Saudi Arabia’s NEOM megaproject is gearing up for its inaugural Saudi riyal Islamic bond (sukuk) sale this year, with plans to raise as much as SAR5 billion ($1.3 billion), Bloomberg reported, citing people familiar with the matter.

Abu Dhabi clean energy company Masdar plans to raise between $750 million and $1 billion through the sale of a green bond this year as it looks to fund its renewable projects globally, a senior executive has said.

Spinneys, the operator of premium supermarkets in the UAE and Oman, plans to list its shares through an initial public offering on the Dubai Financial Market as it seeks to tap into “enormous opportunities” to boost its UAE presence and expand into Saudi Arabia.

On 13 April, Iran conducted drone and missile strikes against Israel (A2 negative) in response to a suspected Israeli airstrike that destroyed the Iranian consulate in Damascus, Syria.

Islamic finance operates on principles that prohibit interest, uncertainty and involvement in speculative activities.

Oman’s debt capital market (DCM) contracted by 7% year-on-year, to $44bn outstanding, in 2023 as the government prepaid more of its debt using the budget surplus from higher oil prices, Fitch Ratings said.

Asset management activity revenues of capital market institutions in Saudi Arabia reached SR4.2 billion ($1.12 billion) in 2023, representing a rise of 58.6 percent in four years.

Asset management activity revenues of capital market institutions in Saudi Arabia reached SR4.2 billion ($1.12 billion) in 2023, representing a rise of 58.6 percent in four years.

Saudi Arabia’s Riyad Bank is considering an initial public offering of its investment banking unit on the main market of the Saudi stock exchange, amid a surge in listings across the GCC on strong investor demand.

Oman’s debt capital market (DCM) contracted by 7% yoy, to USD44 billion outstanding, in 2023 as the government pre-paid more of its debt using the budget surplus from high oil prices, Fitch Ratings says.

Large United Arab Emirates (Aa2 stable) banks’ net profit grew significantly in 2023, driven by higher interest and noninterest income, as business activity remains resilient in the face of uncertain global macroeconomic conditions.

Fitch Ratings has upgraded Ooredoo Q.P.S.C.’s Long-Term Issuer Default Rating (IDR) to ‘A’ from ‘A-‘. The Outlook is Stable. We have also revised the Standalone Credit Profile (SCP) to ‘bbb+’ from ‘bbb’. A full list of rating actions is below.

The Central Bank of Kuwait (CBK) has recently announced the issuance of bonds and tawarruq. The total value of these financial instruments is set at KWD240 million (equivalent to $779.44 million).

The regulation is considered a flexible legislation that encourages innovation Green and Sustainable Bonds and Sukuk and Waqf Sukuk.

The regulation is considered a flexible legislation that encourages innovation for including diversified financing products such as Green and Sustainable Bonds and Sukuk and Waqf Sukuk

Credit ratings agency S&P on Friday revised its outlook on Oman to positive from stable, citing the country’s strengthening fiscal position.

Gulf Cooperation Council (GCC) banks’ US dollar debt issuance is on track for its strongest quarter ever in 1Q24, with issuance already exceeding the full-year 2023 total, Fitch Ratings says.

On 27 March, Mamoura Diversified Global Holding PJSC (Aa2 stable), a strategic investment vehicle under the Government of Abu Dhabi (Aa2 stable), priced its inaugural sukuk issuance worth $1 billion.

Fitch Ratings has assigned Mamoura Diversified Global Holding PJSC’s (MDGH: ‘AA/ Stable’) trust certificate issuance programme a rating of ‘AA’.

Abu Dhabi Islamic Bank (ADIB) announced the successful closure of a sharia compliant syndicated transaction totalling AED865 million (USD 235 million) for BGN and Al Seer Marine to finance new and energy-efficient gas carriers.

Mubadala, through its unit Mamoura Diversified Global Holding, has appointed ADCB, First Abu Dhabi Bank And HSBC as joint global coordinators

The Qatari lender has selected BofA Securities, Emirates NBD Capital, HSBC, Mashreq, MUFG And Standard Chartered Bank as joint lead managers and joint bookrunners

Qatar’s nominal GDP has been estimated to reach $233.1bn this year and $246.1bn in 2025, according to an Emirates NBD forecast.

Aldar Properties aims to increase its sales this year to up to Dh31 billion ($8.4 billion) and is exploring the issuance of benchmark green sukuk this year to support its growth and sustainability ambitions, a senior executive said.

Abu Dhabi conglomerate International Holding Company (IHC) is looking to list a 100 billion UAE dirhams ($27 billion) holding firm by 2025.

S&P Global addressed the potential risks of the climate transition on banks in the Gulf Cooperation Council (GCC) region in a new report on Thursday. The agency discussed GCC banks’ exposures to sectors that are most vulnerable to climate transition risks, the banks’ level of preparedness, and their status of climate risk reporting.

Qatar’s long-term foreign currency issuer default rating has been upgraded to ‘AA’ with a stable outlook by Fitch Ratings, driven by the country strengthening its external balance sheet.

LuLu Group International, which operates one of the Middle East’s largest hypermarket chains, has appointed banks for what could be one of the biggest initial public offerings in the Gulf this year, according to people familiar with the matter

AJB’s IDRs are driven by potential support from the UAE authorities, if needed, as reflected in its Government Support Rating (GSR) of ‘bbb+’, which is two notches below Fitch’s ‘a’ GSR for UAE domestic systemically important banks.

Fitch Ratings has assigned Arabian Centres Company’s (ACC, trading as Cenomi Centres) USD600 million senior unsecured sukuk (trust certificates), issued through Arabian Centres Sukuk III Limited (ACSL3), a final rating of ‘BB+’. The Recovery Rating is ‘RR4’.

Borse Dubai, the holding company of Dubai Financial Market (DFM), plans to sell approximately one-third of its stake in Nasdaq, the New York-based exchange operator, for $1.59 billion.

Saudi Arabia concluded its riyal-denominated sukuk issuance above the $1 billion mark for the fourth consecutive month in March, government data showed.

Mubadala Investment Co. is seeking to raise about $1 billion in its first dollar-denominated Islamic bond sale as the the Abu Dhabi fund seeks to take advantage of increased investor demand for the debt.

The upgrade reflects Fitch’s greater confidence that debt to GDP will remain in line with or below the ‘AA’ peer median after falling sharply in recent years, while Qatar’s external balance sheet will strengthen from an already strong level.

Saudi Arabia’s Public Investment Fund has soared in an annual global ranking of sovereign wealth organizations, thanks to a 55 percent increase in assets under management.

S&P Global Ratings has upgraded Egypt’s credit outlook to positive from stable, maintaining its long- and short-term credit ratings at “B-/B”.

The assets of Islamic banks operating in the UAE exceeded AED700 billion for the first time in history at the end of 2023, according to the latest statistics from the Central Bank of the UAE (CBUAE).

BAB’s Long-Term Issuer Default Ratings (IDRs) are driven by potential support from the Saudi Arabian authorities, as reflected by its Government Support Rating (GSR) of ‘a-‘. BAB’s GSR is in line with that of other Fitch-rated Saudi banks, reflecting Fitch’s view on the Saudi authorities’ strong ability and willingness to support domestic banks.

Lunate Capital Limited, the Abu Dhabi-based asset management firm, has partnered with JPMorgan Chase & Co. to build the first exchange-traded fund (ETF), tracking the performance of bonds in the UAE.

Parkin, the company set up to oversee parking operations in Dubai, has increased the number of shares offered to retail investors in its initial public offering following strong investor demand for the first public float in the UAE this year.

We maintain a stable outlook for the Qatari banking system. Our view is driven by our expectation of higher economic growth as businesses in the non oil-related parts of the economy benefit from projects linked to the expansion of Qatar’s Liquefied Natural Gas (LNG) production capacity.

Our outlook for the Saudi banking sector remains positive. The banks’ operating environment will continue to be supported by the strong momentum in the non-oil sector, which will benefit from the accelerated implementation of the economic diversification agenda.

Reforms have led to the inclusion of key regional equity markets in benchmark indices.

The AF’s rating primarily reflects the support that Fitch expects the fund would receive from its two key shareholders, if needed.

KIB’s IDRs reflect potential support from the Kuwaiti authorities, as reflected in its Government Support Rating (GSR) of ‘a’.

Government pledges for privatization will drive the momentum of initial public offerings in the Gulf Cooperation Council region in 2024, according to Fitch Ratings.

WB’s IDRs reflect potential support from the Kuwaiti authorities, as reflected in its Government Support Rating (GSR) of ‘a’. The Stable Outlook on WB’s Long-Term IDR reflects that on the Kuwaiti sovereign rating.

Non-oil private sector businesses in Dubai enjoyed robust performance in February on the back of an increased volume of new orders, prompting companies to hire more people at the fastest rate in the last eight years, a business survey revealed on Monday.

