspected Israeli airstrike that destroyed the Iranian consulate in Damascus, Syria.
Islamic finance operates on principles that prohibit interest, uncertainty and involvement in speculative activities.
Oman’s debt capital market (DCM) contracted by 7% year-on-year, to $44bn outstanding, in 2023 as the government prepaid more of its debt using the budget surplus from higher oil prices, Fitch Ratings said.
Asset management activity revenues of capital market institutions in Saudi Arabia reached SR4.2 billion ($1.12 billion) in 2023, representing a rise of 58.6 percent in four years.
Asset management activity revenues of capital market institutions in Saudi Arabia reached SR4.2 billion ($1.12 billion) in 2023, representing a rise of 58.6 percent in four years.
Saudi Arabia’s Riyad Bank is considering an initial public offering of its investment banking unit on the main market of the Saudi stock exchange, amid a surge in listings across the GCC on strong investor demand.
Oman’s debt capital market (DCM) contracted by 7% yoy, to USD44 billion outstanding, in 2023 as the government pre-paid more of its debt using the budget surplus from high oil prices, Fitch Ratings says.
Large United Arab Emirates (Aa2 stable) banks’ net profit grew significantly in 2023, driven by higher interest and noninterest income, as business activity remains resilient in the face of uncertain global macroeconomic conditions.
Fitch Ratings has upgraded Ooredoo Q.P.S.C.’s Long-Term Issuer Default Rating (IDR) to ‘A’ from ‘A-‘. The Outlook is Stable. We have also revised the Standalone Credit Profile (SCP) to ‘bbb+’ from ‘bbb’. A full list of rating actions is below.
The Central Bank of Kuwait (CBK) has recently announced the issuance of bonds and tawarruq. The total value of these financial instruments is set at KWD240 million (equivalent to $779.44 million).
The regulation is considered a flexible legislation that encourages innovation Green and Sustainable Bonds and Sukuk and Waqf Sukuk.
The regulation is considered a flexible legislation that encourages innovation for including diversified financing products such as Green and Sustainable Bonds and Sukuk and Waqf Sukuk
Credit ratings agency S&P on Friday revised its outlook on Oman to positive from stable, citing the country’s strengthening fiscal position.
Gulf Cooperation Council (GCC) banks’ US dollar debt issuance is on track for its strongest quarter ever in 1Q24, with issuance already exceeding the full-year 2023 total, Fitch Ratings says.
On 27 March, Mamoura Diversified Global Holding PJSC (Aa2 stable), a strategic investment vehicle under the Government of Abu Dhabi (Aa2 stable), priced its inaugural sukuk issuance worth $1 billion.
Fitch Ratings has assigned Mamoura Diversified Global Holding PJSC’s (MDGH: ‘AA/ Stable’) trust certificate issuance programme a rating of ‘AA’.
Abu Dhabi Islamic Bank (ADIB) announced the successful closure of a sharia compliant syndicated transaction totalling AED865 million (USD 235 million) for BGN and Al Seer Marine to finance new and energy-efficient gas carriers.
Mubadala, through its unit Mamoura Diversified Global Holding, has appointed ADCB, First Abu Dhabi Bank And HSBC as joint global coordinators
The Qatari lender has selected BofA Securities, Emirates NBD Capital, HSBC, Mashreq, MUFG And Standard Chartered Bank as joint lead managers and joint bookrunners
Qatar’s nominal GDP has been estimated to reach $233.1bn this year and $246.1bn in 2025, according to an Emirates NBD forecast.
Aldar Properties aims to increase its sales this year to up to Dh31 billion ($8.4 billion) and is exploring the issuance of benchmark green sukuk this year to support its growth and sustainability ambitions, a senior executive said.
Abu Dhabi conglomerate International Holding Company (IHC) is looking to list a 100 billion UAE dirhams ($27 billion) holding firm by 2025.
S&P Global addressed the potential risks of the climate transition on banks in the Gulf Cooperation Council (GCC) region in a new report on Thursday. The agency discussed GCC banks’ exposures to sectors that are most vulnerable to climate transition risks, the banks’ level of preparedness, and their status of climate risk reporting.
Qatar’s long-term foreign currency issuer default rating has been upgraded to ‘AA’ with a stable outlook by Fitch Ratings, driven by the country strengthening its external balance sheet.
LuLu Group International, which operates one of the Middle East’s largest hypermarket chains, has appointed banks for what could be one of the biggest initial public offerings in the Gulf this year, according to people familiar with the matter
AJB’s IDRs are driven by potential support from the UAE authorities, if needed, as reflected in its Government Support Rating (GSR) of ‘bbb+’, which is two notches below Fitch’s ‘a’ GSR for UAE domestic systemically important banks.
Fitch Ratings has assigned Arabian Centres Company’s (ACC, trading as Cenomi Centres) USD600 million senior unsecured sukuk (trust certificates), issued through Arabian Centres Sukuk III Limited (ACSL3), a final rating of ‘BB+’. The Recovery Rating is ‘RR4’.
Borse Dubai, the holding company of Dubai Financial Market (DFM), plans to sell approximately one-third of its stake in Nasdaq, the New York-based exchange operator, for $1.59 billion.
Saudi Arabia concluded its riyal-denominated sukuk issuance above the $1 billion mark for the fourth consecutive month in March, government data showed.
Mubadala Investment Co. is seeking to raise about $1 billion in its first dollar-denominated Islamic bond sale as the the Abu Dhabi fund seeks to take advantage of increased investor demand for the debt.
The upgrade reflects Fitch’s greater confidence that debt to GDP will remain in line with or below the ‘AA’ peer median after falling sharply in recent years, while Qatar’s external balance sheet will strengthen from an already strong level.
Saudi Arabia’s Public Investment Fund has soared in an annual global ranking of sovereign wealth organizations, thanks to a 55 percent increase in assets under management.
S&P Global Ratings has upgraded Egypt’s credit outlook to positive from stable, maintaining its long- and short-term credit ratings at “B-/B”.
The assets of Islamic banks operating in the UAE exceeded AED700 billion for the first time in history at the end of 2023, according to the latest statistics from the Central Bank of the UAE (CBUAE).
BAB’s Long-Term Issuer Default Ratings (IDRs) are driven by potential support from the Saudi Arabian authorities, as reflected by its Government Support Rating (GSR) of ‘a-‘. BAB’s GSR is in line with that of other Fitch-rated Saudi banks, reflecting Fitch’s view on the Saudi authorities’ strong ability and willingness to support domestic banks.
Lunate Capital Limited, the Abu Dhabi-based asset management firm, has partnered with JPMorgan Chase & Co. to build the first exchange-traded fund (ETF), tracking the performance of bonds in the UAE.
Parkin, the company set up to oversee parking operations in Dubai, has increased the number of shares offered to retail investors in its initial public offering following strong investor demand for the first public float in the UAE this year.
We maintain a stable outlook for the Qatari banking system. Our view is driven by our expectation of higher economic growth as businesses in the non oil-related parts of the economy benefit from projects linked to the expansion of Qatar’s Liquefied Natural Gas (LNG) production capacity.
Our outlook for the Saudi banking sector remains positive. The banks’ operating environment will continue to be supported by the strong momentum in the non-oil sector, which will benefit from the accelerated implementation of the economic diversification agenda.
Reforms have led to the inclusion of key regional equity markets in benchmark indices.
The AF’s rating primarily reflects the support that Fitch expects the fund would receive from its two key shareholders, if needed.
KIB’s IDRs reflect potential support from the Kuwaiti authorities, as reflected in its Government Support Rating (GSR) of ‘a’.
Government pledges for privatization will drive the momentum of initial public offerings in the Gulf Cooperation Council region in 2024, according to Fitch Ratings.
WB’s IDRs reflect potential support from the Kuwaiti authorities, as reflected in its Government Support Rating (GSR) of ‘a’. The Stable Outlook on WB’s Long-Term IDR reflects that on the Kuwaiti sovereign rating.
Non-oil private sector businesses in Dubai enjoyed robust performance in February on the back of an increased volume of new orders, prompting companies to hire more people at the fastest rate in the last eight years, a business survey revealed on Monday.
Transport, tourism and logistics are set to help the Gulf Cooperation Council region secure gross domestic product growth far above the lobal average, economists have told Arab News.
Global rating agency Moody’s Ratings has upgraded Egypt’s credit outlook from negative to positive following the country’s successful acquisition of fresh foreign funds from the International Monetary Fund (IMF) and bilateral lenders.
Nasdaq Dubai welcomes the inaugural Sukuk listing by Binghatti Holding, a leading Dubai-based property developer on the region’s esteemed international financial exchange.
Credit profiles of financial market infrastructure (FMI) companies in Gulf Cooperation Council (GCC) markets continue to be supported by capital market reforms, resilient initial public offerings and fixed-income listings as well as their key role in developing and diversifying local economies, Fitch Ratings says in a new report.
Abu Dhabi wealth fund ADQ has chosen advisers, including HSBC Holdings (HSBA.L), Citigroup (C.N), and First Abu Dhabi Bank (FAB.AD), for a potential initial public offering of Etihad Airways, Bloomberg News reported on Thursday.
Abu Dhabi’s long-haul operator Etihad Airways could be one of the next UAE companies to go public with an initial public offering (IPO) or a direct listing, according to a Bloomberg report.
Saudi’s largest shopping mall operator, Arabian Centres (Cenomi Centers), launched a $500 million five-year non-callable for two years Islamic bond, or sukuk, according to an arranging bank document seen by Reuters on Thursday.
Doha Bank sets the stage for a major bond sale, leveraging top global banks to attract international investors. A strategic move reflecting robust financial planning.
Markets in the GCC and the broader Mena region are on the right growth trajectory and the flow of deals for investment banks is likely to continue even after goals of the economic diversification programmes are achieved, a senior Morgan Stanley executive has said.
The recently unveiled Sustainable Finance Framework outlines the intention to issue Green, Social, and Sustainability bonds, loans, or sukuk for projects delivering environmental and social benefits.
The issue of gender inequality, particularly in the realm of labour markets, continues to be a pervasive challenge in societies worldwide.
Saudi Arabia’s Public Investment Fund has set the yield for its seven-year dollar-denominated sukuk at 85 basis points above US Treasuries, according to a banking document reported by Reuters on Tuesday.
The size is the largest sustainable issuance by a Middle East financial institution, in nearly a year.
Investors put in about $40 billion of orders for Saudi Arabia’s Modern Mills for Food Products Co.’s initial public offering, as demand for share sales in the Middle East shows no signs of abating.
The government of Sharjah has tightened price guidance for its 12-year benchmark-sized U.S. denominated senior unsecured sustainable bond issuance, a lead bank document showed on Wednesday.
Liquidity management in Jordan’s cash market is set to undergo a significant transformation as the country’s central bank introduces new tools for monetary policy.
Fitch Ratings has assigned Binghatti Holding Ltd.’s (Binghatti; Long-Term Issuer Default Rating (IDR): B+/Positive) USD300 million senior unsecured sukuk (trust certificates), issued through Binghatti Sukuk SPC Limited (Binghatti Sukuk), a final rating of ‘B+’. The Recovery Rating is ‘RR4’.
Parkin, the company set up by Dubai to oversee parking operations, will offer a 24.99 per cent in an initial public offering as the emirate continues efforts to boost its capital markets.
Fitch Ratings has assigned Arabian Centres Company’s (ACC, trading as Cenomi Centres) senior unsecured sukuk (trust certificates), to be issued through Arabian Centres Sukuk III Limited (ACSL3), an expected rating of ‘BB+(EXP)’.
Saudi Arabia’s Public Investment Fund plans to tap the debt market for the second time this year with a seven-year dollar-denominated sukuk, a document showed on Monday, Reuters reported.
Dubai Islamic Bank, the biggest Islamic lender in the United Arab Emirates, has started selling 5-year sustainable sukuk, according to an arranging bank document reviewed by Reuters on Monday.
Dubai-based real estate developer Binghatti made a debut in the debt sukuk market on Monday, with subscriptions reaching $621 million, well above the $300 million issue size, a statement showed.
Saudi Arabia’s sovereign wealth fund has hired banks to tap the debt market for the second time this year with an Islamic dollar bond, a document emailed to the banks on Monday and reviewed by Reuters showed.
Saudi Arabia is seeing a growing interest in credit ratings, mainly driven by expanding global investments, regulatory reforms, and economic diversification, according to Moody’s.
The economies of the UAE and Gulf countries are expected to outpace the global forecast for 2024. The surge in economic growth is driven by a domestic multi-year investment cycle.
According to the latest report by the Organisation for Economic Co-operation and Development (OECD), Egypt’s GDP is set to grow to 5.1 percent by the fiscal year 2025-2026. The report suggests the growth will be driven by growing consumption if inflation declines and fiscal support gradually withdraws.
The gross domestic product (GDP) of Saudi Arabia has jumped to more than SAR 4 trillion from SAR 2.6 trillion in nominal terms, Minister of Investment, Khalid Al Falih stated during the third Saudi Capital Market Forum in Riyadh.
The head of Middle East, Africa and Central Asia highlighted the growth and defensive characteristics of healthcare strategies expected to do well in current market conditions.
Investor meetings are scheduled to start from February 20 and will be followed by a benchmark-sized US dollar-denominated unsecured Sukuk offering.
Emerging markets were supposed to be the investment of the millennium, but it has not turned out that way.
The UAE’s largest lender First Abu Dhabi Bank has given initial price guidance at 120 basis points over U.S. Treasuries for its 5-year benchmark-sized debt issuance, fixed income news service IFR reported on Wednesday.
Saudi National Bank, the kingdom’s biggest lender, has given an initial price guidance at around 120 basis points over U.S. Treasuries for its latest five-year sukuk, according to a document reviewed by Reuters on Tuesday.
