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  • Gulf could turn a crisis into opportunity with catastrophe bonds

    Flooding in April 2024 in the UAE, for example, killed five people and cost $1.8-$2.3 billion in property damage, according to Gallagher Re reinsurance brokerage. In July 2022 torrential rains in the northern Emirates killed seven people and  caused millions of dirhams worth of damage. In 2021 Cyclone Shaheen hit Oman, killing 14 and causing damage costing about $100 million, according to the Omani authorities. Up to now the financial costs of these disasters have largely been borne by governments.

  • China’s MOF to issue up to $2b of dollar bonds in Saudi Arabia amid efforts to boost funding, opening-up

    China's Ministry of Finance (MOF) said on Tuesday that it would issue up to $2 billion of US dollar-denominated sovereign bonds in Riyadh, Saudi Arabia, during the week starting November 11, following approval by the State Council.  The move can help boost confidence in China's economy and sovereign credit among overseas markets while providing a new way for the Chinese government to raise funds, Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times on Tuesday.

  • Saudi sovereign wealth fund allocates $5.2 billion in green bonds project amid diversification push

    Saudi Arabia’s Public Investment Fund (PIF) has allocated $5.2 billion out of $8.5 billion raised through green bonds to projects as of June 2024, according to its Allocation and Impact Report released on Friday. This allocation figure is up from $1.3 billion in June of the previous year. A green bond is a type of income used to finance projects that have environmental benefits. The PIF became the first sovereign wealth fund to issue a green bond back in October 2022. It followed up with a second green bond offering in February 2023.

  • Saudi Aramco to raise up to $3 bln in two-tranche dollar Islamic bonds, sources say

    Saudi Aramco (2223.SE), opens new tab is planning to raise up to $3 billion in five and 10-year U.S. dollar-denominated sukuk, or Islamic bonds, according to two sources with direct knowledge of the matter and a term sheet reviewed by Reuters on Tuesday. The sources could not be named as the information on the deal size had not yet been made public. Aramco, mostly owned by the Saudi Arabian government, did not immediately respond to a request for comment.

  • Saudi Aramco Sells $6 Billion of Bonds Amid Fierce Demand

    Saudi Aramco pulled in more than $31 billion of orders for its $6 billion bond sale, its first dollar-debt offering in three years. Bids peaked above $11 billion for both the oil giant’s 10- and 30-year notes, according to a person with knowledge of the matter. Aramco also sold 40-year bonds in the deal that priced Wednesday.

  • Saudi Aramco begins issuing US dollar-denominated bonds

    Energy giant Saudi Aramco has started issuing US dollar-denominated international bonds under its Global Medium Term Note Program. In a statement on Tadawul, Aramco disclosed that the bonds have a minimum subscription of $200,000, with the offering price and value determined based on market conditions. The offering began on July 9 and is set to conclude on July 17. This marks the state oil firm’s return to the debt market after a three-year hiatus. The last time it tapped the global debt markets was in 2021, raising $6 billion from a three-tranche sukuk, or Islamic bond. In February, it indicated plans to issue another bond this year.

  • Lucid Motors campaign builds emotional bonds with Saudis

    Electric vehicle brand Lucid Motors, in collaboration with MCH Global and Create Production, launched a Ramadan campaign to connect with the Middle Eastern market. The campaign was created to particularly focus on Saudi Arabia.

  • Saudi Arabia Ramps Up Bonds to Help Fund MBS’s Big Projects

    Saudi Arabia hasn’t had a busier stretch in the debt market since the 2014-2016 oil crash left its budget with a double-digit deficit.

    Even with crude prices up 10% this year, it’s trying to borrow its way through a fiscal squeeze caused by the need to fund huge projects championed by Crown Prince Mohammed bin Salman, widely known as MBS, to transform the economy.

  • Saudi Arabia is reportedly trying to plug a $21 billion deficit by selling bonds

    The kingdom will issue dollar-denominated three, six, and 10-year sukuk notes as part of an effort to plug a fiscal shortfall that's expected to hit $21 billion by the end of the year, the outlet reported citing an unnamed source.

  • Saudi Wealth Fund Сan Sell More Bonds After Two Deals

    “We do not think that the PIF will stop,” Morgan Stanley strategist Pascal Bode wrote in a note. He expects to see another transaction in the second half of 2024 as the Public Investment Fund’s treasury assets drop and spending needs continue to rise. It’s possible that would take total issuance to around $10 billion to $11 billion, Bode added.