Call us on
+44 (0) 207 045 0920

Sovereign strategies: How are governments planning to finance their roads to recovery while maintaining their ratings?

Broadcast on Dec 8, 2020 from Livestream: Bonds, Loans & Sukuk Middle East 2020 - Virtual Conference

Platinum Sponsor

Emirates NBD

Platinum Sponsor

First Abu Dhabi Bank (FAB)

Gold Sponsor

BofA Securities

Gold Sponsor

GIB Capital

Gold Sponsor

HSBC

Gold Sponsor

MUFG

Gold Sponsor

SMBC

Multilateral Sponsor

ICD

Silver Sponsor

DWF

Silver Sponsor

Intesa Sanpaolo

Silver Sponsor

London Stock Exchange

Silver Sponsor

Mauritius Commercial Bank (MCB)

Silver Sponsor

Rawabi Holding

Bronze Sponsor

Arthur Cox

Bronze Sponsor

Bank of Jordan

Bronze Sponsor

Fitch Ratings

Bronze Sponsor

Finsight

Bronze Sponsor

Landesbank Baden-Württemberg

Bronze Sponsor

Shearman & Sterling

Bronze Sponsor

Squire Patton Boggs

Bronze Sponsor

United Arab Bank

Bronze Sponsor

Vienna Stock Exchange (Wiener Börse)

Subscribe for access:

  • Fiscal discipline versus subsidising growth: How have governments responded to COVID-19 and falling oil prices? How are they balancing monetary policy, fiscal stimulus, public debt and maintaining credit ratings?
  • Budgets and funding: Have governments raised enough capital in 2020 to sustain and stimulate their economies? How will governments approach the capital markets?
  • Ratings: Monetary and fiscal policy impacts, developing local capital markets and impact of dollar-peg
  • Insatiable demand for credit until it dries up: How much more demand is there amongst investors for Middle East sovereign credit?
Middle East

Moderator

Fawaz Abusneineh

Fawaz Abusneineh

Managing Director, Head of Debt Capital Markets & Syndicate – Global Corporate Finance

First Abu Dhabi Bank (FAB)

Fawaz Abusneineh

Fawaz Abusneineh

Managing Director, Head of Debt Capital Markets & Syndicate – Global Corporate Finance at First Abu Dhabi Bank (FAB)

Fawaz is in charge of the DCM Origination business for FAB’s Global Corporate Finance clients. He has worked on a number of landmark transactions for high profile issuers in the Corporate, Institutional and SSA space, covering various DCM products from plain vanilla bonds and setting up MTN Programs, to project bonds, hybrid capital and liability management, both conventional bonds and Islamic (Sukuk).

Fawaz has also originated and overseen the execution of numerous landmark deals outside the region, including the inaugural sovereign Sukuk issuance from HM Treasury and Hong Kong Government SAR. Prior to this role, Fawaz headed FAB's global distribution of Syndicated Loans and also managed FAB's Proprietary fixed income portfolio.

Fawaz holds a BSc (Hon's) in Accounting & Finance from the London School of Economics and is a holder of the Chartered Financial Analyst ® designation. He is also the Chairman of the Middle East Region for International Capital Market Association (ICMA) and a Board Member of The Gulf Bonds and Sukuk Association (GBSA).

First Abu Dhabi Bank (FAB)

Fawaz Abusneineh

About First Abu Dhabi Bank (FAB)

FAB, the UAE’s largest bank and one of the world’s largest and safest institutions, offers an extensive range of tailor-made solutions, products and services to its customers. Through its strategic offerings, it looks to meet the banking needs of customers across the world via its market-leading Corporate and Investment Banking and Personal Banking franchises.

Headquartered in Abu Dhabi, the bank’s international network spans five continents, providing the global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad.

With total assets of AED 955 Billion (USD 260 Billion) as of September-end 2020, FAB is rated Aa3/AA-/AA- by Moody’s, S&P and Fitch, respectively, the strongest combined ratings of any bank in the MENA region.

The Bank has been ranked by Global Finance as the Safest Bank in the UAE and the Middle East, and the 32nd Safest Bank globally.

To empower its customers and clients to Grow Stronger, FAB initiated a powerful movement, which goes beyond banking. The Grow Stronger movement represents the bank’s promise to support its stakeholders’ goals and growth ambitions, providing ideas, tools and expertise to help them become stronger, today and in the future.

