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Middle East

CASE STUDY: EGA Secures USD6.5bn Loan amid Favourable Markets

The UAE-based aluminium giant timed its return to the loan market perfectly with a jumbo deal that attracted participation of 25 financial institutions and was arranged in less than three months.

11 Jun 2019

CASE STUDY: Almarai’s USD500mn Issue Marks First Corporate International Sukuk out of Saudi

The benchmark-sized international debut sukuk received more than USD5bn worth of orders – a similar level of oversubscription to the recent Saudi Aramco jumbo bond, a tremendous start to the Saudi dairy giant’s new USD2bn Islamic finance programme.

21 May 2019

Buoyant Markets Herald Strong Start for GCC Credits in 2019: Where Next for the Region?

With further bond index inclusion on the horizon and oil prices holding steady, CFOs and Treasurers are optimistic about the GCC region’s credit market prospects. But the accelerated pace at which today’s markets are evolving is reducing long-term visibility and raising questions over the kind of macro and monetary policy environment borrowers and investors are likely to find themselves in going…

16 May 2019

Ashmore Group: Beware of Big Fiscal

Having exhausted most monetary policy levers, fiscal stimulus appears to be the ultimate go-to solution for lack of growth in the developed world – but it is often very costly, and tends to stand in the way of deeper, much-needed structural reform. Ashmore's Jan Dehn looks at how this dilemma may be resolved.

30 Apr 2019

CASE STUDY: FAB Issues World’s First Intraday Sukuk

First Abu Dhabi Bank marked MENA’s debut public sukuk issuance in 2019 with its USD1bn senior sukuk. Riding on a wave of investor demand, the bank tapped the market twice, securing the largest single public issuance from a conventional bank sukuk in the region.

25 Apr 2019

As Egypt Woos Emerging Market Investors, Analysts Insist on Urgency of Further Reforms

A much-oversubscribed sovereign bond issued by the Republic of Egypt earlier this year reinforced a sense of optimism among emerging market investors about one of the region’s most promising economies, but analysts caution that the sustainability of the country’s improving macro, growth and investment outlook fundamentally hinges on deeper empowerment of the private sector and removal of the…

19 Apr 2019

China-US Tensions, War with Iran Dominate Medium-Term GCC Risk Landscape

Despite a positive macro outlook, a blend of rapidly rising regional tensions and an evolving trade dispute between China and the US will weigh more heavily than previously thought on the GCC’s economic prospects in the medium term, argues Dr. Nasser Saidi, Founder and President of Nasser Saidi & Associates and Lebanon’s former Minister of Economy.

4 Apr 2019

GCC Issuance Set to Dominate Sukuk Market for Coming Years

Since Saudi Arabia’s debut sovereign sukuk issuance in 2017, the size of global sukuk markets has exploded. But primary market activity has been dominated by sovereign issuance, with corporates continuing to make up only a small share of the pipeline. Whether this trend will continue remains unclear, and raises serious questions about the long-term potential of the asset class.

1 Apr 2019

Eurasia Group: US-China Spat Could Weigh on GCC

Strategically positioned between the US and Asia, the GCC relies heavily on governments and markets in both regions for policy support, investment, and commodities demand. As China and the US double down on opposing trade positions in their pursuit of global economic hegemony, the GCC risks getting caught in the crossfire, according to Ayham Kamel, Practice Head for MENA at Eurasia Group.

27 Mar 2019

Boosting the Capital Corridor Between Asia and the Middle East

Whether in terms of trade, commerce, or cultural linkages, Gulf Co-operation Council (GCC) states have become increasingly diverse in their international ties over the past decade – with those linking the region to Asia emerging as one of the most critical corridors of economic activity. But how can GCC borrowers capitalise on emerging funding opportunities brought about by these deepening…

21 Mar 2019

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