Transport, tourism and logistics are set to help the Gulf Cooperation Council region secure gross domestic product growth far above the lobal average, economists have told Arab News.

Global rating agency Moody’s Ratings has upgraded Egypt’s credit outlook from negative to positive following the country’s successful acquisition of fresh foreign funds from the International Monetary Fund (IMF) and bilateral lenders.

Nasdaq Dubai welcomes the inaugural Sukuk listing by Binghatti Holding, a leading Dubai-based property developer on the region’s esteemed international financial exchange.

Credit profiles of financial market infrastructure (FMI) companies in Gulf Cooperation Council (GCC) markets continue to be supported by capital market reforms, resilient initial public offerings and fixed-income listings as well as their key role in developing and diversifying local economies, Fitch Ratings says in a new report.

Abu Dhabi wealth fund ADQ has chosen advisers, including HSBC Holdings (HSBA.L), Citigroup (C.N), and First Abu Dhabi Bank (FAB.AD), for a potential initial public offering of Etihad Airways, Bloomberg News reported on Thursday.

Abu Dhabi’s long-haul operator Etihad Airways could be one of the next UAE companies to go public with an initial public offering (IPO) or a direct listing, according to a Bloomberg report.

Saudi’s largest shopping mall operator, Arabian Centres (Cenomi Centers), launched a $500 million five-year non-callable for two years Islamic bond, or sukuk, according to an arranging bank document seen by Reuters on Thursday.

Doha Bank sets the stage for a major bond sale, leveraging top global banks to attract international investors. A strategic move reflecting robust financial planning.

Markets in the GCC and the broader Mena region are on the right growth trajectory and the flow of deals for investment banks is likely to continue even after goals of the economic diversification programmes are achieved, a senior Morgan Stanley executive has said.

The recently unveiled Sustainable Finance Framework outlines the intention to issue Green, Social, and Sustainability bonds, loans, or sukuk for projects delivering environmental and social benefits.

The issue of gender inequality, particularly in the realm of labour markets, continues to be a pervasive challenge in societies worldwide.

Saudi Arabia’s Public Investment Fund has set the yield for its seven-year dollar-denominated sukuk at 85 basis points above US Treasuries, according to a banking document reported by Reuters on Tuesday.

The size is the largest sustainable issuance by a Middle East financial institution, in nearly a year.

Investors put in about $40 billion of orders for Saudi Arabia’s Modern Mills for Food Products Co.’s initial public offering, as demand for share sales in the Middle East shows no signs of abating.

The government of Sharjah has tightened price guidance for its 12-year benchmark-sized U.S. denominated senior unsecured sustainable bond issuance, a lead bank document showed on Wednesday.

Liquidity management in Jordan’s cash market is set to undergo a significant transformation as the country’s central bank introduces new tools for monetary policy.

Fitch Ratings has assigned Binghatti Holding Ltd.’s (Binghatti; Long-Term Issuer Default Rating (IDR): B+/Positive) USD300 million senior unsecured sukuk (trust certificates), issued through Binghatti Sukuk SPC Limited (Binghatti Sukuk), a final rating of ‘B+’. The Recovery Rating is ‘RR4’.

Parkin, the company set up by Dubai to oversee parking operations, will offer a 24.99 per cent in an initial public offering as the emirate continues efforts to boost its capital markets.

Fitch Ratings has assigned Arabian Centres Company’s (ACC, trading as Cenomi Centres) senior unsecured sukuk (trust certificates), to be issued through Arabian Centres Sukuk III Limited (ACSL3), an expected rating of ‘BB+(EXP)’.

Saudi Arabia’s Public Investment Fund plans to tap the debt market for the second time this year with a seven-year dollar-denominated sukuk, a document showed on Monday, Reuters reported.

Dubai Islamic Bank, the biggest Islamic lender in the United Arab Emirates, has started selling 5-year sustainable sukuk, according to an arranging bank document reviewed by Reuters on Monday.

Dubai-based real estate developer Binghatti made a debut in the debt sukuk market on Monday, with subscriptions reaching $621 million, well above the $300 million issue size, a statement showed.

Saudi Arabia’s sovereign wealth fund has hired banks to tap the debt market for the second time this year with an Islamic dollar bond, a document emailed to the banks on Monday and reviewed by Reuters showed.

Saudi Arabia is seeing a growing interest in credit ratings, mainly driven by expanding global investments, regulatory reforms, and economic diversification, according to Moody’s.

The economies of the UAE and Gulf countries are expected to outpace the global forecast for 2024. The surge in economic growth is driven by a domestic multi-year investment cycle.

According to the latest report by the Organisation for Economic Co-operation and Development (OECD), Egypt’s GDP is set to grow to 5.1 percent by the fiscal year 2025-2026. The report suggests the growth will be driven by growing consumption if inflation declines and fiscal support gradually withdraws.

The gross domestic product (GDP) of Saudi Arabia has jumped to more than SAR 4 trillion from SAR 2.6 trillion in nominal terms, Minister of Investment, Khalid Al Falih stated during the third Saudi Capital Market Forum in Riyadh.

The head of Middle East, Africa and Central Asia highlighted the growth and defensive characteristics of healthcare strategies expected to do well in current market conditions.

Investor meetings are scheduled to start from February 20 and will be followed by a benchmark-sized US dollar-denominated unsecured Sukuk offering.

Emerging markets were supposed to be the investment of the millennium, but it has not turned out that way.

The UAE’s largest lender First Abu Dhabi Bank has given initial price guidance at 120 basis points over U.S. Treasuries for its 5-year benchmark-sized debt issuance, fixed income news service IFR reported on Wednesday.

Saudi National Bank, the kingdom’s biggest lender, has given an initial price guidance at around 120 basis points over U.S. Treasuries for its latest five-year sukuk, according to a document reviewed by Reuters on Tuesday.

The Bahraini Islamic finance industry is well-developed, and Fitch Ratings expects continued growth in 2024–2025, driven by banking sector consolidations, bottom-up demand, sukuk’s growing role in diversifying government funding and meeting fiscal deficits, and increasingly enabling regulations.

Saudi Arabia has invited the market to join a public consultation on a planned framework to enable large shareholders to float additional shares, said Abdullah Binghannam, Deputy of Financing and Investment, Capital Market Authority.

Saudi Arabia’s digital journey is advancing, with the fintech sector claiming the largest share of venture capital, according to the chairman of the Capital Market Authority.

Saudi Arabia’s Tadawul stock exchange has a strong initial public offering pipeline with more companies seeking to list on the Arab world’s biggest bourse by market capitalisation, the head of the kingdom’s Capital Markets Authority has said.

During the third Saudi Capital Market Forum in Riyadh, H.E. Khalid Al-Falih, Saudi minister of Investment, provided an update on Saudi Arabia’s progress towards achieving its investment targets under Vision 2030.

Saudi Aramco may sell bonds this year as financial markets have improved and the company looks to offer longer-dated debt, according to the state oil producer’s finance chief.

The GCC countries could accelerate the region’s economic growth by adding more than $2.5 trillion to GDP over the next decade through productivity performance enhancement, a new study has revealed.

Sovereign funds in the GCC region are key to their respective governments’ national development plans and contribute to deploying national wealth in strategic sectors of interest.

The EU should consider tackling barriers that prevent stock exchanges from merging to deepen the bloc’s capital market and stop it falling behind competitors, euro zone finance ministers said in a draft statement seen by Reuters.

The GCC market faces challenges related to oil price volatility and regulatory changes, but four sectors could drive investment opportunities, says Musa Haddad from FAB.

The savings round of Saudi Arabia’s first Shariah-compliant and government-backed sukuk (Sah) for the month of February came to end with a total volume of requests reaching SR861 million ($229.5 million).

Saudi Arabia concluded its riyal-denominated sukuk issuance above the $2 billion mark for the third consecutive month in February, official data showed.

Egypt is aiming for $6.5 billion in revenues in 2024 from the government’s initial public offering program, according to the finance minister.

Saudi Arabia’s Middle East Healthcare Company, the company behind Saudi German Hospitals, has commenced the public offering of its riyal-denominated sukuk.

Alternative investment company Investcorp plans to list at least one of its portfolio companies in the Gulf in 2024, a senior executive said, as its Abu Dhabi-listed unit Investcorp Capital reported financial results.

Following the successful completion of two initial public offerings (IPOs) of its subsidiaries Abraj Energy Service Company and OQ Gas Networks in 2023, Oman’s globally integrated energy group, OQ, is considering IPOs of two more subsidiary companies this year, according to a Bloomberg report.

Fitch Ratings has assigned Nama Electricity Distribution Company SAOC’s (NEDC; BB+/Stable) sukuk trust certificate issuance programme, issued through the trustee (Mazoon Assets Company SAOC; MAC), and its USD500 million issue due 2029 – final ratings of ‘BB+’.

The IMF, which is forecasting GDP growth of 1.9% for Qatar in 2024, said the Gulf state has remained resilient to recent global shocks and its economic outlook is favourable.

