The US Fed’s recent decision to cut interest rates by a further 50bp is placing additional pressure on the margins of Saudi Arabia’s banks, according to a recent report from Fitch Ratings. Following the lead of the Fed, the Saudi Arabian Monetary Authority (SAMA) cut its repo rate on Monday by 50bp, bringing rates in the Kingdom to an all time low of 1%. But the Kingdom’s banks will feel the…
20 Mar 2020
GCC countries led by Saudi Arabia and the United Arab Emirates this week introduced a raft of stimulus measures to support businesses and the banking sector.
19 Mar 2020
Vision 2030, Saudi Arabia’s ambitious plan to transform the economy and diversify away from oil production, has seen the country develop the largest project pipeline in the region. But the government’s apparent reluctance to raise funds through the debt capital markets risks undermining Vision 2030, according senior investment bankers based in the region.
18 Mar 2020
Abu Dhabi’s Authority of Social Contribution, Ma’an, and Aldar plan to jointly issue a social impact bond in late 2020, they revealed this week, the first issuance of its kind out of the GCC.
17 Mar 2020
Oman’s Bank Muscat finalised a USD650mn club loan with a syndicate of regional and international lenders this week despite the volatile market backdrop.
16 Mar 2020
Seven lenders and eight non-financial companies saw their ratings cut by one notch, a week after Moody's trimmed Oman's sovereign rating.
13 Mar 2020
The USD758mn non-recourse project finance facility raised by Saudi-based ACWA Power, a rare green loan from the Middle East, will fund the construction of the Taweelah IWP in Abu Dhabi, which will be the world’s largest reverse-osmosis desalination plant upon completion in 2022.
12 Mar 2020
UAE-based NMC Health’s investigation into substantial amounts of undisclosed debt is making investors wary of another Abraaj-style lapse in corporate governance.
12 Mar 2020
A pronounced and prolonged deterioration in the price of oil could shoulder Gulf governments with yawning deficits and may catalyse additional debt issuance to plug the gap.
12 Mar 2020
It came not with a bang, but a whimper. The Middle Eastern country’s failure to pay USD1.2bn on its March bond appears to put the ball in creditors’ court. But as coronavirus-linked turmoil and the collapse of oil prices dominates the headlines, Lebanon seems to be way down the pecking order on the elongating list of investors priorities.
11 Mar 2020