Saudi Arabia

The Islamic Development Bank has been meeting investors and banks in Europe to explore the possibility of launching its first public sukuk issue in euros. A labelled green sukuk might follow.

The decision by MSCI to reclassify Saudi Arabia as an emerging market and the country's inclusion in its emerging market indices is a game changing moment for the kingdom in its attempts up to foreign investors. With the IPO of Saudi Aramco looming, investors are excited by the prospects these changes promise, writes Sam Kerr.

The FCA’s decision to modify rules in order to allow sovereign owned companies — such as Saudi Aramco — to achieve a premium listing should be seen as just another chapter in the UK’s cosiness with the House of Saud.

The Financial Conduct Authority is going through with its plan to create a new premium listing category for sovereign controlled companies, despite fears among investors and lawmakers that the move will weaken corporate governance standards in the UK.

Some 10 months after the eruption of the Gulf diplomatic crisis last summer, Saudi Arabia and Qatar have proved that the market is big enough for both of them, printing $11bn and $12bn deals respectively, and garnering a combined book exceeding $100bn.

Banks are preparing to finance Saudi Arabia’s first utility-scale wind power project, at Dumat Al Jandal in the northern province of Al Jawf.

The Kingdom of Saudi Arabia printed its $11bn bond on Tuesday, which several bankers and investors thought had been timed to maximise disruption of Qatar’s return to market, which is also expected this week. But leads said the modest size taken by Saudi from a $50bn book showed that there was no intention of throwing the capital markets into disarray.

Saudi and Qatar look to be printing jumbo bonds this week, but the timing of both in the same few days after so many months of waiting is prompting chatter about which sovereign has caused the traffic jam and whether political machinations are behind it.

Saudi Arabia has had to scale back banks grappling to get on its $16bn loan, which will be used to refinance a $10bn loan taken out in 2016.

Saudi property developer Dar Al Arkan has tightened price guidance for its sukuk, with books for the deal hitting $1.1bn.

Dar Al Arkan has released initial price guidance for its dollar benchmark sukuk.

Dar Al Arkan Real Estate Development Company has mandated eight banks to arrange a dollar benchmark five year sukuk.