For further information, visit: www.bankfab.com

LinkedIn page: https://www.linkedin.com/compa...

Speakers

Franck Nowak

Franck Nowak

Vice President - MENA Fixed Income and Global Sukuk

Franklin Templeton Investments

Franck Nowak

Franck Nowak

Vice President - MENA Fixed Income and Global Sukuk at Franklin Templeton Investments

Franck Nowak is a senior research analyst for Franklin Templeton Investments (Middle East) Limited. Mr. Nowak joined the investment team in 2012 to lead our research efforts and augment our investment processes for Global Sukuk and MENA fixed income. Mr. Nowak previously worked for Moody's Investors Service in both London and Dubai where he was responsible for non-bank ratings in the CEEMEA region. Mr. Nowak holds a bachelor's degree in commercial law and a master's degree in management, both from Rouen Business School in France.

As one of the first global asset management firms to establish local asset management capabilities in India (1993) and in South Korea (1997), Franklin Templeton is a pioneer in local asset management. Our goal is to manage each local business on a global scale, focusing on local investing, benchmarks and client needs, while drawing on the deep resources and global presence of the broader Franklin Templeton organization. Each local office (or strategic alliance) employs a truly "local" investment process that gives managers flexibility in investment decisions.

Since 1993, Franklin Templeton has developed or invested in local asset management capabilities — local portfolio managers investing locally — in several countries, including:

• India

• Brazil

• Japan

• South Korea

• Canada

• China (joint venture)

• Vietnam (joint venture)

• Middle East/North Africa

Franklin Templeton Investments

Ahmed Kouchouk

Ahmed Kouchouk

Vice-Minister of Finance for Fiscal Policies

Ministry of Finance, Egypt

Ahmed Kouchouk

Ahmed Kouchouk

Vice-Minister of Finance for Fiscal Policies at Ministry of Finance, Egypt

Ahmed Kouchouk was appointed Vice Minister of Finance for Fiscal Policies & Institutional reform in March 2016. Since then he has been playing a leading role in designing and implementing Egypt’s macroeconomic policies and reforms especially fiscal and debt policies. Mr. Kouchouk he served as the leading negotiator and focal point on behalf of the Government of Egypt with the IMF. Mr. Kouchouk in his capacity, supervises and oversees the work of various policy related units and departments at the Ministry of Finance including Macro Fiscal Unit, Debt Management unit, Public Private Partnership unit, Transparency and Citizen Engagement unit, Public Financial Management unit, and Institutional reform unit. Mr. Kouchouk leads and supervises several work streams at the Ministry of Finance including engagement with International institutions, Rating agencies, Investment Banks and portfolio investors. He also supervises and manage the process of setting and updating the Macro Fiscal Framework including setting fiscal & debt targets over the medium‐term, preparing the annual budget, monitoring budget implementation, managing fiscal risks, and overseeing debt strategy and related policies. Mr. Kouchouk serves as Egypt representative at the Asian International Infrastructure Bank Board (AIIB). In addition, he is the Ministry of Finance nominated focal coordinator with monetary authorities. He served as a Board Member at the Central Bank of Egypt from April 2016 to June 2018. He also leads Egypt’s inter‐ministerial task force managing annual economic dialogue with the EU. Mr. Kouchouk is currently a board member at the Arab African Investment Bank, Egypt National Academy for Training, and Egypt Air Holding Company. Mr. Kouchouk is a professional economist and policy advisor with more than 18 years of applied experience. He worked as a senior economist for the World Bank from June 2013 to March 2016. He worked as an Economic Advisor to the Minister of Finance and Director of the Macro Fiscal Unit from 2012‐2013 and served as the Executive manager of the Macro Fiscal Policy Unit at the Ministry of Finance from 2007‐2008 and 2010‐2012. He also worked for Egypt Ministries of External Trade and Economy. Mr. Kouchouk earned his master’s degree in public policy from Harvard Kennedy School of Government in 2010 and earned a master degree in economics from York University in the United Kingdom in 2002. He has a B.S, in Economics in 1999 from the American University in Cairo. Mr. Kouchouk is married to Amal El‐Sayed (Banker and executive coach). They have two kids Salma (13 years) and Omar (11 years).

