The draft amendments of the investment funds regulations, real estate investment funds regulations

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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.

2025: Time to challenge consensus?

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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).

Bahrain implements the GCC Funds Passporting Regime

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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.

Economists welcome Oman’s 2025 Budget

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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.

GFH 5yr USD sukuk 5yr benchmark IPTs 8% area

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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.

Sovereigns drive sukuk issuances near record high in 2024

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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.

ADNOC successfully prices triple tranche debut bond transaction under Global Medium Term Note Programme

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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.

KIB Issues USD 300 Million Additional Tier 1 Sukuk

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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.

IMF projects MENA region’s GDP to grow 2.7 percent in 2024

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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.

Net-Zero targets leave GCC oil companies unperturbed for now

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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.

Fitch Rates Bank Albilad ‘A-‘; Stable Outlook

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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.