According to the latest report from the International Monetary Fund (IMF), the Qatar economy is expected to continue normalizing in the near term after receiving a boost in 2022 from hosting the World Cup.

Saudi Arabia is set to hire Citigroup Inc, Goldman Sachs Group Inc. and HSBC Holdings Plc for a secondary share sale in Saudi Aramco, a deal that would raise about $20 billion, Bloomberg News reported on Thursday, citing people familiar with the matter.

Modern Mills set to be second milling firm to list in Riyadh.
Kingdom split the government-controlled flour milling industry.

Outstanding ESG sukuk grew significantly in 2023, reaching USD36.1 billion globally at year-end (all currencies).

Emirates Strategic Investments Company, owned by Sheikh Mansour bin Zayed al-Nahyan, a member of Abu Dhabi’s royal family, has set initial price guidance for its 5-year sukuk, according to a document reviewed by Reuters on Wednesday.

Bahrain recently issued sukuk and bonds worth $2 billion. The issuance consists of sukuk worth $1 billion at 6 percent for a period of 7 years.

Outstanding ESG sukuk expanded by 56.8% yoy to reach USD36.1 billion globally at end-2023 (all currencies).

Saudi Arabia led the Middle East and North Africa initial public offerings, with 14 out of 19 listings occurring in the fourth quarter of 2023.

The initial price guidance for its 5-year sukuk has been placed at around 130 basis points over U.S. Treasuries while its its 10-year sukuk has been placed at 145 bps over the same benchmark.

The initial price guidance for its benchmark-sized dollar-denominated 12-year bonds has been placed around 8%, the document said

The GCC could be headed for another bumper year for initial public offerings in 2024, thanks to the regional government’s push for privatisation, the growing appetite of private sector companies to raise capital and strong investor demand, according to companies and analysts.

With interest rates at their highest for a decade and government bond yields hovering around 2.2%-5% depending on currency and maturity, retail demand for bonds is alive and kicking.

OQ is planning to list exploration and production business.
Oman has embarked on a privatization drive like Gulf neighbors.

The Middle East and North Africa (MENA) markets experienced remarkable growth in 2023, witnessing a total of 48 Initial Public Offerings (IPOs) that generated an impressive $10.7 billion in revenues.

The MENA region saw 48 IPOs last year, down 6% from 2022, while proceeds fell 51% year-on-year to $10.7 billion.

Fitch Ratings has assigned Nama Electricity Distribution Company SAOC’s (NEDC; BB+/Stable) upcoming sukuk trust certificate issuance programme, issued through the trustee (Mazoon Assets Company SAOC; MAC), an expected rating of ‘BB+(EXP)’.

The Qatar Central Bank issued treasury bills and Sukuk with maturities of one week, one month, three months, six months, and nine months, totaling QR2.5bn.

The Sukuk market is bigger than both European high yield and Swiss bonds. Citywire Selector spoke with fund managers to learn more about how the space has evolved.

Qatari banks’ stable financial metrics will continue in 2024, says Fitch Ratings in a new peer review report, as hydrocarbon prices and higher interest rates continue to support operating conditions for banks

Foreign direct investment inflows to Saudi Arabia hit SR17 billion ($4.53 billion) in the third quarter of 2023, according to the General Authority of Statistics.

Saudi Arabia is planning to sell an additional stake in Saudi Aramco in February, Bloomberg reported on Wednesday citing sources.

The firm has picked Emirates NBD Capital, First Abu Dhabi Bank and Standard Chartered Bank as joint global coordinators.

The United Arab Emirates has seen a pick up in interest from a number of UK financial technology firms hoping to pursue a dual listing in the Gulf country, according to Economy Minister Abdulla bin Touq Al Marri.

In its Fixed Income Report, Kuwait Financial Centre “Markaz” states that Primary debt issuances of Bonds and Sukuk in the Gulf Cooperation Council (“GCC”) Countries amounted to USD 95.3 billion during the year 2023 compared to USD 79.2 billion raised in 2022, marking a year-on-year growth of 20.3%.

The International Monetary Fund has raised its global economic growth forecast, with increased prospects of a soft landing this year, but risks remain amid slow and divergent economic progress as geopolitical uncertainty mounts.

The Egyptian government is exploring the issuance of bonds denominated in Emirati dirhams, Indian rupees, and Hong Kong dollars, in a bid to broaden its financing options and attract global investors.

Kuwait’s economic growth is likely to remain flat to slightly negative in 2024 on the back of additional oil sector cuts, the National Bank of Kuwait said in its latest quarterly economic brief.

Albilad MSCI Saudi Growth ETF will start trading on the main market (TASI) on Jan. 31, with the symbol 9408 and ISIN Code SA160G54J043, the Saudi Exchange (Tadawul) said in a statement.

Fitch Ratings has affirmed National Central Cooling Company PJSC’s (Tabreed) Long-Term Issuer Default Rating (IDR) at ‘BBB’, with a Stable Outlook. A full list of rating actions is detailed below.

Saudi Arabia’s sukuk and bond issuances rose 2.8 percent year on year in value by the end of the final quarter of 2023, reaching about SR758.8 billion ($202.34 billion), data issued by the Saudi Exchange showed.

The Reg S issue attracted strong interest from investors around the world which reflected their confidence in QNB Groups financial strength and its position as the largest financial institution in the MEA region.

Saudi Arabia’s Public Investment Fund has completed the pricing of a bond offering worth $5 billion.

The United Arab Emirates topped regional green bond league tables, with sales reaching US$10.7 billion, up nearly 170 percent and accounting for approximately 45 percent of regional totals.

The UAE is planning to issue sukuk and bonds worth 5 billion dirhams ($1.36 billion) in the first quarter of this year, revealed a top official.

The Gulf Cooperation Council (GCC) countries were the key drivers of higher bond issuances in last year. Total bond issuances by GCC countries stood at $58.2bn during 2023 as compared to $40.4bn during 2022, registering an increase of 44.2 percent or $17.8bn.

Saudi Arabia’s funding diversification plans and market development initiatives are bearing fruit, with the Kingdom’s debt capital market expected to witness continued growth in 2024.

Moody’s downgraded the long-term bank deposits of five Egyptian banks. The affected banks are National Bank of Egypt (Al Ahly), Banque Misr, Banque du Caire, Commercial International Bank Egypt, and ALEXBANK. Moody’s has revised the outlook from “stable” to “negative.”

Saudi Arabia continued to lead initial public offerings in the Gulf Cooperation Councill region in 2023, with 35 out of the 46 IPOs occurring in the Kingdom.

The UAE continued its domination in terms of initial public listing proceeds in the GCC in 2023, accounting for almost 56.3 per cent of the region’s total issuance proceeds.

CEEMEA bond market bankers for many years have railed against a problem of their own making – issuers paying nothing in fees for their bond issuance. But an end to their dilemma is in sight.

The outlook for the GCC region in 2024 is more optimistic in comparison to the rest of the world, supported by the reversal of oil production cuts, still strong international oil prices and growth in the non-oil economy, analysts at a global professional services network said.

Saudi Arabia’s Public Investment Fund (PIF), the country’s sovereign wealth fund, launched a $5bn bond on Monday, capital markets publication IFR reported.

The size of the UAE debt capital market (DCM) rose by 10% year on year (yoy) to USD270 billion outstanding at end-2023 and is forecast to cross USD300 billion in 2024-2025, Fitch Rating says.

Qatari investment company Estithmar Holding has set up a 3.4 billion riyal ($934 million) Shari’a compliant trust certificate programme for trust certificates to be issued by Estithmar Sukuk Limited LLC, a special purpose company (SPC) incorporated in the Qatar Financial Centre.

Saudi Arabia’s Public Investment Fund has released initial pricing indications for its three-tranche US-dollar-denominated bond, as revealed in a bank document seen by Arab News.

Saudi Arabia’s debt capital market (DCM) is likely to maintain its growth in 2024, says Fitch Ratings. Outstanding Saudi DCM expanded 14.5% yoy, reaching USD360 billion, at end-2023. In the medium term, Fitch expects Saudi’s outstanding DCM to reach USD500 billion.

Saudi Arabia is expected to issue more bonds after its multibillion-dollar international offering this month to manage its liabilities, the country’s finance minister has confirmed.

Global ratings agency Moody’s revised its outlook on Egypt to “negative” from “stable” on Thursday, citing increasing risks that the country’s credit profile will continue to weaken amid difficult macroeconomic and exchange rate rebalancing.

The sector outlook for corporates in the Gulf Cooperation Council (GCC) countries is neutral for 2024, supported by public-sector spending, mainly in infrastructure and energy, Fitch Ratings says in a new Outlook report.

QIIB announced the successful issuance of its $500m sustainable “Oryx” sukuk for a period of five years, as part of the bank’s sukuk programme with a total value of $2bn.