The Bahraini Islamic finance industry is well-developed, and Fitch Ratings expects continued growth in 2024–2025, driven by banking sector consolidations, bottom-up demand, sukuk’s growing role in diversifying government funding and meeting fiscal deficits, and increasingly enabling regulations.
Saudi Arabia has invited the market to join a public consultation on a planned framework to enable large shareholders to float additional shares, said Abdullah Binghannam, Deputy of Financing and Investment, Capital Market Authority.
Saudi Arabia’s digital journey is advancing, with the fintech sector claiming the largest share of venture capital, according to the chairman of the Capital Market Authority.
Saudi Arabia’s Tadawul stock exchange has a strong initial public offering pipeline with more companies seeking to list on the Arab world’s biggest bourse by market capitalisation, the head of the kingdom’s Capital Markets Authority has said.
During the third Saudi Capital Market Forum in Riyadh, H.E. Khalid Al-Falih, Saudi minister of Investment, provided an update on Saudi Arabia’s progress towards achieving its investment targets under Vision 2030.
Saudi Aramco may sell bonds this year as financial markets have improved and the company looks to offer longer-dated debt, according to the state oil producer’s finance chief.
The GCC countries could accelerate the region’s economic growth by adding more than $2.5 trillion to GDP over the next decade through productivity performance enhancement, a new study has revealed.
Sovereign funds in the GCC region are key to their respective governments’ national development plans and contribute to deploying national wealth in strategic sectors of interest.
The EU should consider tackling barriers that prevent stock exchanges from merging to deepen the bloc’s capital market and stop it falling behind competitors, euro zone finance ministers said in a draft statement seen by Reuters.
The GCC market faces challenges related to oil price volatility and regulatory changes, but four sectors could drive investment opportunities, says Musa Haddad from FAB.
The savings round of Saudi Arabia’s first Shariah-compliant and government-backed sukuk (Sah) for the month of February came to end with a total volume of requests reaching SR861 million ($229.5 million).
Saudi Arabia concluded its riyal-denominated sukuk issuance above the $2 billion mark for the third consecutive month in February, official data showed.
Egypt is aiming for $6.5 billion in revenues in 2024 from the government’s initial public offering program, according to the finance minister.
Saudi Arabia’s Middle East Healthcare Company, the company behind Saudi German Hospitals, has commenced the public offering of its riyal-denominated sukuk.
Alternative investment company Investcorp plans to list at least one of its portfolio companies in the Gulf in 2024, a senior executive said, as its Abu Dhabi-listed unit Investcorp Capital reported financial results.
Following the successful completion of two initial public offerings (IPOs) of its subsidiaries Abraj Energy Service Company and OQ Gas Networks in 2023, Oman’s globally integrated energy group, OQ, is considering IPOs of two more subsidiary companies this year, according to a Bloomberg report.
Fitch Ratings has assigned Nama Electricity Distribution Company SAOC’s (NEDC; BB+/Stable) sukuk trust certificate issuance programme, issued through the trustee (Mazoon Assets Company SAOC; MAC), and its USD500 million issue due 2029 – final ratings of ‘BB+’.
The IMF, which is forecasting GDP growth of 1.9% for Qatar in 2024, said the Gulf state has remained resilient to recent global shocks and its economic outlook is favourable.
According to the latest report from the International Monetary Fund (IMF), the Qatar economy is expected to continue normalizing in the near term after receiving a boost in 2022 from hosting the World Cup.
Saudi Arabia is set to hire Citigroup Inc, Goldman Sachs Group Inc. and HSBC Holdings Plc for a secondary share sale in Saudi Aramco, a deal that would raise about $20 billion, Bloomberg News reported on Thursday, citing people familiar with the matter.
Modern Mills set to be second milling firm to list in Riyadh.
Kingdom split the government-controlled flour milling industry.
Outstanding ESG sukuk grew significantly in 2023, reaching USD36.1 billion globally at year-end (all currencies).
Emirates Strategic Investments Company, owned by Sheikh Mansour bin Zayed al-Nahyan, a member of Abu Dhabi’s royal family, has set initial price guidance for its 5-year sukuk, according to a document reviewed by Reuters on Wednesday.
Bahrain recently issued sukuk and bonds worth $2 billion. The issuance consists of sukuk worth $1 billion at 6 percent for a period of 7 years.
Outstanding ESG sukuk expanded by 56.8% yoy to reach USD36.1 billion globally at end-2023 (all currencies).
Saudi Arabia led the Middle East and North Africa initial public offerings, with 14 out of 19 listings occurring in the fourth quarter of 2023.
The initial price guidance for its 5-year sukuk has been placed at around 130 basis points over U.S. Treasuries while its its 10-year sukuk has been placed at 145 bps over the same benchmark.
The initial price guidance for its benchmark-sized dollar-denominated 12-year bonds has been placed around 8%, the document said
The GCC could be headed for another bumper year for initial public offerings in 2024, thanks to the regional government’s push for privatisation, the growing appetite of private sector companies to raise capital and strong investor demand, according to companies and analysts.
With interest rates at their highest for a decade and government bond yields hovering around 2.2%-5% depending on currency and maturity, retail demand for bonds is alive and kicking.
OQ is planning to list exploration and production business.
Oman has embarked on a privatization drive like Gulf neighbors.
The Middle East and North Africa (MENA) markets experienced remarkable growth in 2023, witnessing a total of 48 Initial Public Offerings (IPOs) that generated an impressive $10.7 billion in revenues.
The MENA region saw 48 IPOs last year, down 6% from 2022, while proceeds fell 51% year-on-year to $10.7 billion.
Fitch Ratings has assigned Nama Electricity Distribution Company SAOC’s (NEDC; BB+/Stable) upcoming sukuk trust certificate issuance programme, issued through the trustee (Mazoon Assets Company SAOC; MAC), an expected rating of ‘BB+(EXP)’.
The Qatar Central Bank issued treasury bills and Sukuk with maturities of one week, one month, three months, six months, and nine months, totaling QR2.5bn.
The Sukuk market is bigger than both European high yield and Swiss bonds. Citywire Selector spoke with fund managers to learn more about how the space has evolved.
Qatari banks’ stable financial metrics will continue in 2024, says Fitch Ratings in a new peer review report, as hydrocarbon prices and higher interest rates continue to support operating conditions for banks
Foreign direct investment inflows to Saudi Arabia hit SR17 billion ($4.53 billion) in the third quarter of 2023, according to the General Authority of Statistics.
Saudi Arabia is planning to sell an additional stake in Saudi Aramco in February, Bloomberg reported on Wednesday citing sources.
The firm has picked Emirates NBD Capital, First Abu Dhabi Bank and Standard Chartered Bank as joint global coordinators.
The United Arab Emirates has seen a pick up in interest from a number of UK financial technology firms hoping to pursue a dual listing in the Gulf country, according to Economy Minister Abdulla bin Touq Al Marri.
In its Fixed Income Report, Kuwait Financial Centre “Markaz” states that Primary debt issuances of Bonds and Sukuk in the Gulf Cooperation Council (“GCC”) Countries amounted to USD 95.3 billion during the year 2023 compared to USD 79.2 billion raised in 2022, marking a year-on-year growth of 20.3%.
The International Monetary Fund has raised its global economic growth forecast, with increased prospects of a soft landing this year, but risks remain amid slow and divergent economic progress as geopolitical uncertainty mounts.
The Egyptian government is exploring the issuance of bonds denominated in Emirati dirhams, Indian rupees, and Hong Kong dollars, in a bid to broaden its financing options and attract global investors.
Kuwait’s economic growth is likely to remain flat to slightly negative in 2024 on the back of additional oil sector cuts, the National Bank of Kuwait said in its latest quarterly economic brief.
Albilad MSCI Saudi Growth ETF will start trading on the main market (TASI) on Jan. 31, with the symbol 9408 and ISIN Code SA160G54J043, the Saudi Exchange (Tadawul) said in a statement.
Fitch Ratings has affirmed National Central Cooling Company PJSC’s (Tabreed) Long-Term Issuer Default Rating (IDR) at ‘BBB’, with a Stable Outlook. A full list of rating actions is detailed below.
Saudi Arabia’s sukuk and bond issuances rose 2.8 percent year on year in value by the end of the final quarter of 2023, reaching about SR758.8 billion ($202.34 billion), data issued by the Saudi Exchange showed.
The Reg S issue attracted strong interest from investors around the world which reflected their confidence in QNB Groups financial strength and its position as the largest financial institution in the MEA region.
Saudi Arabia’s Public Investment Fund has completed the pricing of a bond offering worth $5 billion.
The United Arab Emirates topped regional green bond league tables, with sales reaching US$10.7 billion, up nearly 170 percent and accounting for approximately 45 percent of regional totals.
The UAE is planning to issue sukuk and bonds worth 5 billion dirhams ($1.36 billion) in the first quarter of this year, revealed a top official.
The Gulf Cooperation Council (GCC) countries were the key drivers of higher bond issuances in last year. Total bond issuances by GCC countries stood at $58.2bn during 2023 as compared to $40.4bn during 2022, registering an increase of 44.2 percent or $17.8bn.
Saudi Arabia’s funding diversification plans and market development initiatives are bearing fruit, with the Kingdom’s debt capital market expected to witness continued growth in 2024.
Moody’s downgraded the long-term bank deposits of five Egyptian banks. The affected banks are National Bank of Egypt (Al Ahly), Banque Misr, Banque du Caire, Commercial International Bank Egypt, and ALEXBANK. Moody’s has revised the outlook from “stable” to “negative.”
Saudi Arabia continued to lead initial public offerings in the Gulf Cooperation Councill region in 2023, with 35 out of the 46 IPOs occurring in the Kingdom.
The UAE continued its domination in terms of initial public listing proceeds in the GCC in 2023, accounting for almost 56.3 per cent of the region’s total issuance proceeds.
CEEMEA bond market bankers for many years have railed against a problem of their own making – issuers paying nothing in fees for their bond issuance. But an end to their dilemma is in sight.
The outlook for the GCC region in 2024 is more optimistic in comparison to the rest of the world, supported by the reversal of oil production cuts, still strong international oil prices and growth in the non-oil economy, analysts at a global professional services network said.
Saudi Arabia’s Public Investment Fund (PIF), the country’s sovereign wealth fund, launched a $5bn bond on Monday, capital markets publication IFR reported.
The size of the UAE debt capital market (DCM) rose by 10% year on year (yoy) to USD270 billion outstanding at end-2023 and is forecast to cross USD300 billion in 2024-2025, Fitch Rating says.
Qatari investment company Estithmar Holding has set up a 3.4 billion riyal ($934 million) Shari’a compliant trust certificate programme for trust certificates to be issued by Estithmar Sukuk Limited LLC, a special purpose company (SPC) incorporated in the Qatar Financial Centre.
Saudi Arabia’s Public Investment Fund has released initial pricing indications for its three-tranche US-dollar-denominated bond, as revealed in a bank document seen by Arab News.
Saudi Arabia’s debt capital market (DCM) is likely to maintain its growth in 2024, says Fitch Ratings. Outstanding Saudi DCM expanded 14.5% yoy, reaching USD360 billion, at end-2023. In the medium term, Fitch expects Saudi’s outstanding DCM to reach USD500 billion.
Saudi Arabia is expected to issue more bonds after its multibillion-dollar international offering this month to manage its liabilities, the country’s finance minister has confirmed.
Global ratings agency Moody’s revised its outlook on Egypt to “negative” from “stable” on Thursday, citing increasing risks that the country’s credit profile will continue to weaken amid difficult macroeconomic and exchange rate rebalancing.
The sector outlook for corporates in the Gulf Cooperation Council (GCC) countries is neutral for 2024, supported by public-sector spending, mainly in infrastructure and energy, Fitch Ratings says in a new Outlook report.
QIIB announced the successful issuance of its $500m sustainable “Oryx” sukuk for a period of five years, as part of the bank’s sukuk programme with a total value of $2bn.
Fitch Ratings has affirmed Kuwait Finance House (K.S.C.P.)’s (KFH) Long-Term Issuer Default Rating (IDR) at ‘A’ with a Stable Outlook. Fitch has also affirmed KFH’s Viability Rating (VR) at ‘bb+’.
Qatar is set to launch its inaugural green bond in what would be its first external debt issuance in four years, according to its finance minister.
Saudi government-issued debt instruments worth SR5.17 billion ($1.37 billion) are set to be listed on the Kingdom’s stock exchange, following the latter’s approval of the Ministry of Finance’s request.
The UAE led the Gulf Cooperation Council (GCC) in IPO proceeds, securing $5.5 billion from seven flotations in 2023, according to Kuwait Financial Centre (Markaz).
On 11 January, the US (Aaa negative) and UK (Aa3 stable) began strikes on Yemen’s Houthi rebels following attacks on commercial shipping through the Bab al-Mandab strait.
Private banking heads from Mashreq, Deutsche Bank, Standard Chartered and Lombard Odier, share insights about the evolving landscape in the Middle East this year.
Oman Telecommunications Company (Omantel) has announced the initiation of a series of meetings with qualified fixed-income investors on Tuesday to discuss the anticipated benchmark seven-year Sukuk offering in US dollars.
Saudi Arabia’s Middle East Healthcare Company, the company behind Saudi German Hospitals, has announced its intention to issue sukuk via public offering.
Efforts made by the GCC states to diversify their economies are complementary, rather than competing in the bloc, as the region continues to post strong growth, officials said at the World Economic Forum on Tuesday.
Saudi Arabia’s National Debt Management Center concluded its riyal-denominated sukuk issuance for January at SR8.825 billion ($2.35 billion).
