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Middle East

Lebanese Political Parties, For Now, Agree to Approach IMF

Lebanon is a step closer on the path towards economic reform, as the government agrees to approach the IMF for support. Hezbollah finally withdrew their opposition to the country requesting funds from the multilateral, which could help the struggling economy, but other political spats risk delyaing the process.

5 May 2020

Garuda Sukuk Restructuring Could be a Challenge as Smallholders Make Consensus Difficult

Indonesia’s national airline Garuda may struggle to restructure a sukuk due next month as the sheer number of debt holders throws the possibility of gaining a representative credit committee consensus into question.

5 May 2020

Fall in SAMA Assets Exceeds Expectations - HSBC

Saudi central bank reserve assets fell by around USD24bn in March, according official data. Accounting for non-reserve holdings, net foreign assets fell by just under USD27bn throughout the month.

4 May 2020

Aramco Appears Well-Placed to Weather the COVID Storm, Analysts Say

Plummeting oil prices resulting from a drop-off in global demand and a simmering price war with Moscow has put a severe strain on Saudi Aramco’s balance sheet in the short-term. But in looking further ahead, the company appears well-placed the weather the current storm.

1 May 2020

Off the Record: CFOs and Treasurers Target Working Capital Management and Supply Chain Support as Lockdowns Grip Markets

While governments and multilateral agencies announce a raft of measures to support businesses, banks, and individuals, UAE-based CFOs and treasurers batten down the hatches as focus shifts towards liquidity management, supplier support, and cost reduction.

29 Apr 2020

New Binladin CEO Moves Ahead with USD15bn Restructuring – Report

Binladin International Holding Group is said to be moving ahead with an ambitious USD15bn debt restructuring that once complete could pave the way for its return to the forefront of the Saudi construction sector.

27 Apr 2020

Dubai, Saudi Arabia Start Easing Lockdown Measures

Authorities in Dubai and Saudi Arabia are to begin easing lockdown measures, although most restrictions on group gatherings remain in place.

27 Apr 2020

GCC States’ Deficits Set to Rise Sharply Due to Pandemic Disruption - Fitch

The twin shock of coronavirus and plummeting oil prices have put the brakes on global growth. Combined with widespread outflows, a strengthening US dollar and a global recession, emerging markets face an unprecedented flurry of headwinds. According to a recent report from Fitch, weaker rated GCC sovereigns may be vulnerable to a downgrade in the current market conditions.

23 Apr 2020

OPEC Deal will Reduce Uncertainty for Saudi Arabia but Macro Will Pay a Heavy Price – Goldman Sachs

An historic deal between OPEC+ and the G20 last weekend may not be sufficient to lift oil prices materially in the near term given the scale of decline in global demand for oil, according to research from Goldman Sachs.

19 Apr 2020

Sukuk Issuance to Plummet in 2020 – S&P

A toxic cocktail of low oil prices and widespread disruption caused by the COVID-19 pandemic looks set to severely inhibit sukuk issuance in 2020, according to a recent report from S&P.

15 Apr 2020

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