Fitch Ratings has affirmed Kuwait Finance House (K.S.C.P.)’s (KFH) Long-Term Issuer Default Rating (IDR) at ‘A’ with a Stable Outlook. Fitch has also affirmed KFH’s Viability Rating (VR) at ‘bb+’.

Qatar is set to launch its inaugural green bond in what would be its first external debt issuance in four years, according to its finance minister.

Saudi government-issued debt instruments worth SR5.17 billion ($1.37 billion) are set to be listed on the Kingdom’s stock exchange, following the latter’s approval of the Ministry of Finance’s request.

The UAE led the Gulf Cooperation Council (GCC) in IPO proceeds, securing $5.5 billion from seven flotations in 2023, according to Kuwait Financial Centre (Markaz).

On 11 January, the US (Aaa negative) and UK (Aa3 stable) began strikes on Yemen’s Houthi rebels following attacks on commercial shipping through the Bab al-Mandab strait.

Private banking heads from Mashreq, Deutsche Bank, Standard Chartered and Lombard Odier, share insights about the evolving landscape in the Middle East this year.

Oman Telecommunications Company (Omantel) has announced the initiation of a series of meetings with qualified fixed-income investors on Tuesday to discuss the anticipated benchmark seven-year Sukuk offering in US dollars.

Saudi Arabia’s Middle East Healthcare Company, the company behind Saudi German Hospitals, has announced its intention to issue sukuk via public offering.

Efforts made by the GCC states to diversify their economies are complementary, rather than competing in the bloc, as the region continues to post strong growth, officials said at the World Economic Forum on Tuesday.

Saudi Arabia’s National Debt Management Center concluded its riyal-denominated sukuk issuance for January at SR8.825 billion ($2.35 billion).

Our outlook for sovereign creditworthiness in the Middle East and North Africa (MENA) is stable. Investment, including the implementation of long-term projects, and supportive commodity prices will keep output solid across most economies

With close to $45 billion of GCC debt maturing this year, refinancing of these instruments are expected to account for the bulk of the bond issuances by corporates and governments in the region this year, a report showed.

Oman’s Bank Muscat has secured regulatory approval to invest 150 million Omani rials ($390 million) in the Gulf region. The mandate of the systematic investment plan involves a strategic interest in various listed banks within the region.

Nasdaq Dubai welcomes the listing of a USD 600 million green bond by China Construction Bank (DIFC Branch). The green bond issuance targets combating climate change, represents China Construction Bank’s significant commitment to sustainable financing and highlights the growing synergy in green financing between China and UAE.

From an economic perspective, 2023 was a good year for the GCC.

Higher interest rates and slowing global growth appeared to have little impact on regional non-oil economic activity, which was underpinned by significant investment, some population growth and a continued rebound in post-coronavirus travel and tourism.

Fitch Ratings has affirmed ADNOC Murban RSC LTD’s (ADNOC Murban) Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘AA’ with a Stable Outlook.

Sukuk issuance globally is expected to total between $160 billion and $170 billion in 2024 thanks to higher financing needs in some core Islamic finance countries, according to S&P Global.

Islamic financing has good potential for growth in the Commonwealth of Independent States (CIS) region because Central Asian countries and Azerbaijan have large Muslim populations. However, establishing related regulations and laws, and increasing public awareness, will take time, which will limit the sector’s growth in the foreseeable future.

The Gulf Cooperation Council countries witnessed a surge in US dollar sukuk issuance, registering a 178 percent year-on-year growth in the past year.

Aggregate bond issuances in the Middle East and North Africa region reached $95.9 billion in 2023, marking an 18.98 percent increase compared to 2022.

Moody’s Investors Service has assigned an SQS2 Sustainability Quality Score (Very Good) to the Government of Oman’s sustainable finance framework, which was issued last week.

Of late, businesses in the Gulf Cooperation Council region have become more inclined toward pooling their resources to achieve operational efficiency and maximize profits.

An expected slowdown in the world economy this year means investors around the globe will find it harder to generate returns and will need to revisit their investment strategies amid changing inflation and interest rate dynamics, a top asset manager has said.

Fitch Ratings has affirmed The Saudi National Bank’s (SNB) Long-Term Issuer Default Rating (IDR) at ‘A-‘ with a Stable Outlook. Fitch has also affirmed SNB’s Viability Rating (VR) at ‘a-‘ and Short-Term IDR at ‘F2’.

An uptrend in global sukuk issuance has been projected for 2024, with the market expected to cross $1 trillion in the medium term, according to Fitch Ratings, despite geopolitical events, monetary tightening, and fluctuating oil prices.

Gulf asset manager Amwal Capital Partners plans to launch a fixed income division to tap opportunities in the region, it said on Wednesday.

First Abu Dhabi Bank (FAB) has successfully issued a 5-year USD 800 million Sukuk at US Treasury +85bps which resulted in an all-in yield of 4.779%.

In recent months, financial markets have been focused on the rise in US government bond yields, particularly given the 10-year yield has reached 5%.

Lower- and lower-middle-income economies risk losing 12% of GDP to hazards such as storms, but investing up to 0.6% of GDP in adaptation will have high returns.

Kuwait’s largest lender Kuwait Finance House has launched $1 billion in dollar-denominated 5-year debut senior Islamic bonds, or sukuk, fixed income news service IFR reported on Wednesday.

We have assigned an SQS2 Sustainability Quality Score (very good) to the Government of Oman’s sustainable finance framework dated 8 January 2024. T

Oman unveiled late on Wednesday a sustainable finance framework to help the Gulf country reduce its reliance on fossil fuels and attract environmental, social and governance (ESG) investors.

The United Arab Emirates’ largest lender, First Abu Dhabi Bank, has given price guidance of around 100 basis points over U.S. Treasuries for its dollar-denominated Islamic bonds, according to a document seen by Reuters on Monday.

Last month the Dubai government announced another IPO, this time for Dubai Taxi Co. It’s the latest in a deepening pipeline of IPO activity that’s setting the stage for more companies to go public

Saudi Arabia plans to tap global debt markets on Monday with the sale of a triple-tranche bond with tenors of six, 10 and 30 years, IFR, a capital markets publication, reported.

Saudi Arabia’s media conglomerate MBC Group has become the first new listing in the Kingdom’s Tadawul All Share Index in 2024.

The Saudi Exchange has announced the launch of the TASI50 Index, which tracks the top 50 companies listed on the Saudi Exchange by total market capitalization. The index is calculated in real time and tracks the stocks of the largest companies in the market.

Last year proved especially challenging for many asset managers. Analysis by Citywire Amplify highlighted how the past 12 months have really tested active managers, with just 35% of analysed peer groups outperforming rivals

The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital inflows, and reform implementation

An Emirati company wants to broker a nascent market in which nations trade emission reductions even before regulations are agreed upon.

ADNOC and OCI enter into a binding agreement for ADNOC to purchase OCI’s entire stake in Fertiglobe for $3.62 billion, with the transaction expected to complete in 2024.

Oman’s sovereign wealth fund, the Oman Investment Authority (OIA), is set to launch several initial public offerings (IPOs) and enlist state assets, as the sultanate looks to boost its capital market, Bloomberg reported on Thursday.

In a volatile global market, sukuk deals have been the engine of Islamic finance issuance across the MENAT region.

It has been a busy year for capital markets across the Middle East in general, and the six-nation Gulf Cooperation Council (GCC) in particular

Masdar, Abu Dhabi’s renewable energy company, is aiming to raise $3 billion over the next few years through its Green Finance Framework, a senior official said.

Saudi Arabia’s media giant MBC Group has set its final IPO price at 25 riyals per share.

MBC group is planning to raise as much as $222 million from the sale of a 10% stake via an IPO.

Fadel Mahmoud Abdullah will play an integral role in steering the new strategic direction of the bank.

RIYADH: The total value of sukuks, green and sustainability-linked bonds registered with the UAE’s Securities and Commodities Authority reached about 15.45 billion dirhams ($4.2 billion) between January and November, according to a top official.

Dubai has set up a new fund as an independent public entity to oversee all government investments under a law issued by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.

Dubai – The Gulf Capital Market Association (GCMA) successfully concluded its 2023 Summit, “The Path to a Sustainable Capital Market,” held as part of the COP28 Climate Action Innovation Zone. The event brought together global industry leaders, investors and market participants to discuss the critical role of the region’s financial markets in the global transition to sustainability.

Saudi Arabian media giant MBC Group, which received regulator approval to float 10% of its share capital on the Saudi Tadawul exchange, has set the indicative price range for the offering at between 23 Saudi riyals ($6.13) and SAR 25 per share.

Saudi Arabia is committing itself to a sustainable and green future through a variety of initiatives, with one of the most high-profile set to be held at the upcoming climate conference in Dubai.

ESG sukuk in the UAE has been on a growth path and will continue to expand amid funding requirements to meet energy transition goals, according to a new analysis.