Our outlook for sovereign creditworthiness in the Middle East and North Africa (MENA) is stable. Investment, including the implementation of long-term projects, and supportive commodity prices will keep output solid across most economies
With close to $45 billion of GCC debt maturing this year, refinancing of these instruments are expected to account for the bulk of the bond issuances by corporates and governments in the region this year, a report showed.
Oman’s Bank Muscat has secured regulatory approval to invest 150 million Omani rials ($390 million) in the Gulf region. The mandate of the systematic investment plan involves a strategic interest in various listed banks within the region.
Nasdaq Dubai welcomes the listing of a USD 600 million green bond by China Construction Bank (DIFC Branch). The green bond issuance targets combating climate change, represents China Construction Bank’s significant commitment to sustainable financing and highlights the growing synergy in green financing between China and UAE.
From an economic perspective, 2023 was a good year for the GCC.
Higher interest rates and slowing global growth appeared to have little impact on regional non-oil economic activity, which was underpinned by significant investment, some population growth and a continued rebound in post-coronavirus travel and tourism.
Fitch Ratings has affirmed ADNOC Murban RSC LTD’s (ADNOC Murban) Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘AA’ with a Stable Outlook.
Sukuk issuance globally is expected to total between $160 billion and $170 billion in 2024 thanks to higher financing needs in some core Islamic finance countries, according to S&P Global.
Islamic financing has good potential for growth in the Commonwealth of Independent States (CIS) region because Central Asian countries and Azerbaijan have large Muslim populations. However, establishing related regulations and laws, and increasing public awareness, will take time, which will limit the sector’s growth in the foreseeable future.
The Gulf Cooperation Council countries witnessed a surge in US dollar sukuk issuance, registering a 178 percent year-on-year growth in the past year.
Aggregate bond issuances in the Middle East and North Africa region reached $95.9 billion in 2023, marking an 18.98 percent increase compared to 2022.
Moody’s Investors Service has assigned an SQS2 Sustainability Quality Score (Very Good) to the Government of Oman’s sustainable finance framework, which was issued last week.
Of late, businesses in the Gulf Cooperation Council region have become more inclined toward pooling their resources to achieve operational efficiency and maximize profits.
An expected slowdown in the world economy this year means investors around the globe will find it harder to generate returns and will need to revisit their investment strategies amid changing inflation and interest rate dynamics, a top asset manager has said.
Fitch Ratings has affirmed The Saudi National Bank’s (SNB) Long-Term Issuer Default Rating (IDR) at ‘A-‘ with a Stable Outlook. Fitch has also affirmed SNB’s Viability Rating (VR) at ‘a-‘ and Short-Term IDR at ‘F2’.
An uptrend in global sukuk issuance has been projected for 2024, with the market expected to cross $1 trillion in the medium term, according to Fitch Ratings, despite geopolitical events, monetary tightening, and fluctuating oil prices.
Gulf asset manager Amwal Capital Partners plans to launch a fixed income division to tap opportunities in the region, it said on Wednesday.
First Abu Dhabi Bank (FAB) has successfully issued a 5-year USD 800 million Sukuk at US Treasury +85bps which resulted in an all-in yield of 4.779%.
In recent months, financial markets have been focused on the rise in US government bond yields, particularly given the 10-year yield has reached 5%.
Lower- and lower-middle-income economies risk losing 12% of GDP to hazards such as storms, but investing up to 0.6% of GDP in adaptation will have high returns.
Kuwait’s largest lender Kuwait Finance House has launched $1 billion in dollar-denominated 5-year debut senior Islamic bonds, or sukuk, fixed income news service IFR reported on Wednesday.
We have assigned an SQS2 Sustainability Quality Score (very good) to the Government of Oman’s sustainable finance framework dated 8 January 2024. T
Oman unveiled late on Wednesday a sustainable finance framework to help the Gulf country reduce its reliance on fossil fuels and attract environmental, social and governance (ESG) investors.
The United Arab Emirates’ largest lender, First Abu Dhabi Bank, has given price guidance of around 100 basis points over U.S. Treasuries for its dollar-denominated Islamic bonds, according to a document seen by Reuters on Monday.
Last month the Dubai government announced another IPO, this time for Dubai Taxi Co. It’s the latest in a deepening pipeline of IPO activity that’s setting the stage for more companies to go public
Saudi Arabia plans to tap global debt markets on Monday with the sale of a triple-tranche bond with tenors of six, 10 and 30 years, IFR, a capital markets publication, reported.
Saudi Arabia’s media conglomerate MBC Group has become the first new listing in the Kingdom’s Tadawul All Share Index in 2024.
The Saudi Exchange has announced the launch of the TASI50 Index, which tracks the top 50 companies listed on the Saudi Exchange by total market capitalization. The index is calculated in real time and tracks the stocks of the largest companies in the market.
Last year proved especially challenging for many asset managers. Analysis by Citywire Amplify highlighted how the past 12 months have really tested active managers, with just 35% of analysed peer groups outperforming rivals
The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital inflows, and reform implementation
An Emirati company wants to broker a nascent market in which nations trade emission reductions even before regulations are agreed upon.
ADNOC and OCI enter into a binding agreement for ADNOC to purchase OCI’s entire stake in Fertiglobe for $3.62 billion, with the transaction expected to complete in 2024.
Oman’s sovereign wealth fund, the Oman Investment Authority (OIA), is set to launch several initial public offerings (IPOs) and enlist state assets, as the sultanate looks to boost its capital market, Bloomberg reported on Thursday.
In a volatile global market, sukuk deals have been the engine of Islamic finance issuance across the MENAT region.
It has been a busy year for capital markets across the Middle East in general, and the six-nation Gulf Cooperation Council (GCC) in particular
Masdar, Abu Dhabi’s renewable energy company, is aiming to raise $3 billion over the next few years through its Green Finance Framework, a senior official said.
Saudi Arabia’s media giant MBC Group has set its final IPO price at 25 riyals per share.
MBC group is planning to raise as much as $222 million from the sale of a 10% stake via an IPO.
Fadel Mahmoud Abdullah will play an integral role in steering the new strategic direction of the bank.
RIYADH: The total value of sukuks, green and sustainability-linked bonds registered with the UAE’s Securities and Commodities Authority reached about 15.45 billion dirhams ($4.2 billion) between January and November, according to a top official.
Dubai has set up a new fund as an independent public entity to oversee all government investments under a law issued by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.
Dubai – The Gulf Capital Market Association (GCMA) successfully concluded its 2023 Summit, “The Path to a Sustainable Capital Market,” held as part of the COP28 Climate Action Innovation Zone. The event brought together global industry leaders, investors and market participants to discuss the critical role of the region’s financial markets in the global transition to sustainability.
Saudi Arabian media giant MBC Group, which received regulator approval to float 10% of its share capital on the Saudi Tadawul exchange, has set the indicative price range for the offering at between 23 Saudi riyals ($6.13) and SAR 25 per share.
Saudi Arabia is committing itself to a sustainable and green future through a variety of initiatives, with one of the most high-profile set to be held at the upcoming climate conference in Dubai.
ESG sukuk in the UAE has been on a growth path and will continue to expand amid funding requirements to meet energy transition goals, according to a new analysis.
Fitch Ratings has affirmed Bank Muscat SAOG’s (BM) Long-Term Issuer Default Rating (IDR) at ‘BB+’ with a Stable Outlook. Fitch has also affirmed the bank’s Viability Rating (VR) at ‘bb+’.
Dubai Taxi Company said it raised Dh1.2 billion (approximately $315 million) in the initial public offering after pricing it at the top of the range.
There is a visible push for ESG sukuk in the UAE as COP28 approaches, says Fitch Ratings in a new dashboard. Fitch expects outstanding ESG sukuk in the UAE to reach 17.5%–20% of total sukuk issuance in the medium term.
Saudi Exchange has officially launched single stock options, the newest offering in its derivatives market, with trading begining on the morning of Nov. 27.
Two sovereign issuers recently complained that the pricing advantage of doing a green bond rather that a conventional one – the fabled greenium – was not enough to justify the extra costs associated with labelled issuance.
The Abu Dhabi Securities Exchange (ADX) launched on Wednesday the listing of First Abu Dhabi Bank’s (FAB) AED1.3 billion ($353 million) green sukuk, which is expected to contribute to the UAE’s economic diversification and sustainability efforts.
The issuance was split into four tranches maturing between March 2029 and March 2036 and with profit rates of between 9.87% and 11.9%.
Regulatory headwinds arising from the guilty plea of Changpeng Zhao (CZ), the former CEO of world’s largest digital assets exchange Binance, will likely increase, but overall, will not hinder long-term developments of digital assets.
Dubai Financial Market (DFM) today announced the introduction of a pilot program for trading carbon credits, scheduled to debut at COP28
We believe the time is now for the Tayyib concept and the beautiful principles it encapsulates to come to the fore in Islamic finance.
Abu Dhabi Commercial Bank PJSC (ADCB) has successfully priced an Additional Tier 1 (AT1) Bond with a principal amount of USD 750 million.
All Middle East and North Africa (MENA) sovereigns face significant water-related challenges, which will be compounded by the effects of climate change
With the UAE hosting the pivotal COP28, the intersection of climate policy and market strategy is more prominent than ever. Discerning traders are positioning themselves to take advantage of specialized financial products that are both climate-forward and financially astute, including the Green Index, the ESG Index, the EV Index, and the EUA Futures CFDs.
Regional broadcaster MBC Group has received approval from Saudi Arabia’s market regulator for an initial public offering amid the listing boom in the Gulf.
Fitch Ratings has affirmed UAE-based Majid Al Futtaim Holding LLC’s (MAF) Long-Term Issuer Default Rating (IDR) and senior unsecured rating at ‘BBB’. The Outlook on the IDR is Stable. A full list of ratings is below.
Dubai Taxi Company (DTC) has set a price range of AED1.8 ($0.49) to AED1.85 ($0.50) a share, with its IPO subscription opening on Tuesday. A total of 624,750,000 shares, equivalent to 24.99% of DTC’s total issued share capital, will be offered.
Ann Prendergast succeeds Rory Tobin, who retired in June this year after nine years at SSGA.
Riyadh: The value of foreign investments in the Saudi capital market has increased by 300% over the past five years, specifically from 2018 to the end of 2022, reaching SAR 347.01 billion by the end of the period. This constitutes 14.2% of the total value of the free float in the main market, compared to SAR 86.86 billion in 2018, which represents 3.77% of the total value of free float shares in the main market for that year.
Saudi Capital Market Authority (“CMA”) called upon relevant and interested persons participating in the capital market to share their feedback on the Exclusion of Companies Listed in the Saudi Stock Exchange (Tadawul) from the Meaning of the Phrase (Non-Saudi) in accordance with the Law of Real Estate Ownership and Investment by Non-Saudis for a period of fifteen (15) days ending on 15/05/1445 AH, corresponding to 29/11/2023.
The global asset manager has launched a Shariah compliant multi-asset income fund to boost income and increase the value of investments.
UAE’s third-largest lender Abu Dhabi Commercial Bank is planning to sell perpetual non-call 5.5-year debt instrument, an arranging bank document seen by Reuters showed on Thursday.
The Dubai Electricity and Water Authority (Dewa) expects low-carbon hydrogen to play a bigger role in its energy mix in the longer term, according to its chief executive.
Conviction around lower inflation, rates and yields has pushed investors back into sizeable fixed income bets.
Fitch Ratings has affirmed Public Investment Fund’s (PIF) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at ‘A+’ with Stable Outlook. Fitch has also affirmed PIF’s special-purpose vehicle (SPV) GACI First Investment Company’s guaranteed EMTN programme ratings and senior unsecured long-term ratings of US dollar-denominated bonds at ‘A+’.
The Dubai Virtual Assets Regulatory Authority (VARA) has officially launched its highly anticipated licensing framework for virtual asset service providers (VASPs), ushering in a new era of regulatory oversight for virtual asset activities within the Emirate of Dubai (excluding the Dubai International Financial Centre)
Andy Acker suggests a barbell approach to position healthcare in 2024 to balance the sector’s defensive qualities with potential growth opportunities.
Abu Dhabi Islamic Bank (ADIB) is set to issue a dollar-denominated senior green sukuk following investor calls that were scheduled to start on Monday.
Insurers in Saudi Arabia (A1 positive) have delivered strong performance for the first nine months of 2023, reversing the weak performance of recent years. The sector is benefiting from the continued expansion of compulsory medical and motor insurance, stronger investment returns thanks to rising interest rates, and significant price rises following a rise in claims in 2021 and 2022.
Rapid economic growth in Saudi Arabia (A1 positive) and strong demand for credit have led to funding pressures at Saudi banks. As GDP growth peaks and high interest rates start to weigh on loan demand, funding pressure will ease slightly but will not disappear.
Diriyah Company, the developer turning the historic Saudi city into a tourism giga-project, is considering an initial public offering on the Tadawul stock exchange by early 2027, as the kingdom seeks to develop non-oil sectors and attract international tourists.
MENA debt issuances nearly tripled in value year-on-year (YoY) during the first nine months of 2023 to $61.1 billion, according to data from the London Stock Exchange Group’s (LSEG) Deals Intelligence. However, this was below the value recorded for the previous five years.
Climate change, a global crisis that’s unfolding in real time, is rapidly elevating the urgency for a transition to a low-carbon economy. While governments, businesses, and individuals all play pivotal roles in combatting this crisis, another critical group has the power to effect significant change: investors and shareholders.
Fitch Ratings has downgraded Egypt’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B-‘ from ‘B’. The Outlook is Stable
Dubai-listed Shuaa Capital has received support of 93% of its noteholders to extend its $150 million bond after down to the wire negotiations over the last week.
Saudi Arabia – As the government fosters a favorable environment for the asset management industry to flourish, assets under management (AUM) in Saudi Arabia have reached to more than 25% of the size of country’s GDP, according to KPMG’s latest Asset Management Review 2023 publication.
