Gulf Cooperation Council (GCC) countries accounted for over 35 percent of all emerging-market (EM) U.S. dollar debt issued in the first quarter of 2025, excluding China. This represents an increase from approximately 25 percent in 2024, according to a report by Fitch Ratings. Fitch predicts that this upward trend in GCC debt capital markets (DCMs)...
Saudi Arabia’s Public Investment Fund (PIF) has reached out to bond investors for the second time this year, continuing its efforts to invest billions of dollars as part of a strategy to reduce the economy’s dependence on oil. PIF is currently accepting orders for a sale of benchmark-sized, U.S. dollar-denominated seven-year Islamic bonds, known as...
Bank of Sharjah has successfully completed the issuance of a $500 million, three-year Green Sukuk for Omniyat Holdings, serving as Joint Lead Manager and Bookrunner alongside other international and regional banks. This issuance attracted exceptional investor demand, with the order book being oversubscribed by 3.6 times, showcasing strong interest from international and regional investors. The...
ICICI Home Finance is planning to raise ₹5 billion (approximately $59 million) through the issuance of five-year bonds with an interest rate of 7.36%, as reported by market sources. The non-banking financial company is targeting ₹3.75 billion with an additional greenshoe option of ₹1.25 billion. Bids for these bonds will be accepted on the Bombay...
The Saudi Central Bank (SAMA) has granted a license to “Tamawal” to offer finance aggregation services, marking a significant step in enhancing the financial sector in the country. With this latest addition, there are now six licensed companies providing finance aggregation services in Saudi Arabia. This decision reflects SAMA’s commitment to support the financial sector,...
Dubai International Financial Centre (DIFC) Authority announced a significant 35 percent increase in gross written premiums, rising from USD 2.6 billion to USD 3.5 billion in 2024. This announcement was made by Alya AlZarouni, the Chief Operating Officer at DIFC, during the largest ever gathering of insurance and reinsurance professionals at the Dubai World Insurance...
Card transactions in the United Arab Emirates are projected to reach AED565.5 billion, equivalent to $154 billion, in 2025, according to research conducted by GlobalData. This projection reflects a significant growth trend, with card payment values having risen by 13 percent year-on-year to AED511 billion last year. The increasing preference among consumers for digital transactions,...
Mubadala Investment Company has announced a significant strategic partnership with Fortress Investment Group, involving a $1 billion investment aimed at credit and special situations co-investment opportunities. This partnership intends to deploy the full $1 billion from Mubadala into various private credit, asset-based lending, and real estate strategies offered by Fortress, enhancing their existing pool of...
Islamic banks in the Gulf Cooperation Council (GCC) are expected to see a rise in mergers and acquisitions (M&A) in the coming years. This trend is largely driven by the need for competitive advantage and to access growth opportunities, according to Fitch Ratings. The firm’s Head of Middle East Bank Ratings and Islamic Banking, Redmond...
Emirates NBD, recognized as Dubai’s largest bank by assets, surpassed profit expectations for the first quarter, largely due to significant growth in loans and interest income. The bank reported a net profit of 6.2 billion dirhams ($1.69 billion) for the three months ending March 31, compared to 6.7 billion dirhams during the same period last...