#Debt

Saudi Arabia plans to issue $9.6bn in sukuk after buyback GettyImages-1464744716-1

Saudi Arabia plans to issue $9.6bn in sukuk after buyback

HSBC Saudi Arabia, Al Rajhi Capital, SNB Capital, and AlJazira Capital have been appointed as joint lead managers to lead the transaction

UAE President wipes out over Dhs536.2m debt for Emiratis

The non-performing debt relief fund has announced that 17 banks and financial institutions have waived the obligations

Kuwait

Kuwait posts smaller deficit for last fiscal year on higher oil

The OPEC member recorded the highest non-oil revenue in seven years, up 38.5 per cent to KD2.4bn

Debt management office

Government of Dubai establishes a debt management office

Rashid Ali bin Obood Al-Falasi has been appointed as the chief executive officer of the debt management office

Qatar considers refinancing $10bn debt due next year

No final decision has been made

ADNOC

UAE oil producer ADNOC may aim for $5bn of bonds this year

Crude has surged around 14 per cent this year to more than $85 a barrel

Saudi Arabia plans to keep debt stable as oil income surges

Euro-denominated outstanding debt is currently around 2 per cent of the kingdom’s overall portfolio

How should GCC economies manage public finances

Governments can use sovereign asset liability management as a financial tool to manage public sector balance sheet risks

IMF upbeat about MENA growth, warns about uneven recovery

The fund raised its economic growth projection for MENA to 4.1 per cent this year from an earlier estimate of 4 per cent

Kuwaiti ruler makes unprecedented call for dialogue amid impasse

The initiative follows years of political tensions that have stymied efforts to diversify the country’s economy and promote foreign investment

Mubadala-backed Dubai fintech startup loads up on debt financing

Tabby has raised more than $30m in funding from local and global investors

DP World

DP World is said to weigh sale of stake in Jebel Ali Free zone

The port operator is working with advisers to gauge interest in the sprawling industrial park

Saudi Aramco

Aramco starts debut sale of dollar-denominated Islamic bonds

The firm is raising cash to help finance its plans to pay out $75bn in dividends

Oman is planning a second debt sale in 2021 with dollar sukuk

Oman successfully tapped the international debt market in January, raising $3.25bn

UAE federal bank planning second-ever sale of dollar debt

The money would go toward supporting companies in sectors considered a priority for the economy

Saudi Aramco hires banks for debut dollar Islamic bond sale

The firm is raising cash to help fund its commitment to pay out $75bn in dividends

Bahrain in talks with banks for bond sale in second half of 2021

The nation last tapped the international debt market in January

Seychelles pays $1 to acquire Etihad’s stake in its flag carrier

Etihad accepted a 79 per cent haircut on $72.3m of debt owed by Air Seychelles Ltd

Saudi Arabia turns to Euro-bond amid near record-low yields

The kingdom is planning a two-part, benchmark-sized deal with a three-year and nine-year offering

UK court orders asset freeze of NMC founder BR Shetty, other company executives

The order was secured by NMC’s biggest creditor, Abu Dhabi Commercial Bank

Saudi Arabia returns to dollar-debt market to boost finances

The price of Brent crude is still below what most of the region’s economies need to balance their budgets

Banks erase debt worth Dhs869.85m of 1,607 Emiratis

The move was implemented as per the directives of the UAE President Sheikh Khalifa bin Zayed Al Nahyan

UAE President pardons 628 prisoners ahead of National Day

Sheikh Humaid bin Rashid Al Nuaimi, Ruler of Ajman, also ordered the release of 49 prisoners

G-20

Leaders at the Saudi-hosted G20 summit to pledge to ensure fair distribution of vaccines

The battle to counter the pandemic dominated the first day of a virtual summit of G20 nations on Saturday

Saudi Arabia won’t tap debt market again in 2020, minister says

The world’s largest crude exporter is relying on more borrowing as it grapples with the impact of the twin economic shocks caused by oil market turmoil and the coronavirus pandemic

Industry outlook: How has the wealth management space fared in the GCC?

Similar to wealth, wealth management has gone through layers of evolution to become a specialised investment advisory service

World’s biggest oil firm Saudi Aramco sells $8bn in bonds

Aramco sold $8bn in tranches maturing in three, five, 10, 30 and 50 years

Dubai Aerospace plans to expand portfolio to 450 jets in 2021

The company currently has 381 planes

Oman seeks to raise billions by leveraging biggest oil block

The sultanate plans to transfer its 60 per cent stake in Block 6 from Petroleum Development Oman to a new company

Saudi Binladin considers joint ventures and asset sales amid revamp

The company has put thousands of employees on indefinite leave in recent months