The Islamic Development Bank, a Jeddah-based multilateral lender, has picked banks to organise investor meetings for the sale of a 5-year sukuk, fixed income news service IFR reported on Monday.
Around $1 trillion worth of preliminary investments will pour into Saudi Arabia’s six key sectors by 2030, as the kingdom implements a wave of reforms to transform its economy, according to Goldman Sachs Research.
As the world grapples with climate change, the UAE stands at an enviable yet challenging crossroads. As the first country in the Gulf to set ambitious net-zero targets, the UAE is not just embracing global efforts to mitigate climate impact, it is also spearheading them.
Environmental, social and corporate governance (ESG) sukuk rose significantly in the third quarter of the year and is expected to grow further to cross nearly 8% of global outstanding sukuk in the next few years, according to Fitch Ratings.
International acquisitions are booming. GCC operators are looking for telecommunications enterprises, primarily in Europe and potentially in Africa and Asia
NEOM Green Hydrogen Co. witnessed a leadership change with Wesam Al-Ghamdi succeeding David Edmondson as CEO. Under Edmondson’s guidance, NGHC reached full financial closure on its green hydrogen plant in May 2023, which is is currently being built at Oxagon.
Saudi Arabia’s New Murabba Development Co. is open to tapping into the alternative equity and initial public offering markets at the “right time,” according to a top executive.
ACX established its regional base in ADGM in August 2021 with the support of Hub71, Abu Dhabi’s global tech ecosystem.
Osool and Bakheet Investment Company set the price for its initial public offering (IPO) on the Parallel Market (Nomu) of the Saudi Exchange (Tadawul) at SAR 45 per share.
Saudi Arabia will implement its January 2024 deadline requiring international firms that wish to secure government contracts in the kingdom to locate their regional headquarters to Riyadh, the finance minister said on Wednesday.
Oman Telecommunications Company (Omantel) had initially announced a series of meetings with qualified fixed income investors on October 3, 2023, to discuss an anticipated benchmark seven-year Sukuk offering in US dollars.
The Muscat Stock Exchange (MSX) has become the first regulator in Oman to issue environmental, social and governance (ESG) guidelines.
Investcorp Capital plc, an Abu Dhabi Global Market-based alternative investor, on Tuesday announced its intention to proceed with an IPO and list its stock on the Abu Dhabi Securities Exchange (ADX).
Saudi Arabia’s Public Investment Fund (PIF) is planning an initial public offering of Nupco, a wholly owned subsidiary, as early as next year, Bloomberg reported, citing informed sources.
In its continuous efforts to raise financial awareness in the investment community and shed light on the latest developments and trends in the international investment community to participants in the Kuwaiti capital market, Boursa Kuwait organized a series of sessions and workshops during the month of October, the latest of which was a collaboration with the Certified Financial Analysts Society (CFA) and its chapters in Kuwait and Bahrain on sustainable finance, held on Wednesday, October 18, 2023.
Fitch Ratings has assigned Public Investment Fund’s (PIF: A+/ Stable) trust certificate issuance programme, issued through the trustee SUCI Second Investment Company (SSIC), a final rating of ‘A+’. The rating is in line with PIF’s Long-Term Issuer Default Rating (IDR).
Phoenix Group, the Abu Dhabi-based blockchain and crypto solutions company, on Friday said it would go public as it aims to expand and boost its offerings.
The $3 trillion Islamic finance industry is expected to expand by around 10% per year in 2023-2024, similar to 2022, S&P Global Ratings said in a new report.
Countries in the Gulf Cooperation Council (GCC), mainly Saudi Arabia and Kuwait are primarily fuelling this performance, although the growth was either muted or held back by local currency depreciation.
Oman’s OQ Gas Networks (OQGN), the pipeline business of state oil giant OQ, is expected to price its $771m initial public offering (IPO) at the top of the marketed range, according to terms seen by Reuters. Orders below 140 Omani baisas ($0.36) per share risk missing out on the deal, one of the banks on the transaction said in a message to investors seen by Reuters.
Affirming Saudi Arabia’s continuous growth, the International Monetary Fund revealed that the Kingdom’s gross domestic product is expected to rise by 4 percent in 2024.
Fitch Ratings has affirmed Emirates NBD Bank PJSC’s (ENBD) Long-Term Issuer Default Rating (IDR) at ‘A+’ with a Stable Outlook and its Short-Term IDR at ‘F1’. Fitch has also upgraded ENBD’s Viability Rating (VR) to ‘bbb-‘ from ‘bb+’. A full list of rating actions is below.
Fitch Ratings has affirmed First Abu Dhabi Bank P.J.S.C.’s (FAB) Long-Term Issuer Default Rating (IDR) at ‘AA-‘ with a Stable Outlook, and Short-Term IDR at ‘F1+’. At the same time, Fitch has affirmed FAB’s Viability Rating (VR) at ‘a-‘. A full list of rating actions is found below.
Seeking to add new momentum to Oman’s rapidly expanding Islamic finance sector, the Capital Market Authority (CMA) is spearheading a number of initiatives with a particular focus on strengthening the Islamic capital market.
The latest figures released by the World Bank showed the UAE economy is estimated to expand at 3.4 per cent in 2023 and 3.7 per cent in 2024 as compared to earlier forecasts of 2.8 per cent and 3.4 per cent.
Dubai-based Damac Real Estate Development has given initial price guidance at around 8.5% for its Islamic bonds or sukuk maturing in April 2027, an arranging bank document showed on Thursday.
Riyadh – Mubasher: Saudi Awwal Bank (SAB) intends to issue SAR-denominated Tier 1 Sukuk through a private placement in Saudi Arabia.
The Dubai International Financial Centre’s (DIFC) international exchange, Nasdaq Dubai, accounted for approximately 64% of the world’s dollar-denominated sustainable sukuk market as of September 2023, according to Governor Essa Kazim.
Bahrain-based Dallah AlBaraka Holding Co. said on Wednesday it has a firm intention to make an offer to acquire up to 22.62% shares of Al Baraka group B.S.C (ABG) for a total value of $84.3 million.
On 30 September, Saudi Arabia’s (A1 positive) Ministry of Finance announced its prebudget statement for 2024, which indicates that government expenditures this year will likely be higher than originally budgeted and will remain high over the next few years.
The government now expects modest fiscal deficits in 2023 through 2026.
The Islamic banking industry in Oman is poised to maintain its growth momentum ahead of conventional banks in Oman. This trend is expected to persist over the next 12 to 18 months, thanks to supportive oil prices and ambitious economic diversification agendas across the GCC countries, according to Moody’s Investor Service.
The Dubai Financial Market (DFM) is the best-performing equity market index in the GCC, rising 24.8% in the year to September, according to a Kamco Invest report.
The DFM general index witnessed a monthly gain of 2% in September 2023 to close at 4,163.58 points, registering its sixth consecutive monthly gain.
Abu Dhabi’s non-oil economy grew by 12.3 percent in the second quarter of 2023, accompanied by a 3.5 percent increase in its overall gross domestic product, reported the Statistics Centre — Abu Dhabi.
Fitch Ratings has upgraded Oman Telecommunications Company S.A.O.G.’s (Omantel) Long-Term Issuer Default Rating (IDR) to ‘BB+’ from ‘BB’. The Outlook on the IDR is Stable. We have also affirmed the ‘BB+’ senior unsecured ratings on its USD600 million and USD900 million notes maturing in 2023 and 2028 respectively. The Recovery Rating is ‘RR4’.
Dubai-based Damac Real Estate Development has hired banks for the sale of 3.5-year dollar-denominated Islamic bond, or ‘Sukuk’, according to a document seen by Reuters on Monday.
Emirates NBD Bank has mandated banks to arrange a global investor call on Monday as it prepares to issue its debut green bond, a document showed on Monday.
Digitalization is a central theme in finance – and Islamic finance is no different. There has been much speculation about what digital sukuk could mean for the market and its potential to accelerate the growth in adoption of these instruments.
Saudi Arabia is expected to tap the international debt markets to finance a projected budget deficit in 2023-2024, the finance ministry said, against a backdrop of lower oil prices and the country’s extended oil production cuts.
Against the backdrop of Gulf Cooperation Council countries’ economic diversification efforts, Islamic banks are poised to outperform their conventional counterparts in profit margins, as per a recent report by Moody’s Investors Service.
In recognition of Saudi Arabia’s booming financial technology sector, UAE’s Tabby, a forerunner in the buy now, pay later fintech space, is shifting its headquarters to Saudi Arabia as it gears up for its initial public offering.
The Egyptian Government is planning to launch new bond issuances in the debt markets to support the National Climate Change Strategy 2050, according to a document issued by the Cabinet’s Information and Decision Support Center (IDSC).
Dubai has reduced its public debt by AED29 billion ($7.8 billion) as it managed to settle some of its loans amid strong economic recovery.
The reduction consequently brings down the emirate’s debt burden as a share of its gross domestic product (GDP) to 25%, the Dubai Media Office said on social media, citing the Public Debt Management Office of the Department of Finance.
Volatile financial markets and high inflation are the most pressing concerns of asset
managers in the Gulf Cooperation Council (GCC) region, according to our survey of the
sector’s chief investment officers (CIOs). The survey indicates that CIOs expect revenue to
rise as high oil prices support growth in assets under management (AUM), but also anticipate
an increase in operating expenses and competition for new assets.
Fitch Ratings – Dubai – 26 Sep 2023: Fitch Ratings has assigned First Abu Dhabi Bank P.J.S.C.’s (FAB) upcoming issue of US dollar-denominated subordinated Tier 2 bonds an expected long-term rating of ‘A(EXP)’.
The final rating is contingent upon the receipt of final transaction documents conforming to information already received.
Saudi-based Islamic Development Bank has tightened price guidance for its 5-year Islamic bonds to around 54 basis points over mid-swaps from 57 basis points over the same benchmark, fixed-income news service IFR reported on Tuesday.
Muscat: Dr. Said Mohammed Al Saqri, Minister of Economy has affirmed the recovery of the Omani economy from the impact of the Covid-19 pandemic. This, said the minister, reflects positive developments in the performance of overall indicators, as the Omani economy witnessed a growth in fixed prices, amounting to 2.1 percent during the first half of 2023.
The United Arab Emirates’ largest lender, First Abu Dhabi Bank, has given initial price guidance of around 200 basis points over U.S. Treasuries for its expected $750 million bonds, according to a document seen by Reuters on Tuesday.
The UAE and other countries of the Gulf Corporation Council (GCC) will experience an extended period of higher interest rates, say economists.
Gulf central banks have been raising interest rates in line with the Federal Reserve over the past couple of years as the US central bank tries to bring down inflation from a multi-decade high.
Ammon News -The Central Bank of Jordan (CBJ) has announced the issuance of sukuk for the National Electric Power Company (NEPCO), within the fourth tranche of the sixth issue, with a value of JD120 million, according to Al-Mamlaka TV.
The main shareholders in SAL Saudi Logistics Services Company are selling a 30 per cent stake in the company as part of an initial public offering that may raise as much as 2.54 billion riyals ($678 million).
The selling shareholders Saudi Arabian Airlines Corporation, also referred to as Saudia, which owns 70 per cent of SAL, and Tarabot Air Cargo Services that has a 30 per cent stake, are selling 24 million shares at a range of 98 riyals to 106 riyals each in the cargo entity, according to a statement on Monday.
Public Finances Underpin Upgrade:The upgrade reflects the use of high oil revenues to pay down debt and spread its maturity, spending restraint reducing external risks, and an increase in Fitch’s oil price forecast. We project general government debt to fall to 36% of GDP in 2023 and stabilise at around 35% in 2024 and 2025, below the ‘BB’ peer median of 54%. This compares with our forecast of 45% of GDP in 2023 when we last upgraded Oman in August 2022.
Dr Abdul Rahman Bin Abdullah Al Humaidi, Director-General and Chairman of the Board of Directors of the Arab Monetary Fund, said that Arab countries account for about 60 percent of the global Islamic financial industry, which amounted to US$3 trillion by the end of 2021.
He added, in opening a remote course on “Accounting Standards for Islamic Financial Institutions” in cooperation with the Islamic Development Bank, that building the capabilities of workers in this industry and the capabilities of the regulatory and supervisory authorities is a crucial element in the continuation of this industry’s momentum, growth, and development.
RIYADH — Mohammed Elkuwaiz, chairman of the Board of the Saudi Capital Market Authority (CMA), revealed that the authority achieved the highest rate of strategic plan targets in 2022.
“By the end of 2022, CMA was able to achieve higher completion rates than the targets of its strategic plan for the same year in a number of indicators,” he said while announcing that CMA is currently working on developing its strategic plan for the period from 2024 to 2026.
Home mortgage provider Saudi Real Estate Refinance Company (SRC) will further strengthen Saudi Arabia’s position as the largest Islamic finance market globally as it expands its balance sheet and becomes a more significant issuer in the sukuk market, Moody’s Investors Service said in a report.
The Public Investment Fund (PIF)-backed SRC will likely fund some of that future growth through securitisations and covered bonds, having relied largely on Shariah-compliant wholesale funding and government backing to date.
Global law firm White & Case LLP has advised the arrangers and dealers on the update of DP World Limited’s US$10 billion Global Medium Term Note Programme and US$5 billion Trust Certificate Issuance Programme, and the managers on a US$1.5 billion issuance of Green Sukuk by DP World Crescent Limited under its US$5 billion Trust Certificate Issuance Programme.
Saudi Arabia (A1 positive) is the largest Islamic finance market globally, and we expect
the Saudi Real Estate Refinance Company (SRC), despite being a relatively new joiner, to
further strengthen the country’s position as it expands its balance sheet and becomes a more
significant issuer in the sukuk market.