Fitch Ratings has affirmed Bank Muscat SAOG’s (BM) Long-Term Issuer Default Rating (IDR) at ‘BB+’ with a Stable Outlook. Fitch has also affirmed the bank’s Viability Rating (VR) at ‘bb+’.

Dubai Taxi Company said it raised Dh1.2 billion (approximately $315 million) in the initial public offering after pricing it at the top of the range.

There is a visible push for ESG sukuk in the UAE as COP28 approaches, says Fitch Ratings in a new dashboard. Fitch expects outstanding ESG sukuk in the UAE to reach 17.5%–20% of total sukuk issuance in the medium term.

Saudi Exchange has officially launched single stock options, the newest offering in its derivatives market, with trading begining on the morning of Nov. 27.

Two sovereign issuers recently complained that the pricing advantage of doing a green bond rather that a conventional one – the fabled greenium – was not enough to justify the extra costs associated with labelled issuance.

The Abu Dhabi Securities Exchange (ADX) launched on Wednesday the listing of First Abu Dhabi Bank’s (FAB) AED1.3 billion ($353 million) green sukuk, which is expected to contribute to the UAE’s economic diversification and sustainability efforts.

The issuance was split into four tranches maturing between March 2029 and March 2036 and with profit rates of between 9.87% and 11.9%.

Regulatory headwinds arising from the guilty plea of Changpeng Zhao (CZ), the former CEO of world’s largest digital assets exchange Binance, will likely increase, but overall, will not hinder long-term developments of digital assets.

Dubai Financial Market (DFM) today announced the introduction of a pilot program for trading carbon credits, scheduled to debut at COP28

We believe the time is now for the Tayyib concept and the beautiful principles it encapsulates to come to the fore in Islamic finance.

Abu Dhabi Commercial Bank PJSC (ADCB) has successfully priced an Additional Tier 1 (AT1) Bond with a principal amount of USD 750 million.

All Middle East and North Africa (MENA) sovereigns face significant water-related challenges, which will be compounded by the effects of climate change

With the UAE hosting the pivotal COP28, the intersection of climate policy and market strategy is more prominent than ever. Discerning traders are positioning themselves to take advantage of specialized financial products that are both climate-forward and financially astute, including the Green Index, the ESG Index, the EV Index, and the EUA Futures CFDs.

Regional broadcaster MBC Group has received approval from Saudi Arabia’s market regulator for an initial public offering amid the listing boom in the Gulf.

Fitch Ratings has affirmed UAE-based Majid Al Futtaim Holding LLC’s (MAF) Long-Term Issuer Default Rating (IDR) and senior unsecured rating at ‘BBB’. The Outlook on the IDR is Stable. A full list of ratings is below.

Dubai Taxi Company (DTC) has set a price range of AED1.8 ($0.49) to AED1.85 ($0.50) a share, with its IPO subscription opening on Tuesday. A total of 624,750,000 shares, equivalent to 24.99% of DTC’s total issued share capital, will be offered.

Ann Prendergast succeeds Rory Tobin, who retired in June this year after nine years at SSGA.

Riyadh: The value of foreign investments in the Saudi capital market has increased by 300% over the past five years, specifically from 2018 to the end of 2022, reaching SAR 347.01 billion by the end of the period. This constitutes 14.2% of the total value of the free float in the main market, compared to SAR 86.86 billion in 2018, which represents 3.77% of the total value of free float shares in the main market for that year.

Saudi Capital Market Authority (“CMA”) called upon relevant and interested persons participating in the capital market to share their feedback on the Exclusion of Companies Listed in the Saudi Stock Exchange (Tadawul) from the Meaning of the Phrase (Non-Saudi) in accordance with the Law of Real Estate Ownership and Investment by Non-Saudis for a period of fifteen (15) days ending on 15/05/1445 AH, corresponding to 29/11/2023.

The global asset manager has launched a Shariah compliant multi-asset income fund to boost income and increase the value of investments.

UAE’s third-largest lender Abu Dhabi Commercial Bank is planning to sell perpetual non-call 5.5-year debt instrument, an arranging bank document seen by Reuters showed on Thursday.

The Dubai Electricity and Water Authority (Dewa) expects low-carbon hydrogen to play a bigger role in its energy mix in the longer term, according to its chief executive.

Conviction around lower inflation, rates and yields has pushed investors back into sizeable fixed income bets.

Fitch Ratings has affirmed Public Investment Fund’s (PIF) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at ‘A+’ with Stable Outlook. Fitch has also affirmed PIF’s special-purpose vehicle (SPV) GACI First Investment Company’s guaranteed EMTN programme ratings and senior unsecured long-term ratings of US dollar-denominated bonds at ‘A+’.

The Dubai Virtual Assets Regulatory Authority (VARA) has officially launched its highly anticipated licensing framework for virtual asset service providers (VASPs), ushering in a new era of regulatory oversight for virtual asset activities within the Emirate of Dubai (excluding the Dubai International Financial Centre)

Andy Acker suggests a barbell approach to position healthcare in 2024 to balance the sector’s defensive qualities with potential growth opportunities.

Abu Dhabi Islamic Bank (ADIB) is set to issue a dollar-denominated senior green sukuk following investor calls that were scheduled to start on Monday.

Insurers in Saudi Arabia (A1 positive) have delivered strong performance for the first nine months of 2023, reversing the weak performance of recent years. The sector is benefiting from the continued expansion of compulsory medical and motor insurance, stronger investment returns thanks to rising interest rates, and significant price rises following a rise in claims in 2021 and 2022.

Rapid economic growth in Saudi Arabia (A1 positive) and strong demand for credit have led to funding pressures at Saudi banks. As GDP growth peaks and high interest rates start to weigh on loan demand, funding pressure will ease slightly but will not disappear.

Diriyah Company, the developer turning the historic Saudi city into a tourism giga-project, is considering an initial public offering on the Tadawul stock exchange by early 2027, as the kingdom seeks to develop non-oil sectors and attract international tourists.

MENA debt issuances nearly tripled in value year-on-year (YoY) during the first nine months of 2023 to $61.1 billion,  according to data from the London Stock Exchange Group’s (LSEG) Deals Intelligence. However, this was below the value recorded for the previous five years.

Climate change, a global crisis that’s unfolding in real time, is rapidly elevating the urgency for a transition to a low-carbon economy. While governments, businesses, and individuals all play pivotal roles in combatting this crisis, another critical group has the power to effect significant change: investors and shareholders.

Fitch Ratings has downgraded Egypt’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B-‘ from ‘B’. The Outlook is Stable

Dubai-listed Shuaa Capital has received support of 93% of its noteholders to extend its $150 million bond after down to the wire negotiations over the last week.

Saudi Arabia – As the government fosters a favorable environment for the asset management industry to flourish, assets under management (AUM) in Saudi Arabia have reached to more than 25% of the size of country’s GDP, according to KPMG’s latest Asset Management Review 2023 publication.

The Islamic Development Bank, a Jeddah-based multilateral lender, has picked banks to organise investor meetings for the sale of a 5-year sukuk, fixed income news service IFR reported on Monday.

A key priority for the upcoming Cop28 should be to ensure capital commitment for the energy transition from all parties, according to the managing director of the International Finance Corporation.

Around $1 trillion worth of preliminary investments will pour into Saudi Arabia’s six key sectors by 2030, as the kingdom implements a wave of reforms to transform its economy, according to Goldman Sachs Research.

As the world grapples with climate change, the UAE stands at an enviable yet challenging crossroads. As the first country in the Gulf to set ambitious net-zero targets, the UAE is not just embracing global efforts to mitigate climate impact, it is also spearheading them.

Environmental, social and corporate governance (ESG) sukuk rose significantly in the third quarter of the year and is expected to grow further to cross nearly 8% of global outstanding sukuk in the next few years, according to Fitch Ratings.

International acquisitions are booming. GCC operators are looking for telecommunications enterprises, primarily in Europe and potentially in Africa and Asia

NEOM Green Hydrogen Co. witnessed a leadership change with Wesam Al-Ghamdi succeeding David Edmondson as CEO. Under Edmondson’s guidance, NGHC reached full financial closure on its green hydrogen plant in May 2023, which is is currently being built at Oxagon.

Saudi Arabia’s New Murabba Development Co. is open to tapping into the alternative equity and initial public offering markets at the “right time,” according to a top executive.

ACX established its regional base in ADGM in August 2021 with the support of Hub71, Abu Dhabi’s global tech ecosystem.

Osool and Bakheet Investment Company set the price for its initial public offering (IPO) on the Parallel Market (Nomu) of the Saudi Exchange (Tadawul) at SAR 45 per share.

Saudi Arabia will implement its January 2024 deadline requiring international firms that wish to secure government contracts in the kingdom to locate their regional headquarters to Riyadh, the finance minister said on Wednesday.

Oman Telecommunications Company (Omantel) had initially announced a series of meetings with qualified fixed income investors on October 3, 2023, to discuss an anticipated benchmark seven-year Sukuk offering in US dollars.

