Middle East Report
Welcome to the third annual Reuters International Financial Review (IFR) and Project Finance International (PFI) report on the Middle East capital markets. We publish the report at a time of unprecedented turbulence in the global markets. For much of this year the Middle East has shown a degree of isolation from the global problems, but the latest shocks to the system will have an impact even in this region.
If the financial world was asked to sum up 2008 in just two words, I’m sure you’d end up with a number of different options. In the Middle East, you would probably need a few more words. By David French.
More than other regions, for companies serious about doing business in the Gulf it is vital to have a presence on the ground. By Solomon Teague.
The market for Sharia-compliant derivatives products is at a fascinating juncture. By Priya Uberoi, senior associate, derivatives and structured finance, and Nick Evans, trainee solicitor, derivatives and structured finance, Allen & Overy.
The global capital markets crisis caught up with the Middle East in September. Ouida Taaffe reports on the impact this will have on the loan market.
The project finance market in the Middle East is now likely to slow a little in terms of deal flow. New sectors are emerging, however, to replace those that have slowed and dollar volumes are likely to hold up. By Rod Morrison.
Export credit agencies, once the stalwarts of international project finance, are expected to re-emerge as the search for liquidity in the capital markets intensifies into 2009. The aims and ambitions of each agency have therefore become important sources of study. By Rod Morrison.
The Saudi Kayan story is a tale that is as interesting as it is long. By Laurent Devin and Antoine Gustin, BNP Paribas, and Nicholas Wong and Edmund Boyo, Clifford Chance.
How the JAC project secured a competitive construction-phase refinancing. By Jonathan Robinson, director and head of project and export finance, HSBC Saudi Arabia, and Andrew Treble, director, HSBC Saudi Arabia.
The concession-based model for infrastructure has had little traction in the Gulf region – aside from the power sector. But this is slowly changing, with a handful of deals in the market. So the question is now: How big could this market become? By Rod Morrison.
When it comes to raising finance, no one has done it more this year that the Abu Dhabi National Energy Company – TAQA for short. By David French.
As equity capital markets around the world languish, the Middle East has proved an isolated bright spot since the start of the year with a steady flow of high-volume deals. By Christopher Vellacott.
In August 2007, H.H. Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, issued Federal Law No 10 for 2007, amending the Federal Law for 1984 on commercial companies. By Andrew Tarbuck, Partner, Corporate Finance, Norton Rose (Middle East) LLP.
Sukuk issuance has grown at an exponential rate, with the total global outstanding jumping by more than 100% since 2006. William Thornhill reports.
One of the hottest topics in Islamic finance is the tranching issue and its acceptability by the different Shariah schools and scholars. By Iad Boustany, general manager, and Kamal Assi, associate – capital markets group, BSEC.
The rate of growth of the sukuk market has slowed: which is hardly surprising in these credit crunch times. By Rahail Ali, Global Head of Islamic Finance, and Imran Mufti, Counsel, Lovells, Dubai.
Concerns have been raised over the Shariah-compliance of many Islamic securities. Sorouh’s Dh4.016bn issue is the sector's best example yet of how to wave goodbye to riba when borrowing. By Mark Kolmar.
As Tamweel’s asset base breaks the symbolic US$10bn barrier, how is the now-established mortgage-market leader supporting its growth, and what does the future of its market hold? By Mark Kolmar.
DEWA has undertaken the largest true sale securitisation in the MENA region. By Debashis Dey, partner and head of capital markets Middle East, and Daniel Holder, senior associate, Clifford Chance LLP.