Moody’s Investors Service (Moody’s) has reaffirmed United Arab Bank’s long-term deposit ratings and improved the outlook on their ratings from stable to positive, reflecting solid capital, liquidity buffers and deposit-based funding.
RIYADH: ADES Holding Co., partially owned by Saudi Arabia’s Public Investment Fund (PIF), has reportedly set the final price for its initial public offering on the Kingdom’s main exchange at SR13.50 ($3.60) per share.
According to a Reuters report, this pricing implies a valuation of $4.06 billion for the oil and gas driller.
Oman’s OQ Gas Networks (OQGN) has started taking investor orders for its planned initial public offering (IPO), which is aimed at raising as much as $771m (OMR297m), in what is expected to be the biggest offering in the sultanate in almost two decades.
The four new Tadawul indices are: The Tadawul Large Cap Index, Tadawul Medium Cap Index, Tadawul Small Cap Index, and the Tadawul IPO Index.
The launch of the indices aligns with the Saudi Exchange’s ongoing initiatives to provide investors with enhanced benchmark opportunities and stimulate growth in new products for investors.
The United Arab Emirates raised $1.5 billion from a bond sale on Monday, marking the country’s return to international debt markets for the first time in well over a year.
The 10-year security priced at 60 basis points over Treasuries of similar maturity, according to a person familiar with the matter who’s not authorized to speak publicly and asked not to be identified. The sale had an order book of more than $6.8 billion, the person said.
DUBAI: H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, said that the UAE’s strong fiscal performance and diversified government revenues reflect efficient fiscal policy, with overall fiscal balance surplus recorded in 2022, a 31.8% year-on-year growth in revenues, and a 6.1% increase in expenditures, which amounted to approximately AED427.12 billion.
Muscat – The Capital Market Authority (CMA) on Sunday announced the approval of the prospectus for the initial public offering (IPO) of OQ Gas Networks (OQGN), the sole operator of Oman’s gas transportation system.
The subscription period for the IPO will commence on September 26, 2023 for retail investors and instituions categories, the CMA said in a statement on Sunday.
Energy Development Oman (EDO) announced the successful completion of its inaugural benchmark sukuk issuance of US$1bn on Sunday.
The offering was oversubscribed by more than five times, reflecting strong investor confidence in EDO as the national energy leader in the sultanate, a press release said.
Underlining Saudi Arabia’s robust economic growth, global credit rating agency Standard & Poor’s has reaffirmed its credit rating for the Kingdom in local and foreign currencies to “A/A-1,” with a stable outlook in its recently issued report.
The agency explained the confirmation came against the backdrop of Saudi Arabia’s continued efforts in recent years and its structural improvements that supported the sustainable development of the non-oil sector.
Dubai-based ship operator Gulf Navigation Holding has issued 220 mandatory convertible sukuk to new investors, with a one-year lock-in period.
The sukuk will be converted to 200 million shares at a price of 1.10 dirhams ($0.29), the only crude shipper listed on the Dubai Financial Market said in a regulatory filing on Friday.
The recent introduction of an optional savings retirement plan that allows employees in the UAE’s private and free zone sectors to invest their end-of-service benefits to build long-term wealth is the latest in a series of moves to help workers in the Emirates secure their financial futures.
State-owned Energy Development Oman (EDO) launched a $1 billion, 10-year dollar-denominated sukuk maturing in September 2033, fixed-income news service IFR reported on Thursday.
The Philippines government planning to issue an Islamic bond or sukuk by the end of the year or Q1 2024, according to Rosalia de Leon, Treasurer of the Philippines.
The sukuk is to carry a five-year or a ten-year maturity. This would mark the Philippines’ debut in the Islamic bond market.
In our article titled “Repos in Islamic Finance”1 we concluded that Shari’ah-compliant repurchase transactions (“Repos“) could play a useful role as a liquidity management instrument to assist with the short-term liquidity shortages in the Islamic finance industry. For the industry as a whole, a standard template for documenting a Shari’ah compliant Repo would be a useful starting point for all Islamic banks who wish to use the technique.
HSBC Asset Management has expanded its ETF range with the launch of the HSBC Global Sukuk Ucits ETF, which it claims is the first fund of its kind in Europe.
LONDON: Saudi Arabia’s debt capital market is set to be redeveloped in a bid to help the Kingdom’s business acquire funding, the chairman of the Capital Market Authority has confirmed.
Speaking at the EFG Hermes Saudi Forum in London, Mohammed El-Kuwaiz insisted that any changes to the Saudi financial system need to occur gradually to ensure economic stability, but said the aim was to make the Kingdom as competitive on the global stage as possible.
Fintech companies and digital sukuk could be two key growth drivers of the global Islamic finance industry in the Middle East and North Africa in the coming years, according to a senior executive at the Standard & Poor’s rating agency.
The Gulf has seen a boom in funding for fintech startups, increasing by more than fourfold from $200 million in 2020 to $885 million in 2022.
The Government of Sharjah has given initial price guidance of around 220 basis points over U.S. Treasuries for its dollar-denominated 10.5-year Islamic bonds maturing in March 2034, a bank document showed on Tuesday.
Fitch Ratings – Dubai – 11 Sep 2023: Fitch Ratings has affirmed Ahli Bank Q.P.S.C.’s (ABQ) Long-Term Issuer Default Rating (IDR) at ‘A-‘ with a Positive Outlook. ABQ’s Viability Rating (VR) has also been affirmed at ‘bbb-‘.
Hypermarket chain and mall operator Lulu Group International expects to launch its initial public offering (IPO) in the first half of 2024, its chairman said on Monday, adding that the company’s shares will be listed in gulf.
The global issuance of sustainable bonds is expected to reach between $900 billion and $1 trillion in 2023 driven by increased demand, energy transition efforts and climate supportive policies, a new report said.
Saudi Arabia’s fiscal prospects are solid in the near term, primarily driven by Vision 2030 which has been steadily diversifying the Kingdom’s economy since its launch in 2016, according to the International Monetary Fund.
Dubai-owned ports giant DP World is planning to issue its first 10-year U.S. dollar-denominated green sukuk following investor meetings on Sept. 4 and 5, a bank document showed on Monday.
The GCC asset management market is projected to grow, reaching about $500bn in onshore assets by 2026, a leap from $400bn at the end of 2022, according to a report by Strategy& Middle East, part of the PwC network.
ADES International Holding, the oil and gas driller backed by Saudi Arabia’s sovereign wealth fund, on Monday announced its intent to proceed with an IPO and list its shares on Riyadh’s Tadawul exchange.
The Kingdom’s model for economic diversification is a success, say analysts, despite its continued reliance on oil.
Saudi Arabia’s Lumi, one of the largest auto rental firms in the kingdom, on Thursday announced plans to proceed with an initial public offering on the Saudi Exchange.
The U.S. securities regulator on Wednesday adopted new rules that will shine a light on private equity and hedge fund expenses and fees, in what executives and lawyers said marks a sweeping overhaul for an industry long criticized for its opacity.
Fitch Ratings has upgraded Saudi Arabia-based, The Company for Cooperative Insurance’s (Tawuniya) Insurer Financial Strength (IFS) Rating to ‘A’ from ‘A-‘. Simultaneously, Fitch has upgraded Tawuniya’s National IFS Rating to ‘AAA(sau)’ from ‘AA+(sau)’.
Sukuk restructuring scenarios continue to develop slowly and unevenly across various jurisdictions, Fitch Ratings says.
The UAE, represented by the Ministry of Finance (MoF), as the issuer, in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and paying agent, has announced the results of the third dirham-denominated Islamic Treasury Sukuk auction (T-sukuks), which is part of the T-sukuks issuance program for 2023.
Fitch Ratings has affirmed Bahrain Telecommunications Company’s (Beyon; formerly Batelco) Long-Term Issuer Default Rating (IDR) at ‘B+’. The Outlook is Stable. A full list of rating actions is provided below.
The Kingdom’s housing market will get a fresh stream of liquidity, with Saudi Real Estate Refinance Co. announcing SR3.5 billion ($933 million) in sukuk issuances.
Egyptian Ministry of Finance is aiming to settle its cross-border link with Belgium-based clearinghouse Euroclear before the end of 2023
First Abu Dhabi Bank is expected to raise $500 million from an offering of five-year green bonds, a bank document showed on Tuesday.
Shares of Adnoc Logistics & Services surged as much as 58 per cent as the company made its debut on the Abu Dhabi Securities Exchange on Thursday.
Rating agency expects Dubai economy to expand by 3 per cent this year and grow at pace over two to three years
Proceeds from the sukuk sale will go towards funding or refinancing eligible green projects under the company’s green finance framework of 2019
The program will also help improve price discovery and diversify capital markets
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 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 ‘F3’. A full list of rating actions is at the end of this rating action commentary.
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 a lead manager showed.
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 document seen by Reuters.
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
Rising external financing needs could pose downside risks to the Arab world’s third-largest economy
Deal includes company’s debut $1bn green bond issued under its green finance framework
Fitch Ratings has upgraded Saudi Arabian Oil Company’s (Saudi Aramco) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to ‘A+’ from ‘A’. The Outlooks are Stable.
UAE company expects to distribute a minimum dividend of $163 million for the 2023 financial year, implying a minimum dividend yield of 7.77% to 8%
Balance Sheet Strength Drives Upgrade: The upgrade of Saudi Arabia’s ratings reflects its strong fiscal and external balance sheets, with government debt/GDP and sovereign
The state oil company has tapped local and global banks as bookrunners.
Bahrain has hired a group of banks to arrange investor calls ahead of a planned sale of U.S. dollar-denominated bonds comprising a tranche of Islamic bonds as well as conventional notes, a bank document showed on Wednesday.
Saudi Arabia’s al Rajhi Bank intends to issue a US dollar denominated sustainable sukuk under the international sukuk programme it had set up in April 2022.
State oil giant Abu Dhabi National Oil Co (ADNOC) plans to float its marine and logistics subsidiary in the coming months, two sources said, the second initial public offering of one of its businesses this year.
Company will start trading on the Dubai Financial Market on April 6
One of Oman’s main energy firms raised $244 million from the initial public offering of its oil-drilling unit, pulling off Muscat’s largest listing in more than a decade and drawing in Saudi Arabia’s wealth fund as an anchor investor.
The Islamic Development Bank is set to raise $2 billion from a sale of Islamic bonds, or sukuk, maturing in five years, a bank document showed on Tuesday.
Despite their dependence on the oil and gas industry, the Gulf nations have all announced new targets or renewed their commitment to the Paris Agreement in the past two years.
Dar Global looks to access a larger pool of investors and partners, says CEO
ADNOC Gas, a subsidiary of state oil giant Abu Dhabi National Oil Company (ADNOC), has increased the number of shares available in its initial public offering (IPO) to 3.84 billion shares, from 3.07 billion, amid “significant demand” from investors.
Non-deal investor roadshow was due to start on Monday
Energy company expects to list on the Abu Dhabi Securities Exchange on March 13
The local currency sukuk was priced at 5.05%, tighter than initial guidance of 5.25%, after orders topped 2.5 billion dirhams
SNB Capital on Wednesday announced the completion of a private placement Additional Tier 1 perpetual sukuk worth SR1 billion ($267 million).
Fitch Ratings has assigned GreenSaif Pipelines Bidco S.a.r.l. an expected Long-Term Issuer Default Rating of ‘A(EXP)’. Fitch has also assigned GreenSaif’s expected US-dollar denominated bonds a ‘A(EXP)’ rating. The Outlooks are Positive.
The government of Sharjah, one of the seven United Arab Emirates, has hired banks to arrange a sale of dollar-denominated debut sustainable bonds, a bank document showed on Monday.
Fitch Ratings has affirmed National Bank of Kuwait S.A.K.P.’s (NBK) Long-Term Issuer Default Ratings (IDR) at ‘A+’ with a Stable Outlook. Fitch has also affirmed NBK’s Viability Rating (VR) at ‘a-‘.
Global rating agency Moody’s has upgraded Dubai-based DP World’s ratings following major investments in the firm’s flagship UAE assets — the Jebel Ali Port, the Jebel Ali Free Zone and the National Industries Park.
The bonds, maturing in December 2028, were available in fixed and floating rate tranches, with the floating tranche attracting 67% of the allocation. The fixed rate bond pays investors a coupon of 6.75% annually, while the floating rate pays investors a coupon rate of 3% annually over the declared Central Bank of Kuwait discount rate.
Following the listing, Dar Global will be the UK holding company of the group’s international property development interests and marketing offices
DUBAI, Jan 3 (Reuters) – Dubai’s biggest lender Emirates NBD (ENBD.DU) has mandated banks to arrange a three-year fixed rate UAE dirham-denominated bond, a document reviewed by Reuters showed.
A decarbonisation investment strategy has gone from a specialist concern to something many expect by default
Dubai-based real estate investor Emirates REIT has received sufficient support to proceed with the new terms of its $400 million sukuk.
The Kuwait Projects Company (Holding) has completed the merger with Qurain Petrochemical Industries (QPIC) with the merged entity trading on Boursa Kuwait under a single ticker, KPROJ.
The company set the final offer price at 100 riyals per share in September
Issuers are not required to dedicate proceeds to green or social projects and can instead use them for general corporate purposes
World’s largest district cooling services provider plans to pay a minimum dividend of $232m per annum in the first two fiscal years
Saudi Arabia sold on Tuesday $5 billion in Islamic and conventional bonds for which demand topped $26.5 billion as it held its first international bond sale in almost a year.
MENA equity and equity-related issuance totalled $15.3 billion year-to-date (YTD) in 2022, the highest first nine-month total since 2008
Saudi Arabia is planning to issue new bonds and sukuk denominated in US dollars while offering their holders the opportunity to acquire existing notes in exchange for cash.