The Muscat Stock Exchange (MSX) has become the first regulator in Oman to issue environmental, social and governance (ESG) guidelines.

Investcorp Capital plc, an Abu Dhabi Global Market-based alternative investor, on Tuesday announced its intention to proceed with an IPO and list its stock on the Abu Dhabi Securities Exchange (ADX).

Saudi Arabia’s Public Investment Fund (PIF) is planning an initial public offering of Nupco, a wholly owned subsidiary, as early as next year, Bloomberg reported, citing informed sources.

In its continuous efforts to raise financial awareness in the investment community and shed light on the latest developments and trends in the international investment community to participants in the Kuwaiti capital market, Boursa Kuwait organized a series of sessions and workshops during the month of October, the latest of which was a collaboration with the Certified Financial Analysts Society (CFA) and its chapters in Kuwait and Bahrain on sustainable finance, held on Wednesday, October 18, 2023.

Fitch Ratings has assigned Public Investment Fund’s (PIF: A+/ Stable) trust certificate issuance programme, issued through the trustee SUCI Second Investment Company (SSIC), a final rating of ‘A+’. The rating is in line with PIF’s Long-Term Issuer Default Rating (IDR).

Phoenix Group, the Abu Dhabi-based blockchain and crypto solutions company, on Friday said it would go public as it aims to expand and boost its offerings.

The $3 trillion Islamic finance industry is expected to expand by around 10% per year in 2023-2024, similar to 2022, S&P Global Ratings said in a new report.

Countries in the Gulf Cooperation Council (GCC), mainly Saudi Arabia and Kuwait are primarily fuelling this performance, although the growth was either muted or held back by local currency depreciation.

Oman’s OQ Gas Networks (OQGN), the pipeline business of state oil giant OQ, is expected to price its $771m initial public offering (IPO) at the top of the marketed range, according to terms seen by Reuters. Orders below 140 Omani baisas ($0.36) per share risk missing out on the deal, one of the banks on the transaction said in a message to investors seen by Reuters.

Affirming Saudi Arabia’s continuous growth, the International Monetary Fund revealed that the Kingdom’s gross domestic product is expected to rise by 4 percent in 2024.

Fitch Ratings has affirmed Emirates NBD Bank PJSC’s (ENBD) Long-Term Issuer Default Rating (IDR) at ‘A+’ with a Stable Outlook and its Short-Term IDR at ‘F1’. Fitch has also upgraded ENBD’s Viability Rating (VR) to ‘bbb-‘ from ‘bb+’. A full list of rating actions is below.

Fitch Ratings has affirmed First Abu Dhabi Bank P.J.S.C.’s (FAB) Long-Term Issuer Default Rating (IDR) at ‘AA-‘ with a Stable Outlook, and Short-Term IDR at ‘F1+’. At the same time, Fitch has affirmed FAB’s Viability Rating (VR) at ‘a-‘. A full list of rating actions is found below.

Seeking to add new momentum to Oman’s rapidly expanding Islamic finance sector, the Capital Market Authority (CMA) is spearheading a number of initiatives with a particular focus on strengthening the Islamic capital market.

The latest figures released by the World Bank showed the UAE economy is estimated to expand at 3.4 per cent in 2023 and 3.7 per cent in 2024 as compared to earlier forecasts of 2.8 per cent and 3.4 per cent.

Dubai-based Damac Real Estate Development has given initial price guidance at around 8.5% for its Islamic bonds or sukuk maturing in April 2027, an arranging bank document showed on Thursday.

Riyadh – Mubasher: Saudi Awwal Bank (SAB) intends to issue SAR-denominated Tier 1 Sukuk through a private placement in Saudi Arabia.

The Dubai International Financial Centre’s (DIFC) international exchange, Nasdaq Dubai, accounted for approximately 64% of the world’s dollar-denominated sustainable sukuk market as of September 2023, according to Governor Essa Kazim.

Bahrain-based Dallah AlBaraka Holding Co. said on Wednesday it has a firm intention to make an offer to acquire up to 22.62% shares of Al Baraka group B.S.C (ABG) for a total value of $84.3 million.

On 30 September, Saudi Arabia’s (A1 positive) Ministry of Finance announced its prebudget statement for 2024, which indicates that government expenditures this year will likely be higher than originally budgeted and will remain high over the next few years.
The government now expects modest fiscal deficits in 2023 through 2026.

The Islamic banking industry in Oman is poised to maintain its growth momentum ahead of conventional banks in Oman. This trend is expected to persist over the next 12 to 18 months, thanks to supportive oil prices and ambitious economic diversification agendas across the GCC countries, according to Moody’s Investor Service.

The Dubai Financial Market (DFM) is the best-performing equity market index in the GCC, rising 24.8% in the year to September, according to a Kamco Invest report.

The DFM general index witnessed a monthly gain of 2% in September 2023 to close at 4,163.58 points, registering its sixth consecutive monthly gain.

Abu Dhabi’s non-oil economy grew by 12.3 percent in the second quarter of 2023, accompanied by a 3.5 percent increase in its overall gross domestic product, reported the Statistics Centre — Abu Dhabi.

Fitch Ratings has upgraded Oman Telecommunications Company S.A.O.G.’s (Omantel) Long-Term Issuer Default Rating (IDR) to ‘BB+’ from ‘BB’. The Outlook on the IDR is Stable. We have also affirmed the ‘BB+’ senior unsecured ratings on its USD600 million and USD900 million notes maturing in 2023 and 2028 respectively. The Recovery Rating is ‘RR4’.

Dubai-based Damac Real Estate Development has hired banks for the sale of 3.5-year dollar-denominated Islamic bond, or ‘Sukuk’, according to a document seen by Reuters on Monday.

Emirates NBD Bank has mandated banks to arrange a global investor call on Monday as it prepares to issue its debut green bond, a document showed on Monday.

Digitalization is a central theme in finance – and Islamic finance is no different. There has been much speculation about what digital sukuk could mean for the market and its potential to accelerate the growth in adoption of these instruments.

Saudi Arabia is expected to tap the international debt markets to finance a projected budget deficit in 2023-2024, the finance ministry said, against a backdrop of lower oil prices and the country’s extended oil production cuts.

Against the backdrop of Gulf Cooperation Council countries’ economic diversification efforts, Islamic banks are poised to outperform their conventional counterparts in profit margins, as per a recent report by Moody’s Investors Service.

In recognition of Saudi Arabia’s booming financial technology sector, UAE’s Tabby, a forerunner in the buy now, pay later fintech space, is shifting its headquarters to Saudi Arabia as it gears up for its initial public offering.

The Egyptian Government is planning to launch new bond issuances in the debt markets to support the National Climate Change Strategy 2050, according to a document issued by the Cabinet’s Information and Decision Support Center (IDSC).

Dubai has reduced its public debt by AED29 billion ($7.8 billion) as it managed to settle some of its loans amid strong economic recovery.

The reduction consequently brings down the emirate’s debt burden as a share of its gross domestic product (GDP) to 25%, the Dubai Media Office said on social media, citing the Public Debt Management Office of the Department of Finance.

Volatile financial markets and high inflation are the most pressing concerns of asset
managers in the Gulf Cooperation Council (GCC) region, according to our survey of the
sector’s chief investment officers (CIOs). The survey indicates that CIOs expect revenue to
rise as high oil prices support growth in assets under management (AUM), but also anticipate
an increase in operating expenses and competition for new assets.

Fitch Ratings – Dubai – 26 Sep 2023: Fitch Ratings has assigned First Abu Dhabi Bank P.J.S.C.’s (FAB) upcoming issue of US dollar-denominated subordinated Tier 2 bonds an expected long-term rating of ‘A(EXP)’.

The final rating is contingent upon the receipt of final transaction documents conforming to information already received.

Saudi-based Islamic Development Bank has tightened price guidance for its 5-year Islamic bonds to around 54 basis points over mid-swaps from 57 basis points over the same benchmark, fixed-income news service IFR reported on Tuesday.

Muscat: Dr. Said Mohammed Al Saqri, Minister of Economy has affirmed the recovery of the Omani economy from the impact of the Covid-19 pandemic. This, said the minister, reflects positive developments in the performance of overall indicators, as the Omani economy witnessed a growth in fixed prices, amounting to 2.1 percent during the first half of 2023.

The United Arab Emirates’ largest lender, First Abu Dhabi Bank, has given initial price guidance of around 200 basis points over U.S. Treasuries for its expected $750 million bonds, according to a document seen by Reuters on Tuesday.

The UAE and other countries of the Gulf Corporation Council (GCC) will experience an extended period of higher interest rates, say economists.

Gulf central banks have been raising interest rates in line with the Federal Reserve over the past couple of years as the US central bank tries to bring down inflation from a multi-decade high.

Ammon News -The Central Bank of Jordan (CBJ) has announced the issuance of sukuk for the National Electric Power Company (NEPCO), within the fourth tranche of the sixth issue, with a value of JD120 million, according to Al-Mamlaka TV.

