GCC

After another delay to the IPO of Saudi Aramco, Saudi Arabia’s crown prince Mohammed bin Salman (MBS) may have to accept that international fund managers may never value the kingdom’s prize asset as much as its royal family does, but local investors just might.

The Kingdom of Saudi Arabia is tapping hard currency debt markets for the first time since Fitch hit it with a downgrade, launching a $2.5bn sukuk on Tuesday.

Middle Eastern shopping mall developer Majid Al Futtaim is holding investor calls this week as it eyes another green sukuk deal.

The UAE's Emirates Water and Electricity Co and Saudi Arabia's Acwa Power have secured loans of Dh2.71bn ($738m) for Abu Dhabi-based Taweelah power and water desalination plant.

Saudi Aramco has delayed the launch of its mega IPO for the second time in two years and investors are starting to tire of continued speculation and no hard numbers on valuation.

The Emirate of Sharjah shrugged of any concerns about broader volatility in emerging markets on Wednesday, to price a 10 year sukuk flat to its curve.

Aldar Investment Properties has raised a 10 year $500m sukuk, achieving a tightening of 35bp beyond initial guidance.

Equity investors expect there will be an IPO of Saudi Aramco this year as long as Saudi Crown Prince Mohammed Bin Salman (MBS), and the Saudi government, go ahead with the deal at a valuation below his $2tr aim. But some are concerned the Saudi's will push ahead with whatever value they deem the company is worth, regardless of initial feedback.

Middle Eastern banks returned to the Swiss franc market this week after an absence of almost five months with trades from two Gulf banks providing some respite for yield-starved investors.

Dar Al-Arkan, a Saudi Arabia-based real estate developer, raised $600m on Wednesday with a February 2025 sukuk, defying market volatility to offer little in the way of new issue premium.

Dar Al-Arkan, a real estate development company headquartered in Saudi Arabia, is in the market for a five year sukuk benchmark.

Aldar Investment Properties hit screens on Tuesday to announce a roadshow for a 10 year sukuk deal.