Abu Dhabi sovereign wealth fund Mubadala is selling 10-1/2-year U.S. dollar-denominated dual-listed Formosa bonds on Tuesday, giving an initial price guidance of about 200 basis points over 10-year U.S. Treasuries, a bank document showed.
The sale came as Saudi Arabia and Abu Dhabi sovereign wealth fund Mubadala also issued bonds on Tuesday
The Al Khobar-based company will have market value of $2.4bn at listing
Saudi Arabia’s Public Investment Fund faced little scrutiny over its green credentials when it sold $3 billion in green bonds last week in its maiden debt issue, according to people familiar with the transaction.
BankDhofar announced that it has successfully raised OMR115.5 million Basel III compliant Additional Tier 1 (AT1) bond listed on the Muscat Stock Exchange.
The outlook reflects improvements in the sultanate’s debt burden and debt affordability in 2022
Oil-importing countries are vulnerable to soaring energy prices, food inflation and higher global interest rates
Saudi Arabia’s Riyad Bank has privately placed riyal-denominated additional Tier 1 sukuk for a value of SAR3.75 billion at 5.25% yield.
Offering was more than 29 times oversubscribed, drawing strong demand from the UAE and region, with total gross demand at more than $8.7bn
Saudi Arabia’s Public Investment Fund was set to raise $3 billion on Wednesday in its first foray into the debt capital markets, taking advantage of a brief period of calm to become the first sovereign wealth fund to issue green bonds.
Company is the third listing on the DFM this year after raising over $1bn in its initial public offering
The programme is set up under GACI First Investment Company
The Abu Dhabi bourse also signed an initial agreement with Muscat Clearing and Depository Company to further develop clearing and central depository functions in two markets
Rating agency expects oil prices and interest rates to boost lenders in UAE, Saudi Arabia, Kuwait and Qatar
Secular growth companies increasing productivity through AI, the cloud, Internet of Things and 5G are more likely to deliver attractive returns
Saudi National Bank has raised SAR 3.30 billion ($880 million) in a riyal-denominated sukuk issuance that was priced at 5%.
Company plans to start paying dividends twice annually, in April and October of each fiscal year
The Private Department of Sheikh Mohamed Bin Khalid al-Nahyan LLC (PD), a relatively small real estate company owned by members of Abu Dhabi’s ruling family, has given price guidance in the 8.875% area for a sale of three-year sukuk expected to raise $300 million, a bank document showed on Thursday.
UAE corporates have a more diversified funding base compared to their regional peers, said Fitch Ratings in a new report.
High commodity prices and the easing of pandemic restrictions will support strong economic recovery across major Islamic finance markets over the next 12 to 18 months, boosting thefinancial performance of Islamic banks.
Saudi Arabia’s stock market saw significant growth in listings in the first half of 2022, with initial public offerings on the main index alone raising SR15.2 billion ($4 billion).
Abu Dhabi Commercial Bank, the United Arab Emirates’ third largest lender, has raised $500 million with debut green bonds, a bank document showed, ending an issuance drought in the region.
Taaleem will be among the Dubai-owned enterprises making the transition to IPOs and a DFM listing. The process was launched by DEWA and then came Tecom Group.
Egypt plans to issue yuan-denominated bonds worth more than $500 million, Finance Minister Mohamed Maait told Asharq TV on Monday.
The upgrade follows a recent similar rating action of the Oman sovereign’s as Omantel’s IDR is capped by the rating of the sovereign.
Barclays, ING hired as joint sustainability structuring advisors
The bank will determine the amount and terms of the offered Sukuk based on market conditions
Fitch Ratings has upgraded Bank Muscat SAOG’s (BM) Long-Term Issuer Default Ratings (IDRs) to ‘BB’ from ‘BB-‘ and HSBC Bank Oman SAOG’s (HBON) Long-Term IDRs
Ahlibank on Sunday announced the successful issuance of its RO75mn additional tier 1 (AT1) capital instrument, which concluded on a private placement basis recently.
Moody’s Investors Service on Tuesday downgraded the rating of fixed rate amortizing senior secured bonds issued by ACWA Power Management and Investments One Ltd. to Ba1 from Baa3.
The kingdom will likely be among the quickest-growing economies this year
On 16 July, Central Bank of Oman published its 2022 Financial Stability Report, which announced progress in the introduction of Islamic money market instruments is positive for the Islamic banking sector in Oman.
Kuwait is one of the smallest countries in the world but it is one of the most dynamic in terms of Islamic finance growth.
Saudi Arabia’s stock exchange will launch futures trading on single stocks on July 4, amid efforts to bolster liquidity and lure investors into the region’s biggest bourse.
Aim is to enhance liquidity and turnover in the market
The 10-year tranche will be of $1.75 billion and the 30-year $1.25 billion
The Saudi lender mandated Alistithmar for Financial Securities and Brokerage Company (Alistithmar Capital) as the lead manager and bookrunner for the potential offering
TECOM Group, which is owned the investment vehicle of Dubai’s ruler, is selling 625 mln shares or a 12.5% stake
Aluminum Bahrain, also known as Alba, is considering a second listing on Saudi Arabia’s bourse, Bloomberg reported citing unnamed sources.
The move comes as the bourse continues to diversify its product offering and attract new investors
Egypt has projected a $30bln budget deficit for the financial year that will start in July
The linkage is intended to enable international investors to settle domestically issued debt instruments through direct nominee account in Edaa using their current accounts in Euroclear and to achieve greater interoperability within the market
Shares of Abu Dhabi-based petrochemicals company Borouge Plc, which listed on the Abu Dhabi Securities Exchange (ADX) on Friday, rose to 2.90 dirhams on open compared with its issue price of 2.45 dirhams.
The emirate’s net asset position, at more than 250% of GDP, underpins its creditworthiness, rating agency says
The issuance witnessed demand from regional and international investors, with a subscription order of $720m, more than two times the offer size
The United Arab Emirates Ministry of Finance is set to offer its fully Euroclearable domestic Dirhams Treasury Bonds (T-Bonds) issuance to international investors via the international link with the Central Bank of UAE.
IPOs in the Middle East have fetched $11.4bn in the first five months of the year
The final IDR is contingent on the planned benchmark-size unsecured sukuk being issued, the proceeds of which will be used to repay current debt and fund future developments.
Former chief of Emirates NBD Capital KSA Khalid Al Ruwaigh replaces Ahmed Attiga, who served as the company’s chief executive for five years
Strong profitability, capitalisation and liquidity provide a financial buffer to lenders against potential cyber incidents
Higher interest rates, a weak currency and broader investor wariness of emerging markets suggest Egypt could pay steeply to finance a projected $30 billion budget deficit for the financial year starting in July.
The new entity will help with the government’s financing requirements and manage the emirate’s sovereign debt portfolio
The UAE government’s planned launch of its first UAE dirham-denominated treasury bonds is an important step as it is a key enabler for the development of the nascent domestic Debt Capital Market.
The United Arab Emirates expects to start sales of dirham-denominated Treasury bonds in May in a bid to build its local financial and banking sectors.
The Capital Market Authority (CMA) together with the Muscat Clearing & Depository Company SAOC (MCD) have collaborated with Euroclear Bank to establish a new Euroclear international central securities depository (CSD) account in the Sultanate of Oman which will be operated by MCD.
Fitch Ratings has revised the Outlook on Saudi Arabia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to Positive from Stable and affirmed the rating at ‘A’.
Fitch Ratings has affirmed Qatar’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘AA-‘ with a Stable Outlook.
Gulf Arab nations have pegged their currencies to the dollar for decades. There’s a reason for that: they reduce foreign-exchange risk for states in the region because so much of their revenue comes from oil, which is priced internationally in the U.S. currency
The new company, jointly owned by QIC and QInvest, will be a Sharia‘a compliant entity, regulated by Qatar Financial Centre Regulatory Authority.
First Abu Dhabi Bank (FAB) has priced a 200 million Swiss franc ($213.8 million) four-year green bond issue at SARON (Swiss Average Rate Overnight) + 54 basis points and a coupon of 1.0625%.
Dubai Electricity and Water Authority (DEWA) said on Wednesday it raised 22.3 billion dirhams ($6.1 billion) in the second biggest IPO in the Middle East.
A string of high-profile infrastructure projects ahead of the FIFA World Cup 2022 and an economic diversification programme have pushed up loan demand at Qatari banks, while resident deposits have been stagnant
The sultanate’s real GDP will qrise by nearly 4% in 2022, driven by continuing growth in its non-oil sector, agency says
Fitch Ratings has assigned MDGH GMTN (RSC) Ltd.’s upcoming USD500 million 3% fixed-rate bonds (XS2455985569) due 28 March 2027 and USD1 billion 3.375% fixed rate bonds (XS2455984679) due 28 March 2032 expected long-term ‘AA(EXP)’ ratings.
Initial public offerings in the Middle East are outpacing Europe for only the second time since the global financial crisis, as regional investors put oil-fueled cash piles to work.
The sultanate will ensure inflation remains under control as oil prices continue to surge
KIC is an investment company, established in 1961 and majority-owned by the Kuwait Investment Authority (KIA), Kuwait’s sovereign wealth fund.
The utility is the first of 10 state-owned entities to issue an IPO on the bourse.
Ali Alghanim & Sons has filed to list on Boursa Kuwait in what will be the first share sale by a family-owned business in seven years, people familiar with matter said.
The move will align operations of Dubai-listed company with the UAE’s sustainable development goals
The board of First Abu Dhabi Bank (FAB.AD), the United Arab Emirates’ largest lender, approved on Monday issuance of up to $1 billion in Additional Tier 1 (ATI) bonds, designed to be perpetual.
Saudi Arabia reported a narrower budget deficit for 2021 from what was previously estimated in December, Ministry of Finance showed in a new data release.
Fitch Ratings has revised the Outlook on Oman Telecommunications Company S.A.O.G.’s (Omantel) Long-Term Foreign-Currency Issuer Default Ratings (IDR) to Stable from Negative and affirmed the IDR at ‘BB-‘.
Global sovereign long-term sukuk issuance, including by multilateral development banks (MDBs), fell in 2021 due to the sharp drop in financing needs for major sukuk-issuing sovereigns.
The downgrade reflects ongoing political constraints on decision-making that hinder addressing structural challenges related to heavy oil dependence, a generous welfare state and a large public sector.
Abu Dhabi-based solar energy firm Sweihan PV Power Co (SPPC) has sold green senior secured bonds worth $700.8 million at a coupon rate of 3.625 percent.
Saudi National Bank, the kingdom’s largest lender that is 50.4% indirectly owned by the government, sold $750 million in debut “sustainable” sukuk on Wednesday after demand topped $3.2 billion,
Bahrain-based Infracorp, an infrastructure fund spun out of asset manager GFH Financial Group, aims to issue around $800 million in perpetual green sukuk – Islamic bonds – in the first quarter, GFH’s chief executive said on Monday.
The project, which began commercial operation in April 2019, is owned and operated by Sweihan PV Power Company
Sweihan owns the Noor Abu Dhabi solar plant, the largest such facility in the United Arab Emirates
Under its existing Sukuk Programme, to increase its support for home ownership in the Kingdom of Saudi Arabia
Saudi Arabia expects to post its first surplus in about a decade next year, with the Arab world’s largest economy forecast to expand 7.4 per cent.
Outlook for GCC banks is stable as the region’s economies recover
Moody’s Investors Service upgradedAbu Dhabi’s industrial holding company Senaat’s issuer rating to “A1”, from “A3”, citing the positive impact linked to parent company ADQ’s involvement in its business.
Saudi Arabia sold $3.25 billion in dual-tranche bonds on Tuesday comprising a sukuk tranche and a conventional portion in its third international bond sale of the year, a term sheet viewed by Reuters showed.
Fitch Ratings has affirmed the United Arab Emirates’ (UAE) Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘AA-‘ with a Stable Outlook.
Bank Aljazira plans to issue SAR-denominated Tier 2 Sukuk at a value of up to SAR 2 billion through a private placement.
The planned debt sale includes 30-year conventional bonds
Saudi Arabia plans to issue green bonds soon, a finance ministry official said on Monday, as the oil-producing kingdom seeks to embrace environmental, social and governance (ESG) concerns to expand its investor base and finance its transition to a greener economy.
Warba Bank, a Kuwait-based Islamic Bank, is preparing to issue another sukuk to boost its capital base, according to a bourse filing on Thursday.
Egypt sold $3 billion in three-tranche bonds on Thursday and tightened the yield across the portions after attracting more than $8.25 billion in demand for its second bond sale of 2021, a bank document showed.
Islamic banking in Oman has seen strong growth since its launch in 2012 and we expect it to reach around 20% of banking assets by 2025, driven by high demand for Shariah-compliant products and evolving supportive government regulation.
Providers of Islamic insurance (takaful) in the Gulf Cooperation Council (GCC) countries reported a decline of over a third in their combined net income during the first half of 2021 (H1 2021) compared with the same period last year.
Asset managers in the Gulf Cooperation Council (GCC) countries expect a solid performance over the next 12 months, according to Moody’s 2021 survey of chief investment officers (CIOs) from eight leading GCC fund firms.
The outlook for 2022 is supported by the Opec+ agreement to unwind production cuts
15 September 2021: Fitch Group today announced the launch of Sustainable Fitch, which will offer a comprehensive range of ESG Ratings products at both an entity and instrument level for all asset classes globally.
Standard Chartered is looking to add bankers to focus on sustainable finance, project finance and capital markets in Saudi Arabia, a market it sees will become a “front-runner” for its regional business in coming years, a senior executive said.
The Arab Petroleum Investments Corporation (APICORP), a multilateral development bank headquartered in Saudi Arabia, has hired a group of international banks to arrange an issuance of U.S. dollar-denominated green bonds with a five-year tenor, a bank document showed on Thursday.