The main shareholders in SAL Saudi Logistics Services Company are selling a 30 per cent stake in the company as part of an initial public offering that may raise as much as 2.54 billion riyals ($678 million).

The selling shareholders Saudi Arabian Airlines Corporation, also referred to as Saudia, which owns 70 per cent of SAL, and Tarabot Air Cargo Services that has a 30 per cent stake, are selling 24 million shares at a range of 98 riyals to 106 riyals each in the cargo entity, according to a statement on Monday.

Public Finances Underpin Upgrade:The upgrade reflects the use of high oil revenues to pay down debt and spread its maturity, spending restraint reducing external risks, and an increase in Fitch’s oil price forecast. We project general government debt to fall to 36% of GDP in 2023 and stabilise at around 35% in 2024 and 2025, below the ‘BB’ peer median of 54%. This compares with our forecast of 45% of GDP in 2023 when we last upgraded Oman in August 2022.

Dr Abdul Rahman Bin Abdullah Al Humaidi, Director-General and Chairman of the Board of Directors of the Arab Monetary Fund, said that Arab countries account for about 60 percent of the global Islamic financial industry, which amounted to US$3 trillion by the end of 2021.

He added, in opening a remote course on “Accounting Standards for Islamic Financial Institutions” in cooperation with the Islamic Development Bank, that building the capabilities of workers in this industry and the capabilities of the regulatory and supervisory authorities is a crucial element in the continuation of this industry’s momentum, growth, and development.

RIYADH — Mohammed Elkuwaiz, chairman of the Board of the Saudi Capital Market Authority (CMA), revealed that the authority achieved the highest rate of strategic plan targets in 2022.

“By the end of 2022, CMA was able to achieve higher completion rates than the targets of its strategic plan for the same year in a number of indicators,” he said while announcing that CMA is currently working on developing its strategic plan for the period from 2024 to 2026.

Home mortgage provider Saudi Real Estate Refinance Company (SRC) will further strengthen Saudi Arabia’s position as the largest Islamic finance market globally as it expands its balance sheet and becomes a more significant issuer in the sukuk market, Moody’s Investors Service said in a report.

The Public Investment Fund (PIF)-backed SRC will likely fund some of that future growth through securitisations and covered bonds, having relied largely on Shariah-compliant wholesale funding and government backing to date.

Global law firm White & Case LLP has advised the arrangers and dealers on the update of DP World Limited’s US$10 billion Global Medium Term Note Programme and US$5 billion Trust Certificate Issuance Programme, and the managers on a US$1.5 billion issuance of Green Sukuk by DP World Crescent Limited under its US$5 billion Trust Certificate Issuance Programme.

Saudi Arabia (A1 positive) is the largest Islamic finance market globally, and we expect
the Saudi Real Estate Refinance Company (SRC), despite being a relatively new joiner, to
further strengthen the country’s position as it expands its balance sheet and becomes a more
significant issuer in the sukuk market.

Moody’s Investors Service (Moody’s) has reaffirmed United Arab Bank’s long-term deposit ratings and improved the outlook on their ratings from stable to positive, reflecting solid capital, liquidity buffers and deposit-based funding.

RIYADH: ADES Holding Co., partially owned by Saudi Arabia’s Public Investment Fund (PIF), has reportedly set the final price for its initial public offering on the Kingdom’s main exchange at SR13.50 ($3.60) per share.

According to a Reuters report, this pricing implies a valuation of $4.06 billion for the oil and gas driller.

Oman’s OQ Gas Networks (OQGN) has started taking investor orders for its planned initial public offering (IPO), which is aimed at raising as much as $771m (OMR297m), in what is expected to be the biggest offering in the sultanate in almost two decades.

The four new Tadawul indices are: The Tadawul Large Cap Index, Tadawul Medium Cap Index, Tadawul Small Cap Index, and the Tadawul IPO Index.

The launch of the indices aligns with the Saudi Exchange’s ongoing initiatives to provide investors with enhanced benchmark opportunities and stimulate growth in new products for investors.

The United Arab Emirates raised $1.5 billion from a bond sale on Monday, marking the country’s return to international debt markets for the first time in well over a year.

The 10-year security priced at 60 basis points over Treasuries of similar maturity, according to a person familiar with the matter who’s not authorized to speak publicly and asked not to be identified. The sale had an order book of more than $6.8 billion, the person said.

DUBAI: H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, said that the UAE’s strong fiscal performance and diversified government revenues reflect efficient fiscal policy, with overall fiscal balance surplus recorded in 2022, a 31.8% year-on-year growth in revenues, and a 6.1% increase in expenditures, which amounted to approximately AED427.12 billion.

Muscat – The Capital Market Authority (CMA) on Sunday announced the approval of the prospectus for the initial public offering (IPO) of OQ Gas Networks (OQGN), the sole operator of Oman’s gas transportation system.

The subscription period for the IPO will commence on September 26, 2023 for retail investors and instituions categories, the CMA said in a statement on Sunday.

Energy Development Oman (EDO) announced the successful completion of its inaugural benchmark sukuk issuance of US$1bn on Sunday.

The offering was oversubscribed by more than five times, reflecting strong investor confidence in EDO as the national energy leader in the sultanate, a press release said.

Underlining Saudi Arabia’s robust economic growth, global credit rating agency Standard & Poor’s has reaffirmed its credit rating for the Kingdom in local and foreign currencies to “A/A-1,” with a stable outlook in its recently issued report.

The agency explained the confirmation came against the backdrop of Saudi Arabia’s continued efforts in recent years and its structural improvements that supported the sustainable development of the non-oil sector.

Dubai-based ship operator Gulf Navigation Holding has issued 220 mandatory convertible sukuk to new investors, with a one-year lock-in period.

The sukuk will be converted to 200 million shares at a price of 1.10 dirhams ($0.29), the only crude shipper listed on the Dubai Financial Market said in a regulatory filing on Friday.

The recent introduction of an optional savings retirement plan that allows employees in the UAE’s private and free zone sectors to invest their end-of-service benefits to build long-term wealth is the latest in a series of moves to help workers in the Emirates secure their financial futures.

State-owned Energy Development Oman (EDO) launched a $1 billion, 10-year dollar-denominated sukuk maturing in September 2033, fixed-income news service IFR reported on Thursday.

The Philippines government planning to issue an Islamic bond or sukuk by the end of the year or Q1 2024, according to Rosalia de Leon, Treasurer of the Philippines.

The sukuk is to carry a five-year or a ten-year maturity. This would mark the Philippines’ debut in the Islamic bond market.

In our article titled “Repos in Islamic Finance”¹ we concluded that Shari’ah-compliant repurchase transactions (“Repos“) could play a useful role as a liquidity management instrument to assist with the short-term liquidity shortages in the Islamic finance industry. For the industry as a whole, a standard template for documenting a Shari’ah compliant Repo would be a useful starting point for all Islamic banks who wish to use the technique.

HSBC Asset Management has expanded its ETF range with the launch of the HSBC Global Sukuk Ucits ETF, which it claims is the first fund of its kind in Europe.

LONDON: Saudi Arabia’s debt capital market is set to be redeveloped in a bid to help the Kingdom’s business acquire funding, the chairman of the Capital Market Authority has confirmed.

Speaking at the EFG Hermes Saudi Forum in London, Mohammed El-Kuwaiz insisted that any changes to the Saudi financial system need to occur gradually to ensure economic stability, but said the aim was to make the Kingdom as competitive on the global stage as possible.

Fintech companies and digital sukuk could be two key growth drivers of the global Islamic finance industry in the Middle East and North Africa in the coming years, according to a senior executive at the Standard & Poor’s rating agency.

The Gulf has seen a boom in funding for fintech startups, increasing by more than fourfold from $200 million in 2020 to $885 million in 2022.

The Government of Sharjah has given initial price guidance of around 220 basis points over U.S. Treasuries for its dollar-denominated 10.5-year Islamic bonds maturing in March 2034, a bank document showed on Tuesday.

Fitch Ratings – Dubai – 11 Sep 2023: Fitch Ratings has affirmed Ahli Bank Q.P.S.C.’s (ABQ) Long-Term Issuer Default Rating (IDR) at ‘A-‘ with a Positive Outlook. ABQ’s Viability Rating (VR) has also been affirmed at ‘bbb-‘.

Hypermarket chain and mall operator Lulu Group International expects to launch its initial public offering (IPO) in the first half of 2024, its chairman said on Monday, adding that the company’s shares will be listed in gulf.

The global issuance of sustainable bonds is expected to reach between $900 billion and $1 trillion in 2023 driven by increased demand, energy transition efforts and climate supportive policies, a new report said.

Saudi Arabia’s fiscal prospects are solid in the near term, primarily driven by Vision 2030 which has been steadily diversifying the Kingdom’s economy since its launch in 2016, according to the International Monetary Fund.