Ministry of Finance, Egypt

Dr. Robert Mogielnicki

Dr. Robert Mogielnicki

Dr. Robert Mogielnicki

Resident Scholar at The Arab Gulf States Institute in Washington

Dr. Robert Mogielnicki is a Resident Scholar at the Arab Gulf States Institute in Washington. He manages the institute’s political economy research and oversees “Next Gen Gulf” – a long-term research series that examines how advanced technologies shape Gulf Arab governments and economies. Dr. Mogielnicki previously worked as a human resource development consultant and in journalism across the Middle East and North Africa. He holds a D.Phil degree from the University of Oxford’s Magdalen College. His first monograph on the political economy of free zones in Gulf Arab states is under contract with Palgrave Macmillan’s International Political Economy series. His published work has appeared in Foreign Policy, The Banker, World Politics Review, and Axios. Dr. Mogielnicki regularly provides commentary for international media outlets, including: Bloomberg, Forbes, Nikkei Asian Review, The Wall Street Journal, Nature, Financial Times, Reuters, BBC World News TV, VOX, Voice Of America, Washington Post, Los Angeles Times, and S&P Global.

The Arab Gulf States Institute in Washington

Hedi El Karoui

Hedi El Karoui

Managing Director, Head of Corporate Clients MEAT Region, IMI Corporate & Investment Banking Division

Intesa Sanpaolo

Hedi El Karoui

Hedi El Karoui

Managing Director, Head of Corporate Clients MEAT Region, IMI Corporate & Investment Banking Division at Intesa Sanpaolo

Mr Hedi El Karoui is Managing Director at Intesa Sanpaolo with more than 20 years of banking experience. His prime responsibilities are the management of the Corporate clients coverage team and the development of the CIB activities in the Middle East, Africa & Turkey region. He joined Intesa Sanpaolo in 2016 after having spent 17 years at Société Générale in various roles, mainly focused on Coverage, Marketing and Strategy.

Mr El Karoui holds Masters in Business Administration from Ecole Nationale Supérieure des Mines de Saint-Etienne, and in Industrial Engineering from Ecole Nationale d’Ingenieurs de Tunis.

Intesa Sanpaolo

Hedi El Karoui

Intesa Sanpaolo Group is one of the top banking groups in Europe, with a market capitalisation of 27,6 billion euro (1) and is committed to supporting the economy in the countries in which it operates.

Intesa Sanpaolo aims at becoming a reference model in terms of sustainability and social and cultural responsibility.
Intesa Sanpaolo is the leader in Italy in all business areas (retail, corporate, and wealth management) and it has also a strategic international presence, with approximately 1,000 branches and 7.2 million customers, comprising subsidiaries banks operating in commercial banking in 12 countries and an international network of specialists in support of corporate customers across 26 countries.

The IMI Corporate & Investment Banking Division is part of Intesa Sanpaolo Group.

This Division aspires to be a global partner serving Corporates, Public Finance and Financial Institutions, on a national and international basis, standing out for its historical presence in the financial markets and its extensive and innovative offer, in order to provide its clients with the best risk management advice and to accompany them in their development through change.

The IMI Corporate and Investment Banking Division’s offer includes the following products and services: Commercial Banking, Transaction Banking, Structured Finance, Investment Banking and Capital Markets.

(1) As at 30/10/2020

Linkedin URL: https://www.linkedin.com/compa...

Sergey Dergachev

Sergey Dergachev

Functional Head of Emerging Markets Corporates

Union Investment Privatfonds GmbH

Sergey Dergachev

Sergey Dergachev

Functional Head of Emerging Markets Corporates at Union Investment Privatfonds GmbH

Sergey Dergachev joined Union Investment´s fixed income portfolio management team in April 2008. As Functional Head Emerging Markets Corporate Debt and Senior Portfolio Manager, he is responsible for the emerging markets corporate bonds unit, which he has built up at Union Investment since 2009. In addition to that, Sergey plays a vital role in developing and promoting ESG themes and integration for EM debt portfolios at Union Investment. Prior to joining Union Investment, he worked at Frankfurt Trust from 2006 till 2008, as portfolio manager managing emerging markets fixed income debt portfolios (sovereign and corporate debt).

Sergey studied international business administration at the European Business School in Oestrich-Winkel, as well as at the Ecole Supérieure de Commerce in Rouen and the University of Westminster in London. In addition to that, Sergey is a certified chartered financial analyst (CFA), financial risk manager (FRM) and chartered alternative investment analyst (CAIA). He also holds a Master of Business Administration (MBA) degree from the University of Durham.

Union Investment Privatfonds GmbH