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.
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.
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.
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.
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.
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.
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.
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.
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.
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)’.
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.
Proceeds from the sukuk sale will go towards funding or refinancing eligible green projects under the company’s green finance framework of 2019
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
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.
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
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.
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.
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.
The local currency sukuk was priced at 5.05%, tighter than initial guidance of 5.25%, after orders topped 2.5 billion dirhams
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.
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.
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.
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.
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.
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.
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
Secular growth companies increasing productivity through AI, the cloud, Internet of Things and 5G are more likely to deliver attractive returns
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.
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.
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.
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.
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.
The Saudi lender mandated Alistithmar for Financial Securities and Brokerage Company (Alistithmar Capital) as the lead manager and bookrunner for the potential offering
Aluminum Bahrain, also known as Alba, is considering a second listing on Saudi Arabia’s bourse, Bloomberg reported citing unnamed sources.
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 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.
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 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’.
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
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.
KIC is an investment company, established in 1961 and majority-owned by the Kuwait Investment Authority (KIA), Kuwait’s sovereign wealth fund.
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 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.
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.
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.
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.
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.
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.
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.
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 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
The Fourth Series follows three successful issuances since the Sukuk Programme was established in March 2020.
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.
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
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.
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
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
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
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.
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.
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.
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.
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
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.
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.
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 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.
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.