IFR Middle East Report 2011

The remarkable political events in the Middle East this year have made their mark on the local capital markets, but confidence in the region - both as a capital markets hub and as a deal generating region - remains. Much of the loan business completed this year has been on a bilateral or club basis. Very few wider syndications have taken place. Why is this the case? What impact does this lack of syndication have on the market? Bond market activity has mostly been linked to sovereign and sovereign related names, such as Dubai and International...Read more

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Stories in Special Report

Satorp launches first project sukuk

The first project sukuk issue for the Satorp refinery aims to diversify the investor base for the project and broaden possibilities for the Saudi capital markets. By Isla Binnie.

Down the flexible road

The Salik financing could be a template. By Christopher Hall, Craig Nethercott, partners, and Aaron Bielenberg, Chirag Sanghrajka and Arjun Ahluwalia, associates, Latham & Watkins.

Exploring Islamic agency

Wakala is frequently used on financing transactions. By Andrew Hart, partner, Alex Childs, associate, and Vanessa Ross, trainee, in the energy practice at Fulbright & Jaworski International LLP in London.

S3 navigates the gap

The Shuweihat 3 deal – a return to normality in the Gulf IPP finance market or a brief respite? By Harold Fairfull, managing director, Consilium.

Muharraq - Middle East pathfinder

The Muharraq wastewater project reached close in September 2011, more than two years after the RFP was released to bidders. By David Wadham, partner in the energy, transport and infrastructure group, Ashurst LLP.

Egyptian banks back EHC

Local is going large in the financing of Egypt Hydrocarbon Corporation’s ammonium nitrate facility. By James Bishop, chief financial officer, Carbon Holdings and Clare Kimber, energy, infrastructure and project finance practice, White & Case.

M&A set to be driven

The M&A market in the Middle East, like other regions around the globe, has been directly affected by the global financial crisis and the instability that has continued in its wake. By Darren Davis, managing director, head of resources and energy group MENA, HSBC.

Bookbuilding IPOs struggle to take hold

Bookbuilt IPOs are yet to take off in the Gulf region. Their complex nature is said to deter retail investors, who favour the fixed price option to the more complex and often unpredictable bookbuilding process. By Hafsa Kara.

Selective pickings across Middle East

Political uprisings, the deepening eurozone crisis and lenders’ tightening liquidity have severely dented internationally syndicated loan activity across the Middle East this year, bringing volumes to the lowest level since 2004. By Michelle Meineke.

Prospects for PPPs in the Middle East

The Gulf and the wider Middle East should be a fertile ground for private infrastructure investment. By Ivan Woods, head of infrastructure advisory, and Holly Hyde, BDO Corporate Finance (Middle East) LLP.

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