Islamic Finance
Dar Al-Arkan Looks to Fill Shortage of Saudi Real Estate Firms in Dubai
The Saudi real estate development company Dar Al-Arkan tapped the Islamic markets with a USD500mn 5-year Sukuk in May this year, in the process drawing the attention of yield-hungry investors seeking hard-currency exposure in GCC fixed income. With new regulations expected to transform the sector and as KSA’s fiscal consolidation plan takes shape, we speak with Dar Al-Arkan CFO Mika Toivola about…
18 Sept 2017
Middle East Credit Markets Brief: August 31 - September 13
A fortnightly review of the Middle East's debt capital markets, covering the latest loan and bond deals, rating actions, policy and credit market developments... OPEC mulling 3-month extension to oil production cuts – Italian bank CDP to lend USD300mn to the Meydan Group – Iraq inks a USD270mn loan from Japan – Iran looks to join BRICS – Saudi German Hospital receives AED370mn Islamic syndicated…
13 Sept 2017
Middle East Credit Markets Brief: 17 August – 31 August
Saudi Arabia auctions local sukuk – Qatar growth to slow down – Warba Bank to make its debut in the loan market – Egypt sells EUR659.9mn worth of T-bills – Qatar keeping tabs on partners spooked by boycott - Iran gets credit line from South Korea’s Exim Bank – SMC secures a USD728mn credit facility – Iraq to get a loan from France
31 Aug 2017
Middle East Credit Markets Brief: 3 August – 17 August
Middle Eastern air carriers’ passenger growth disappoint – Goldman Sachs bough a piece of Aramco’s credit facility – Saudi Arabia mulls local sukuk – TAQA to refinance US$500mn bond - Doha Bank to sell UAE credit assets – Egypt’s FDI hit US$48.7bn – Bahrain picks banks for US bond – Iraq bond issuance received US$6.6bn in orders – Jordan might tap the international markets in 2017
17 Aug 2017
Middle East Credit Markets Brief: 21 July - 3 Aug
Qatar files complaint to WTO over GCC boycott – Dana Gas cancels its offer to exchange outstanding US$700mn sukuk – Iraq taps international markets with US$1bn bond - Dubai Aerospace Enterprise (DAE) prices a US$2.3bn triple-tranche bond - ADCB raised US$320mn through 5-year Formosa bond - Al Hilal Bank issues US$100mn bond
3 Aug 2017
Russia, CIS, Europe & Turkey Credit Markets Brief: 13 July – 28 July
Gazprom tapped the international markets – Alfa Bank issued a RUB10bn Eurobond – AFK Sistema declared technical default on bonds –– Halyk Bank acquires Kazkommertsbank – IBA plans to restructured approved by shareholders – Greece returned to the capital markets – Halbank to issue a US$2bn bond in the international markets
28 Jul 2017
Middle East Credit Markets Brief: July 6 - July 20
Middle Eastern debt issuances reach US$57.4bn in Q1 – Growth in GCC picks up –Topaz Marine issues bonds - Qatar refuses to accept GCC demands - Egypt raises rates - Oman Oil finalizes a US$2bn loan - Fitch revises outlook for Omani banks – Egypt receives loan tranche from the IMF
20 Jul 2017
A Shariah-Compliant Default? The Curious Case of Dana Gas Sukuk
The decision by the Abu Dhabi-based gas producer Dana Gas to declare two ostensibly shariah-compliant sukuk worth US$700mn “unlawful” has created a climate of uncertainty among investors and issuers alike, posing uncomfortable questions for the US$2tn Islamic Finance industry.
11 Jul 2017
Middle East Credit Markets Brief: June 23 – July 6
Dana Gas sukuk-holders demand UK court overturns injunction – IDB approves US$1.96bn funding on development in member states – Qatar downgraded as 5-year CDS rise 60bp – Saudi headline PMI drops to 8-month low – US laptop ban lifted on Abu Dhabi and Dubai airlines – Qatar Airways looking to purchase 10% stake in American Airlines – Egypt delays 5-year Treasury bond sale
6 Jul 2017
Middle East Credit Markets Brief: June 9 - June 23
GCC sukuk issuance topped US$22bn in 1H2017 – Saudi Arabia has a new heir to the throne – Saudi Arabia was added to MSCI’s watch list for a potential upgrade – UAE banks’ loan books grow by 2.13% – Dana Gas sukuk deemed “unlawful” – Qatar’s sovereign wealth fund has injected deposits into local banks to boost liquidity – QPSC said it expects to meet its earnings targets
23 Jun 2017