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.
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.