Low oil prices continue to pressure bank liquidity and are also taking their toll on asset quality and earnings for banks in Gulf Cooperation Council (GCC) countries, Fitch Ratings says in a report released today. Fitch’s sector outlook for GCC…
Category: Banking
Saudi government borrowing slowed in August
Saudi Arabian government bonds held local banks rose by 1.4 per cent to SR 169,677m ($45.2bn) in August, figures contained in the Saudi Arabian Monetary Agency (Sama) monthly statistical bulletin published on 29 September show. This is the smallest increase…
Sama relieves Saudi liquidity squeeze
The Saudi Arabian Monetary Agency (Sama) has announced it is placing about SR20bn ($5.3bn) of time deposits with the local banking system “on behalf of government entities” to relieve upward pressure on domestic interest rates which have almost doubled since…
Saudi Arabia aims for autumn float for international bonds
Saudi Arabia is planning to invite bids for $10bn worth of international bonds after September, Bloomberg has reported. This will be Saudi Arabia’s first international bond issue. The borrowing will be the largest by a Middle East sovereign in the…
Samba rated a strong buy
Kuwait’s Global Investment House has upgraded shares in Samba of Saudi Arabia to a strong buy on the basis of the low market valuation of the stock. “… the stock has slid by 21 per cent over the past 12…
Nakheel achieves mission impossible and will be debt free from Thursday
Nakheel PJSC said today that it has repaid a AED 4.4bn ($1.2bn) Islamic bond, bringing an end to a debt restructuring process that started in 2009. The company transferred funds to agent Deutsche Bank AG yesterday the full amount of…
GCC bank profits fall
For full coverage of Middle East business, see MEED The earnings of GCC banks covered by Gulf Investment House fell by 0.7 per cent on a year-on-year basis to $5.6bn in the first quarter of 2016, the Kuwait investment bank…
Saudi bond issue could be $20bn
Saudi Arabia’s Finance Minister Ibrahim al-Asaf For full coverage of Middle East business, see MEED Saudi Arabia’s planned international bond issue could be as big as $20bn, making it by far the largest single financial operation in Middle East history,…
GIC affirmed at A-
For full coverage of Middle East business, see MEED Fitch Ratings has affirmed Gulf Investment Corporation’s (GIC’s) long-term issuer default rating (IDR) at A- with a stable outlook and short-term IDR at F1, Fitch Ratings said in a report released…
Dubai Investments seeks $300m loan
For full coverage of Middle East business, see MEED Dubai Investments chief executive Khalid bin Kalban said yesterday that the conglomerate is in talks with banks for a $300m loan that would go towards financing its Mirdif Hills project in…