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GRE debt worth £35bn so far this year Offers better spread than sovereign debt Strong investor demand Debt sales by government-related entities (GRE) in the Gulf, such as Saudi Electricity Co and Abu Dhabi’s Mubadala Investment Co, offer better investor value than their sovereigns, experts say. Gulf foreign currency sales of conventional and sukuk (sharia-compliant bonds) rose 9 percent to $72.4 billion in the five months to May 31, compared with the same period last year, data from London Stock Exchange Group (LSEG) show. In contrast, local currency debt offerings plunged almost 70 percent to $15 billion over the same…

An IMF team visited Syria for the first time since 2009 to take part in efforts to rebuild the economy after years of civil war and the fall of Bashar al-Assad, the lender said Tuesday. The International Monetary Fund’s trip to Damascus took place from June 1 to June 5, and its team sought to discuss authorities’ priorities and how to help achieve them. Syria’s economy and the country are a wreck after 14 years of war under Assad, who was ousted in December. “Syria faces enormous challenges following years of conflict that caused immense human suffering and reduced its…

Analysts debate taking MAF public Caution over impact on legacy Risks volatility and disclosure Taking Majid Al Futtaim Holding public could provide a way to resolve the succession challenges facing the Dubai-based family conglomerate, but also risks fracturing the tight-knit structure that has long defined one of the Gulf’s most prominent family businesses. “The best way to solve family disputes is [to] list all the shares,” says Obediah Ayton, chairman of the Family Office Summit. But Ayton also cautions that a public offering could be seen as a negative move for a group long known for its closely held ownership…

Aramco, Nigeria’s largest oil-backed loan Oil price drop has slowed talks Nigeria repaying five other loans Nigeria and Saudi Arabian oil company Aramco are struggling to reach an agreement on a record $5 billion oil-backed loan after a recent decline in crude prices sparked concern among banks that were expected to back the deal, four sources told Reuters. The facility would be Nigeria’s largest oil-backed loan to date and Saudi Arabia’s first participation of this scale in the country, although the decline in oil price could shrink the size of the deal, the sources said. Nigeria’s President Bola Tinubu, two of the…

Six houses penalised Central Bank enforces rules UAE fights illicit finance The Central Bank of the UAE has imposed financial penalties on six exchange houses in the UAE for failing to comply with anti-money laundering controls. The exchange houses, whose names were not revealed, were fined AED12.3 million ($3.4 million), the central bank said in a statement. The sanctions were imposed based on the findings of investigations conducted by the central bank, which revealed the violations and failures to comply with the anti-money laundering/countering the financing of terrorism framework. In December 2024 Dubai busted two major international networks conducting money…

Saudi Arabia’s General Authority for Statistics has revised its annual economic growth figures for the Kingdom for the first quarter of 2025 to 3.4%, up from a preliminary estimate of 2.7% released in May, underscoring the resilience of non-oil sectors in driving economic momentum. Seasonally adjusted data showed real gross domestic product (GDP) grew 1.1% in the first quarter compared to the final three months of 2024, according to the updated figures. The figures showed non-oil activities as the true driver behind Saudi Arabia’s economic expansion. Non-oil sectors surged 4.9% year-on-year, up from 4.2% in the May preliminary reading, and…

Section 899 of bill in question Could deter Gulf FDI in US Bill currently in Senate A proposal under consideration in the US Congress to impose new levies on sovereign wealth funds and other foreign investors is unlikely to harm GCC-based entities directly, experts have told AGBI.It could, however, have enough of a knock-on effect on the global attractiveness of US assets to convince large Gulf players to reassess their strategies after they pledged trillions of dollars in new investments in the US during President Donald Trump’s trip to Saudi Arabia, the UAE and Qatar last month.The provision in question…

Saudi Arabia’s General Authority for Statistics has revised its annual economic growth figures for the Kingdom for the first quarter of 2025 to 3.4%, up from a preliminary estimate of 2.7% released in May, underscoring the resilience of non-oil sectors in driving economic momentum. Seasonally adjusted data showed real gross domestic product (GDP) grew 1.1% in the first quarter compared to the final three months of 2024, according to the updated figures. The figures showed non-oil activities as the true driver behind Saudi Arabia’s economic expansion. Non-oil sectors surged 4.9% year-on-year, up from 4.2% in the May preliminary reading, and…

In May, regional carrier Air Arabia became the first UAE airline to accept AE Coin – the country’s debut stablecoin – as a means of payment. The instrument is backed by three blue chip UAE entities – First Abu Dhabi Bank, investment giant IHC, and sovereign wealth fund ADQ – and is also regulated by the Central Bank. The launch of AE Coin is an attempt to revitalise an asset class in which, three years previously, investors and holders lost billions of dollars in a blowup.  Sponsors say stablecoins are moving from niche to mainstream with the potential to transform payment systems…

In a world hungry for crucial resources, China may not be poised to start deep-sea mining but it is planting seeds for such operations in a meticulously planned economic and geopolitical strategy. The world’s oceans, both international waters and those under national jurisdiction, are rich in minerals and metals, like cobalt, nickel and copper. These are important for building electric car batteries, for instance, and other technologies as countries try to transition away from fossil fuels. China “is an energy-thirsty country. It will look for resources everywhere,” including the deep sea, said Julia Xue of Shanghai Jiao Tong University. But…