Qatar Petroleum has hired a group of banks to arrange a four-tranche issuance of U.S. dollar-denominated bonds, a document showed, for what will be its debut public bond sale months after it signed a contract to boost its liquefied natural gas output.
Received more than $8.5bln in orders for its second international debt sale of the year
Egypt’s parliament — the House of Representatives — approved on Sunday a new bill that will open the door for the government to issue Islamic Sharia-compliant sovereign bonds (Sukuk) on local and foreign markets.
The dollar denominated shariah-compliant sale will be used for general corporate purposes, the oil company said in a Saudi stock exchange filing.
Kuwait’s Ahli United Bank (BKME.KW) has hired banks to arrange the issuance of Additional Tier 1 U.S. dollar-denominated sukuk that will be non-callable for 5-1/2 years, a document seen by Reuters showed on Monday.
The builder of the world’s tallest building, Dubai’s Burj Khalifa, last issued international bonds in 2019, raising $500mln via sukuk
Standardization issues could be resolved “once and for all” through an initiative by Dubai and its partners
Dubai-listed Emirates REIT made no indication it’s willing to compromise with a group of creditors that rejected its proposal to exchange $400 million of sukuk securities for new notes.
Abu Dhabi state fund Mubadala began marketing a two-tranche U.S. dollar-denominated bond deal on Thursday, a document showed, returning to the debt markets less than three months after it raised $1.1 billion.
The issue was under the bank’s $2bln EMTN programme
Final price guidance was tightened to between 4.25% and 4.375% from initial guidance of around 4.5%
Emirates NBD Capital, First Abu Dhabi Bank, JPMorgan, HSBC, NCB Capital and Standard Chartered will arrange fixed-income investor calls
The bill includes 24 articles, and was approved by the cabinet last November. It aims to contribute to improving the state’s financial performance, and achieving the short- and long-term objectives of covering the budget deficit.
Global forecasts of a “stable” to “negative” change on Kuwait’s sovereign debt rating requires “serious work” to complete financial reforms, Finance Minister Khalifa Hamadeh said on Wednesday
Rawabi Holding Company successfully closes the fourth series under its SAR 2.5 billion Sukuk program
The Fourth Series follows three successful issuances since the Sukuk Programme was established in March 2020.
Number of riyal-denominated issuances to rise as local market develops, says S&P
Emirates NBD Capital, the investment banking arm of Emirates NBD, one of the leading banking groups in the Middle East, North Africa and Turkey region, has recorded its strongest ever quarter in the debt capital markets.
Fitch Ratings has assigned Abu Dhabi Ports Company PJSC (ADP) a first-time Long-Term Issuer Default Rating (IDR) of ‘A+’ with a Stable Outlook.
It gave initial guidance of around 110 basis points over U.S. Treasuries for a seven-year tranche and around 3.75% for a 30-year Formosa portion
The amount of green, social and sustainable bonds in issuance has grown to $1.4tn
Profit rate comes at 3.375%
The regulator also extended the Dh50bn Targeted Economic Support Scheme until the end of the year
AT1 bonds, the riskiest debt instruments banks can issue, are designed to be perpetual in nature but issuers can call them after a specified period
Qatari telecom operator Ooredoo launched a 10-year bond sale on Wednesday to raise $1 billion at 100 basis points over mid-swaps after receiving more than $3.2 billion in demand
Transaction was executed under the bank’s $2bln Euro Medium Term Note Issuance Program.
Britain sold 500 million pounds ($686 million) of a sovereign Sukuk in its second foray in the Islamic finance market, the finance ministry said on Thursday.
The country’s deficit is set to narrow as the current account returns to surplus in 2021
Jeddah-based Islamic Development Bank has hired a group of banks to arrange an issuance of five-year U.S. dollar denominated sustainability sukuk, or Islamic bonds
Citi, NBK Capital, Standard Chartered, Abu Dhabi Islamic Bank, Boubyan Capital, Emirates NBD Capital, Kamco Invest, Kuwait International Bank and KFH Capital will arrange investor calls
Cash-strapped Oman is getting a shot at redemption with investors without recourse to a bailout from wealthier neighbors.
Bank Muscat sold $500 million in five-year bonds on Wednesday at 4.75% after receiving more than $1.6 billion in orders for the debt sale,
Abu Dhabi state fund Mubadala has tightened guidance for two-tranche euro-denominated bonds comprising six- and 13-year paper after receiving over 2 billion euros ($2.41 billion) in combined orders
Initial price guidance was around 3.875% for the 12-year bonds and between 4.875% and 5% for the 30-year paper
The Arab Petroleum Investments Corporation (APICORP) on Wednesday sold $250 million of bonds maturing in February 2026 in a reopening of a bond sale last month, a document showed.
Bonds in Ezdan Holding Group slumped after S&P Global Ratings said Qatar’s biggest property developer faces the risk of a default or debt restructuring.
Saudi Arabia joined the ranks of countries that get paid to borrow in euros as the outlook for the kingdom turns favorable with a recovery in oil prices.
Saudi Arabia’s Riyad Bank has sold via private placement 3 billion riyals in Tier 2 sukuk.
Egypt raised $3.8 billion in its first international bond sale of the year, taking advantage of low borrowing costs as it seized on demand from investors from the U.S. to Asia.
First Abu Dhabi Bank, the largest lender in the United Arab Emirates, raised 750 million euros ($907.73 million) through the sale of five-year bonds on Tuesday, its debut euro-denominated issue
First Abu Dhabi Bank gave initial price guidance of around 115 basis points over UK gilts for sterling-denominated bonds due in December 2025, a document showed on Tuesday.
Qatar’s Commercial Bank is planning to raise at least $1 billion through bond issues in the coming months, Chief Executive Joseph Abraham said, as the bank looks to take advantage of positive market conditions to boost its capital.
National Commercial Bank (NCB) completed issuing additional Tier 1 sukuk at a value of $1.25 billion (SAR 4.69 billion)
Oman Electricity Transmission Company has hired banks to arrange a U.S.-dollar denominated issuance of seven-year or 10-year bonds, a document showed on Monday.
Individual emirates such as Dubai, Abu Dhabi, and Sharjah, have already become issuers of international debt.
The Bank has mandated Citigroup Global Markets Limited, Emirates NBD Capital, Goldman Sachs International, J.P. Morgan Securities plc, MUFG Securities EMEA plc, NCB Capital Company and Standard Chartered Bank as Joint Lead Managers and Bookrunners for the potential offer.
Aircraft leasing firm Dubai Aviation Enterprise has raised $1.25 billion through the sale of four and seven year unsecured dollar bonds
First Abu Dhabi Bank, the UAE’s largest lender by assets, raised 1.5 billion Chinese yuan ($232 million) through the sale of a five-year formosa bond.
First Abu Dhabi Bank, the UAE’s biggest bank by assets, raised $500 million through a benchmark sukuk, the first global Sharia-compliant bond offering of the year, as it continues to diversify its funding base.
The five-year paper offers an initial price guidance of 100-105 basis points over mid-swaps
Dubai’s Emirates NBD confirmed that it has issued a $750 million five-year senior bond on Wednesday, January 6, which will mature on 2026.
The bank hired Emirates NBD Capital, ICBC, ING, Mizuho Securities and Standard Chartered for the potential benchmark deal
The implementation of a 5% value-added tax in Oman this year is seen bringing in 300 million rials ($779 million).
The combined deficits of GCC countries is set to narrow to $84.3bn this year from $127bn in 2020.
Notes will be traded on secondary markets, which will help to set a pricing benchmark for dirham-denominated debt securities
The GCC summit on January 5 may reveal the scope of any agreement.
Saudi Arabia’s economy will grow 3.2 per cent in 2021 as the kingdom recovers from a slowdown induced by the Covid-19 pandemic and continues to spend on infrastructure projects.
Kuwait’s second largest conventional bank by asset size, has placed $500 million Subordinated Tier 2 Capital Securities (bonds) in the international debt capital markets.
Kuwait’s emir on Monday approved a new cabinet that included new ministers of oil and finance for the OPEC member state which is mired in its worst economic crisis in decades.
Egypt wants to get its local debt settled by Euroclear Bank SA in less than a year and introduce its first floating-rate bonds by mid-2021
The UAE government has kept its Aa2 sovereign rating – the highest in the region – with a stable outlook from global ratings agency Moody’s Investors Service.
Kuwait reports progress towards ending Gulf dispute
The company aims to raise at least $500m early next year after it launches new 10bn riyal domestic market sukuk programme
DAE began marketing the Islamic bonds at around 4.375% earlier on Thursday.
Saudi Arabia’s Acwa Power International, half-owned by the kingdom’s sovereign wealth fund, is planning to raise about $1 billion by selling Islamic bonds early next year
Kuwait International Bank sold $300 million Tier 2 sukuk, or Islamic bonds, on Tuesday at 2.375% and received more than $2.4 billion in orders for the Islamic bonds.
Oman is discussing a loan of at least $1 billion with a group of banks, sources said, as the oil-producing Gulf state seeks more funding ahead of heavy debt redemptions over the next two years.
Islamic banks face more complexities than conventional banks in the transition away from legacy interbank offered rates (IBORs), given their additional need to ensure sharia compliance,
Kuwait International Bankhas hired banks to arrange investor calls starting on Wednesday for the planned issuance of Tier 2 U.S. dollar-denominated 10-year sukuk that are non-callable for five years,
Saudi Aramco was set to raise $8 billion from a five-part bond deal on Tuesday as the world’s largest oil producer seeks cash after low oil prices dented its finances.
An issuance of 5-1/4-year senior unsecured sukuk will follow, subject to market conditions
The move is part of an onslaught on international debt markets by Gulf issuers seeking to plug finances hit by the pandemic and weak oil prices
National Bank of Kuwait has given initial price guidance of 2.875% for $300 million in Tier 2 bonds with a 10-year maturity that are non-callable for five years
Saudi Aramco said on Monday it has hired a group of banks ahead of a multi-tranche U.S. dollar-denominated bond issuance, as the world’s largest oil company seeks to raise cash amid lower oil prices.
Dubai Islamic Bank began marketing on Thursday U.S. dollar-denominated Additional Tier 1 sukuk, or Islamic bonds, at an initial price guidance of around 5.25%
The Government of Oman represented by the Ministry of Finance (MoF) has announced the successful completion of Series 4 of the Omani Rial Sukuk issuance programme.
The ‘AA-‘ rating applies to the federal government of the UAE. It reflects the UAE’s moderate consolidated public debt level, strong net external asset position and high GDP per capita.
Saudi Arabia’s outlook was cut to negative from stable by Fitch Ratings as the coronavirus pandemic and lower oil prices clobber the kingdom’s finances.
Etihad Airways sold $600 million in the world’s first transition sukuk and the first sustainability-linked financing in global aviation as part of its commitment to environmental sustainability.
The transaction comes after the UAE’s national carrier became the first airline to secure commercial funding conditional upon compliance with the UN sustainable development goals in December last year.
Over a 10-year period between 2009 and 2019, the annual growth rate of sukuk in terms of issuance volume has outstripped conventional bonds. Global sukuk registered a 5.2 per cent compound annual growth rate, compared to 2.3 per cent for conventional bonds. Annual growth rates alone do not convey the full story, though, as the conventional bond market towers over the sukuk market in volume terms.
DUBAI (Reuters) – Etihad Airways, wholly owned by the Abu Dhabi government, is planning to sell U.S. dollar-denominated ‘transition’ sukuk, or Islamic bonds, a document issued by one of the banks leading the deal showed.
Dubai: Investment Corporation of Dubai (ICD), the Dubai government’s main investment arm, started marketing long five-year bonds at around 300 basis points over mid-swaps, a document showed on Wednesday.
DUBAI – Investment Corporation of Dubai (ICD), the Dubai government’s main investment arm, has hired banks to arrange investor calls ahead of a planned issuance of U.S. dollar-denominated bonds, a document from one the banks hired showed on Monday.
The United Arab Emirates will likely issue its first federal bonds by the end of the year or in the first quarter of 2021, UAE newspaper Al Roeya said,
citing a finance ministry official.
The UAE permitted the federal government to begin issuing sovereign debt in 2018, which is usually sold by individual emirates.
DUBAI – Commercial Bank of Dubai has hired a group of banks to arrange a global investor call ahead of a potential issuance of U.S. dollar-denominated perpetual bonds, a document showed on Monday.
The Islamic Corporation for the Development of the Private Sector, (ICD), a multilateral development financial institution and the private sector arm of the Islamic Development Bank Group (IsDBG), announced a successful completion of the pricing of a five-year $600 million Sukuk issuance at MS + 140bps.
DUBAI- The Islamic Corporation for the Development of the Private Sector, part of Jeddah-based Islamic Development Bank Group, sold $600 million in sukuk on Wednesday, a document showed.
Egypt pulled in orders for nearly five times the $750 million size of the Middle East and North Africa’s first sovereign green bond, as it pushes ahead with anti-pollution and renewable energy projects.
Maait explained that Egypt has a portfolio of eligible green projects worth $1.9bn, of which 16% are in the field of renewable energy. A further 19% are in clean transportation, 26% in sustainable water and sanitation management, and 39% in pollution reduction and control.
DUBAI, Sept 22 (Reuters) – Oman plans to issue U.S. dollar-denominated bonds soon, targeting $3 billion to $4 billion with the deal, two sources said, as the Gulf state seeks to bolster finances badly hit by a slump in oil prices.
Emirates Islamic Bank has successfully closed the issuance of five-year Sukuk worth $500 million from its $2.5 billion Certificate Issuance Programme.
Citi, First Abu Dhabi Bank, HSBC and Standard Chartered have been mandated to arrange the potential deal
DUBAI: Emirates Islamic Bank sold $500 million in five-year sukuk, or Islamic bonds, on Wednesday after receiving around $1.1 billion in orders for the debt sale, a document showed.