Dubai-owned ports giant DP World is planning to issue its first 10-year U.S. dollar-denominated green sukuk following investor meetings on Sept. 4 and 5, a bank document showed on Monday.

The GCC asset management market is projected to grow, reaching about $500bn in onshore assets by 2026, a leap from $400bn at the end of 2022, according to a report by Strategy& Middle East, part of the PwC network.

ADES International Holding, the oil and gas driller backed by Saudi Arabia’s sovereign wealth fund, on Monday announced its intent to proceed with an IPO and list its shares on Riyadh’s Tadawul exchange.

The Kingdom’s model for economic diversification is a success, say analysts, despite its continued reliance on oil.

Saudi Arabia’s Lumi, one of the largest auto rental firms in the kingdom, on Thursday announced plans to proceed with an initial public offering on the Saudi Exchange.

The U.S. securities regulator on Wednesday adopted new rules that will shine a light on private equity and hedge fund expenses and fees, in what executives and lawyers said marks a sweeping overhaul for an industry long criticized for its opacity.

Fitch Ratings has upgraded Saudi Arabia-based, The Company for Cooperative Insurance’s (Tawuniya) Insurer Financial Strength (IFS) Rating to ‘A’ from ‘A-‘. Simultaneously, Fitch has upgraded Tawuniya’s National IFS Rating to ‘AAA(sau)’ from ‘AA+(sau)’.

Sukuk restructuring scenarios continue to develop slowly and unevenly across various jurisdictions, Fitch Ratings says.

Fitch Ratings has affirmed Bahrain Telecommunications Company’s (Beyon; formerly Batelco) Long-Term Issuer Default Rating (IDR) at ‘B+’. The Outlook is Stable. A full list of rating actions is provided below.

The Kingdom’s housing market will get a fresh stream of liquidity, with Saudi Real Estate Refinance Co. announcing SR3.5 billion ($933 million) in sukuk issuances.

Egyptian Ministry of Finance is aiming to settle its cross-border link with Belgium-based clearinghouse Euroclear before the end of 2023

First Abu Dhabi Bank is expected to raise $500 million from an offering of five-year green bonds, a bank document showed on Tuesday.

Shares of Adnoc Logistics & Services surged as much as 58 per cent as the company made its debut on the Abu Dhabi Securities Exchange on Thursday.

Rating agency expects Dubai economy to expand by 3 per cent this year and grow at pace over two to three years

Proceeds from the sukuk sale will go towards funding or refinancing eligible green projects under the company’s green finance framework of 2019

The program will also help improve price discovery and diversify capital markets

Retail portion of initial public offering has been raised to more than 1.4 billion shares from 1.1 billion, equal to 19% of total shares on offer

Fitch Ratings has upgraded DP World Limited’s (DPW) Long-Term Issuer Default Rating (IDR) to ‘BBB+’ from ‘BBB-‘. The Outlook is Stable. The Short-Term IDR has been upgraded to ‘F2’ from ‘F3’. A full list of rating actions is at the end of this rating action commentary.

Saudi Arabia raised $6 billion on Monday from the sale of Islamic bonds, or sukuk, selling $3 billion each in two tranches of six years and 10-years, a document from a lead manager showed.

Aldar Investment Properties, a unit of Abu Dhabi’s largest developer Aldar Properties , launched a $500 million 10-year debut green Islamic bond, or sukuk, on Wednesday, according to a bank document seen by Reuters.

The upgrade follows the upgrade of SABIC’s majority parent, Saudi Arabian Oil Company (Saudi Aramco; A+/Stable), which in turn followed the upgrade of the Saudi Arabian sovereign rating to ‘A+’/Stable

Rising external financing needs could pose downside risks to the Arab world’s third-largest economy

Deal includes company’s debut $1bn green bond issued under its green finance framework

Fitch Ratings has upgraded Saudi Arabian Oil Company’s (Saudi Aramco) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to ‘A+’ from ‘A’. The Outlooks are Stable.

UAE company expects to distribute a minimum dividend of $163 million for the 2023 financial year, implying a minimum dividend yield of 7.77% to 8%

Balance Sheet Strength Drives Upgrade: The upgrade of Saudi Arabia’s ratings reflects its strong fiscal and external balance sheets, with government debt/GDP and sovereign

The state oil company has tapped local and global banks as bookrunners.

Bahrain has hired a group of banks to arrange investor calls ahead of a planned sale of U.S. dollar-denominated bonds comprising a tranche of Islamic bonds as well as conventional notes, a bank document showed on Wednesday.

Saudi Arabia’s al Rajhi Bank intends to issue a US dollar denominated sustainable sukuk under the international sukuk programme it had set up in April 2022.

State oil giant Abu Dhabi National Oil Co (ADNOC) plans to float its marine and logistics subsidiary in the coming months, two sources said, the second initial public offering of one of its businesses this year.

Company will start trading on the Dubai Financial Market on April 6

One of Oman’s main energy firms raised $244 million from the initial public offering of its oil-drilling unit, pulling off Muscat’s largest listing in more than a decade and drawing in Saudi Arabia’s wealth fund as an anchor investor.

The Islamic Development Bank is set to raise $2 billion from a sale of Islamic bonds, or sukuk, maturing in five years, a bank document showed on Tuesday.

Despite their dependence on the oil and gas industry, the Gulf nations have all announced new targets or renewed their commitment to the Paris Agreement in the past two years.

Dar Global looks to access a larger pool of investors and partners, says CEO

ADNOC Gas, a subsidiary of state oil giant Abu Dhabi National Oil Company (ADNOC), has increased the number of shares available in its initial public offering (IPO) to 3.84 billion shares, from 3.07 billion, amid “significant demand” from investors.

Non-deal investor roadshow was due to start on Monday

Energy company expects to list on the Abu Dhabi Securities Exchange on March 13

The local currency sukuk was priced at 5.05%, tighter than initial guidance of 5.25%, after orders topped 2.5 billion dirhams

SNB Capital on Wednesday announced the completion of a private placement Additional Tier 1 perpetual sukuk worth SR1 billion ($267 million).

Fitch Ratings has assigned GreenSaif Pipelines Bidco S.a.r.l. an expected Long-Term Issuer Default Rating of ‘A(EXP)’. Fitch has also assigned GreenSaif’s expected US-dollar denominated bonds a ‘A(EXP)’ rating. The Outlooks are Positive.

The government of Sharjah, one of the seven United Arab Emirates, has hired banks to arrange a sale of dollar-denominated debut sustainable bonds, a bank document showed on Monday.

Fitch Ratings has affirmed National Bank of Kuwait S.A.K.P.’s (NBK) Long-Term Issuer Default Ratings (IDR) at ‘A+’ with a Stable Outlook. Fitch has also affirmed NBK’s Viability Rating (VR) at ‘a-‘.

Global rating agency Moody’s has upgraded Dubai-based DP World’s ratings following major investments in the firm’s flagship UAE assets — the Jebel Ali Port, the Jebel Ali Free Zone and the National Industries Park.

The bonds, maturing in December 2028, were available in fixed and floating rate tranches, with the floating tranche attracting 67% of the allocation. The fixed rate bond pays investors a coupon of 6.75% annually, while the floating rate pays investors a coupon rate of 3% annually over the declared Central Bank of Kuwait discount rate.

Following the listing, Dar Global will be the UK holding company of the group’s international property development interests and marketing offices

DUBAI, Jan 3 (Reuters) – Dubai’s biggest lender Emirates NBD (ENBD.DU) has mandated banks to arrange a three-year fixed rate UAE dirham-denominated bond, a document reviewed by Reuters showed.

A decarbonisation investment strategy has gone from a specialist concern to something many expect by default

Dubai-based real estate investor Emirates REIT has received sufficient support to proceed with the new terms of its $400 million sukuk.

The Kuwait Projects Company (Holding) has completed the merger with Qurain Petrochemical Industries (QPIC) with the merged entity trading on Boursa Kuwait under a single ticker, KPROJ.

The company set the final offer price at 100 riyals per share in September

Issuers are not required to dedicate proceeds to green or social projects and can instead use them for general corporate purposes

World’s largest district cooling services provider plans to pay a minimum dividend of $232m per annum in the first two fiscal years

Saudi Arabia sold on Tuesday $5 billion in Islamic and conventional bonds for which demand topped $26.5 billion as it held its first international bond sale in almost a year.

MENA equity and equity-related issuance totalled $15.3 billion year-to-date (YTD) in 2022, the highest first nine-month total since 2008

Saudi Arabia is planning to issue new bonds and sukuk denominated in US dollars while offering their holders the opportunity to acquire existing notes in exchange for cash.

Abu Dhabi sovereign wealth fund Mubadala is selling 10-1/2-year U.S. dollar-denominated dual-listed Formosa bonds on Tuesday, giving an initial price guidance of about 200 basis points over 10-year U.S. Treasuries, a bank document showed.