State of the GCC banking system
Banking systems in the Gulf Co-operation Council region have been forced to tackle the aftermath of the boom but what kind of position do they find themselves in now? David French finds out.
The annual IFR/PFI Middle East Review comes at a time of renewed confidence in the region and its capital markets. The Dubai crisis has abated - although there is still plenty of restructuring work available for assets linked to Dubai Inc. The Middle East region is getting back to concentrating on growing on the path it had set itself before the Dubai, and indeed the global financial crisis, hit. The annual review will look at plans to integrate the Gulf region further, political and economically, and what impact that will have on the local...Read more
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Banking systems in the Gulf Co-operation Council region have been forced to tackle the aftermath of the boom but what kind of position do they find themselves in now? David French finds out.
Challenges for international banks operating in the Gulf Co-operation Council countries remain, but both borrower and lender are dependent on each other for future growth by David French.
A wave of sukuk defaults has called into question the integrity of an asset class that many had assumed was gold-plated. But despite at-times hysterical media coverage, the asset class is in the midst of a very normal maturing phase, and once legal precedents have been established, it will again flourish – at least in those jurisdictions where legal rights are enforced. Solomon Teague reports.
While 2009 was the year of jumbo record-breaking bond deals, this year’s total issuance is less likely to match last year’s figures. Bakyt Azimkanov reports.
Banks have a significant amount of loan and bond debt to refinance through 2011 and into 2012. Can it all be done? asks David French.
The IPO market is finally reopening, but this time institutions will be key and internationalisation should result. Owen Wild reports.
Those paying attention may have noticed – infrastructure is back on top of the regional agenda. By Christoph Vojc with Jonathan Robinson and Michael Cooper, HSBC MENA Project Finance
The sale of the AES Oasis portfolio was a drawn-out saga but as the power sector grows in importance in the Gulf, it can be seen as an important trailblazer. By Rod Morrison.
At the end of May 2010, GDF Suez was awarded the mandate for the construction and operation of Barka 3 and Sohar 2, Oman’s next two IPPs. By the GSEI financing team: Karel Breda, Sandrine Vandeloise and Markus Fischer.
Jean-Marc Mangiavellano, Ian Cogswell and Antoine Trieux of Natixis, financial adviser to both Emirates Steel Industries and its parent company General Holding Corporation, explain the financing of Emirates Steel’s US$2.5bn expansion project.