It hired Emirates NBD Capital, HSBC, The Islamic Corporation for the Development of the Private Sector, and Standard Chartered to arrange investor calls
It gave initial price guidance of around 170 basis points over midswaps for a tranche of five-year sukuk and around 200 bps over midswaps for a 10-year sukuk tranche
It hired ANZ, BofA Securities, Citi, Mizuho, Morgan Stanley, QNB Capital and Standard Chartered to arrange investor calls
Bahrain has hired banks to arrange a multi-tranche U.S. dollar-denominated debt issuance consisting of sukuk and bonds
DUBAI, Sept 3 (Reuters) – Saudi Basic Industries Corp (SABIC), the world’s fourth-biggest petrochemicals firm, sold $1 billion in dual-tranche bonds on Thursday, as Gulf debt markets pick up after the summer break.
Saudi Basic Industries Corp, the world’s fourth-biggest petrochemicals firm, has hired banks to arrange the sale of U.S. dollar-denominated 10-year bonds and 30-year Formosa bonds
The bond issue was nearly five times oversubscribed and the three-year note was priced at the lowest rate for a Gulf sovereign
It tightened price guidance by 30 basis points to around 220 basis points over midswaps for 10-year sukuk tranche and by 25 bps to around 4.125% for 30-year bonds
DUBAI- Qatar’s Ahli Bank sold $500 million in five-year bonds at 165 basis points (bps) over midswaps and received more than $1.9 billion in orders for the debt sale, a document showed on Tuesday.
Data from prospectus with Dubai’s planned offering of bonds, Islamic securities
One of the sources said FAB, the largest bank in the United Arab Emirates, will likely issue $750mln in AT1 bonds
DUBAI – The government of Dubai started marketing a dual-tranche bond on Wednesday, its first sale in public debt markets in six years, as the Middle East trade and tourism hub seeks to boost finances hit by the coronavirus crisis.
The Kuwaiti government will discuss proposed amendments to a long-debated debt law, including reducing the oil-exporting nation’s debt ceiling, Finance Minister Barak Ali Al-Shitan told parliament on Sunday.
Bahrain is under fiscal strain despite a $10bn bailout package pledged by its wealthier neighbours in 2018
It has mandated Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, and Standard Chartered to arrange the calls, which will begin on Monday
DUBAI, Aug 26 (Reuters) – Qatari Islamic lender Masraf Al Rayan began marketing a five-year U.S. dollar-denominated sukuk on Wednesday, a document showed.
It gave an initial price guidance of 220 basis points over midswaps for the Islamic bonds, the document from one of the banks arranging the deal showed. It is expected to close later on Wednesday.
Ratings agency Fitch has cut the credit ratings of several Omani banks and companies after downgrading the sovereign itself earlier this month for the second time this year, it said on Wednesday.
DUBAI – Abu Dhabi began marketing on Tuesday a U.S. dollar-denominated bond, in its third foray into the international debt markets this year as the oil-rich emirate props up its finances following a fall in crude prices.
Masraf Al Rayan hired Al Rayan Investment, Credit Agricole, HSBC, Mizuho, MUFG, QNB Capital, Societe Generale and Standard Chartered to arrange investor calls
The appointment of a new finance minister and chairman of the country’s central bank pave the way for fiscal and economic reforms, according to analysts.
DUBAI- The government of Abu Dhabi is in talks with banks for a new international bond issue, sources said, having already raised $10 billion via debt issues this year to prop up its finances amid low oil prices and the coronavirus crisis.
DUBAI/RIYADH, Aug 18 (Reuters) – Saudi Basic Industries Corp 2010.SE, the world’s fourth-biggest petrochemicals firm, has picked banks to arrange a U.S. dollar denominated bond issue, two sources said, as corporates and governments in the Gulf seek to raise cash amid a recession.
Fitch Ratings – Hong Kong – 17 Aug 2020: Fitch Ratings has downgraded Oman’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-‘ from ‘BB’. The Outlook is Negative.
KUWAIT- The Kuwait parliament’s financial and economic committee rejected the proposed public debt law that would allow the government to borrow 20 billion dinars ($65.43 billion) over 30 years, the committee head said on Sunday.
Fitch Ratings – Hong Kong – 14 Aug 2020: Fitch Ratings has downgraded Bahrain’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B+’ from ‘BB-‘. The Outlook is Stable.
State Street has bolstered its Middle East presence after opening its first office in Saudi Arabia.Based in Riyadh, State Street Saudi Arabia Financial Solutions will provide investment services and asset management for institutional investors in the region. It is licensed to conduct agency-based dealing, discretionary portfolio management, advising and custody activities.
As a global leader in credit ratings and research, Fitch is recognized in the Middle East for in-depth research and analysis across all major sectors including Corporate, Structured, Islamic Finance, Financial Institutions, Government, Infrastructure, and Project Finance. Our analytical teams have a global perspective with local market expertise which is valued by investors in the Middle East and across the globe.
Sovereign sukuk issuance in the Gulf is expected to pick up pace in the second half of this year, driven by higher government funding needs amid lower oil prices and the pandemic-driven economic slowdown, according to Moody’s Investors Service.
UAE – Mubasher: The Arab Monetary Fund (AMF) has signed an agreement with the Central Bank of the UAE (CBUAE) to provide settlement services in dirham (AED) through its Buna platform, a multi-currency payment platform.
First Abu Dhabi Bank, the UAE’s largest lender by assets, has raised 3.6 billion Chinese yuan (Dh1.8bn) through the sale of a five-year formosa bond.
The issue is the largest denominated in Chinese yuan globally, FAB said in a statement on Tuesday. Formosa deals refer to bonds issued in Taiwan by foreign borrowers, but are denominated in currencies other than the Taiwanese dollar.
Moody’s Investors Service downgraded the Lebanese government’s issuer rating to C, its lowest grade, saying there is a high likelihood of “significant losses” for private creditors.
Government funding needs in the Gulf Cooperation Council (GCC) have increased significantly in 2020, as low oil prices and the economic repercussions of the COVID-19 pandemic have significantly widened governments’ fiscal deficits. We expect total GCC government debt to increase by a record-high of about $100 billion in 2020 alone, with an additional $80 billion run-down in government assets to finance an aggregate GCC central government deficit of about $180 billion. Based on our macroeconomic assumptions, we expect to see GCC government balance sheets continue to deteriorate up until 2023.
Formosa bonds are sold in Taiwan by foreign borrowers and are denominated in currencies other than the Taiwanese dollar
DUBAI, July 13 (Reuters) – Sharjah, the third-largest emirate of the United Arab Emirates, has hired banks to arrange the issuance of U.S. dollar-denominated 30-year Formosa bonds, a document showed on Monday.
Bahrain Bourse specified that the subscription period through the registered brokers is effective on July 9, 2020 until of July 15, 2020
Fitch Ratings – London – 07 Jul 2020: Fitch Ratings has assigned DP World Salaam Limited’s (DPWS) USD1.5 billion hybrid Sukuk instruments final ratings of ‘BB’ with a Stable Outlook. The final rating is in line with the expected rating assigned on 22 June 2020.
Oman is seeking a $2 billion bridge loan from international and regional banks, a source familiar with the matter said on Friday, confirming a report by LPC, a fixed income news service owned by Refinitiv.
Kuwait International Bank (KIB) has received preliminary approval from the Central Bank of Kuwait (CBK) on 30 June for a Sukuk issuance programme.
AMMAN — Jordan, on behalf of the Ministry of Finance and in cooperation with the Central Bank of Jordan, on Tuesday issued a double-tranche Eurobond at $500 million at 4.95 per cent over five-year maturity and $1.25 billion at 5.85 per cent over 10-year maturity.
National Commercial Bank (NCB) has completed the issuance of additional tier 1 sukuk denominated in Saudi riyals by way of a private placement.
Fabrice Susini, CEO of Saudi Real Estate Refinance Co. (SRC), said that the size of the local mortgage market stood at nearly SAR 240 billion by the end of Q1 2020, expecting growth to reach SAR 800 million by 2028.
The Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution, announced the issuance of a benchmark USD750 million dollar-denominated five-year bond, as part of its USD3 billion Global Medium-Term Note (GMTN) program.
The bank has hired Emirates NBD Capital, HSBC and Standard Chartered to coordinate the potential deal, with Bank of America, Citi, and First Abu Dhabi Bank also involved
The Maldives government will be selling over US$ 300 million worth Sukuk bonds in the international market, the country has revealed.
DUBAI- Dubai-based port operator DP World is expected to sell about $1.5 billion in perpetual sukuk, or Islamic bonds, at 6.125%, a document showed on Wednesday.
APICORP gave initial price guidance of around 130 basis points over midswaps for the notes
DUBAI- Dubai Islamic Bank (DIB), the largest Islamic lender in the United Arab Emirates, sold $300 million in a reopening of its existing sukuk issuance maturing in 2026, a document showed on Tuesday.
Qatar National Bank, the Gulf’s biggest lender by assets, is set to raise 1.2 billion Chinese yuan ($170 million) through five-year bonds it sold on Monday with a 3.85% annual rate, according to a document detailing terms of the issue seen by Reuters.
UBAI, June 22 (Reuters) – Port operator DP World has hired a group of banks for a potential sale of perpetual U.S. dollar-denominated Islamic bonds or sukuk, a document showed on Monday.
JAKARTA – The government of Indonesia issued $2.5 billion in wakalah global sukuk in three tranches on Wednesday (June 17), one of which was a green sukuk.
The Islamic Development Bank (“IsDB”) raised US$ 1.5 billion with its first-ever Sustainability Sukuk to tackle the aftermath of the COVID-19 pandemic in its Member Countries.
Heavy reliance on external borrowing comes against the backdrop of dwindling foreign reserves
The financing plan comes as Egypt’s economy suffers from the impact of the coronavirus outbreak
Fitch Ratings-Dubai/London-17 June 2020: Fitch Ratings says that the recent volatility in key Islamic finance markets caused by the coronavirus pandemic, oil price fall and cuts in central banks repo rates highlights the need to use effective sharia-compliant derivatives as hedging tools (tahawwut). However, derivatives markets remain underdeveloped in most countries where Islamic finance is prevalent.
DUBAI, June 17 (Reuters) – Jeddah-based Islamic Development Bank began marketing five-year U.S. dollar-denominated sukuk on Wednesday, a document showed.
Fitch Ratings – London – 16 Jun 2020: Fitch Ratings has downgraded DP World PLC’s (DPW) Long-Term Issuer Default Rating (IDR) to ‘BBB-‘ from ‘BBB’ and Short-Term IDR to ‘F3’ from ‘F2’. The Rating Watch Negative has been resolved, and the Outlooks have been revised to Stable.
First Abu Dhabi Bank, the UAE’s largest lender by assets, issued a dual-listed, 1.4 billion Chinese yuan (Dh726.4 million) five-year formosa bond.
TUNIS: Tunisian Prime Minister Elyes Fakhfakh said on Sunday he had decided against the use of more external debt and that all new expenses that arise for the country would be funded only through internal loans.
The chief executive of Dubai Islamic Economy Development Centre outlined the phases for the development of a unified legal framework for Islamic finance during a meeting to discuss Dubai’s contribution to the Islamic economy.
Shareholders of Oman’s Taageer Finance Company have approved the issuance of up to 10 million Omani riyals ($25.97 million) unsecured and unconvertible secondary bonds.
S&P Global Ratings said it has taken fewer ratings actions on banks globally in May due to measures taken by lenders to protect their balance sheets from the impact of the Covid-19 pandemic.
Dubai Islamic Bank (DIB), the largest Sharia-compliant lender in the UAE, closed a $1 billion (Dh3.67bn) 5-year sukuk with a profit rate of 2.95 per cent despite a challenging global environment due to the coronavirus pandemic.
Oman’s Sultan has appointed Abdulsalam al-Murshidi as the head of the Omani Investment Authority, a new state entity replacing the sultanate’s sovereign wealth funds, Omani state television reported on Monday.
French investment bank Natixis said on Tuesday it has appointed Barbara Riccardi as the regional head of its Middle East operations and Simon Eedle as the senior country manager for the UK branch.
Turkey’s Treasury and Finance Ministry announced on Tuesday that it had reached a deal with the international central securities depository Euroclear Bank to enable greater investor access to the local government bond market.
Islamic bonds issued by Dubai’s Meraas Holding, a state-linked property developer, have shot up in value after the government announced the company would come under the umbrella of the ruler of Dubai’s investment vehicle Dubai Holding.
The ratings agency cut its price assumptions for Brent crude to $35 per barrel for 2020 and $45 for 2021
The United Arab Emirates (UAE) economy is likely to contract by 3.6% this year after economic activity slowed because of the coronavirus pandemic, the central bank said on Wednesday.
Sharjah Islamic Bank has hired banks to arrange the sale of benchmark dollar sukuk, three sources with knowledge of the matter told Reuters.
The Central Bank of Bahrain (CBB), in collaboration with Bahrain Bourse, has rolled out a new Murabaha Sukuk Service that will be fully Shari’ah compliant. The new Islamic liquidity and borrowing tool is a major step forward
Sharjah, United Arab Emirates(AETOSWire): Sharjah Finance Department (SFD) recently established a framework worth AED 4 billion to enhance liquidity for the Sharjah banking system in the emirate. This move was aimed at providing additional financial assistance to all businesses impacted by the outbreak of COVID-19.
Oman is setting up the Oman Investment Authority to own and manage most of the country’s sovereign wealth fund and finance ministry assets
Abu Dhabi: The Emirate of Abu Dhabi on May 19, 2020 successfully reopened its recent multi-tranche international bond offering with a $3 billion tap issue, which attracted strong investor interest.