Middle East Report 2009
The hugely successful IFR/PFI Middle East annual report will be in its fourth year in 2009. The report will cover the full range of capital market activities in the Gulf - loans, project finance, infrastructure, private equity, M&A and IPOs. Deal activity slowed down toward the end of last year but into 2009 there are signs of renewed activity.
The financing of Abu Dhabi’s ambitious Formula 1 racing circuit will bring significant benefits to the Emirate’s rapidly growing economy. By Jody Waugh, a senior associate in the banking and finance team at law firm Al Tamimi & Company.
The Abu Dhabi fund’s recent acquisition spree is helping it become a major global player, writes David French.
UAE banks have made varied efforts to strengthen their balance sheets to protect against declines in loan recovery rates and asset prices. By Mark Kolmar.
Dubai’s attempts to refinance a number of debt obligations in a depressed market were always going to be a difficult battle in 2009, write David French and Solomon Teague.
The sukuk market has been hit hard by the credit crisis but the longer-term picture is expected to remain positive. William Thornhill reports.
A significant amount has been written and said about the sukuk, or Islamic bonds, market both globally and particularly in relation to sukuk originating from the Gulf Cooperation Council Countries (GCC). By Rizwan Kanji, senior debt capital markets lawyer, and Wiz Khayat, an associate, Norton Rose (Middle East) LLP Dubai.
April alone saw two sovereigns and a corporate reopening the market for the Gulf borrowers in style. Their success clearly paves the way for more issuance from the region while banks continue competing to capture market share. Bakyt Azimkanovwrites.
At the start of the year, the boom that had turned the Middle East into one of the world's hottest loan markets looked like it was set to end in a spectacular bust. However, government support for some the region's most indebted borrowers has helped to steady sentiment, and there is hope that the market can now recover some of its previous poise. By David Cox.
There has only been one project finance deal transacted this year in the Gulf and that was a corporately backed bridge loan. Yet actual activity in the market has been far from muted and some has set the groundwork for a recovery. By Rod Morrison.
By Michael Bevan, director and head of equity capital markets, MENA, HSBC Bank Middle East; Neil Nicholson, partner and head of corporate finance, Denton Wilde Sapte, Dubai; and Romi Nayef, associate, Denton Wilde Sapte, Doha.
At the start of 2009 expectations were high that Saudi Arabia would sustain the momentum of last year in terms of new equity issuance from the Gulf region. By Chris Vellacott.