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Ras Al Khaimah has successfully issued a $1 billion sukuk, marking its return to the international debt capital markets after a decade. The 10-year senior unsecured sukuk, priced at a profit rate of 5.038%, attracted substantial global investor interest, with orders exceeding the offering by 4.4 times. This significant demand underscores the emirate’s strong creditworthiness and economic stability.

The sukuk was issued under Ras Al Khaimah’s $2 billion Trust Certificate Issuance Programme through RAK Capital, a special purpose vehicle affiliated with the government. The transaction launched with an initial pricing guidance of 10-year US Treasury plus 120 basis points . Robust investor appetite allowed the government to tighten the final pricing by 40 bps to 10-year US Treasury plus 80 bps.

The issuance garnered interest from a geographically diverse investor base. Approximately 57.8% of subscriptions originated from the MENA region, 35% from the UK and continental Europe, and 7.2% from Asia and other regions. This widespread participation reflects global confidence in Ras Al Khaimah’s fiscal management and economic prospects.

Prior to the issuance, both S&P Global Ratings and Fitch affirmed their ratings for RAK Capital’s sukuk programme at ‘A’ and ‘A+’, respectively, each with a stable outlook. These affirmations align with the credit agencies’ ratings for the Government of Ras Al Khaimah, further bolstering investor confidence.

The sukuk structure aligns with recent Shari’a developments set by the UAE Central Bank Higher Shari’a Authority, including a government decree ensuring the enforceability of real estate ijara assets. This adherence to Shari’a-compliant structures highlights the emirate’s commitment to ethical financing practices.

The government expressed satisfaction with the overwhelming response from global investors. A spokesperson highlighted that the high oversubscription and the negative new issue concession of -10 bps underscore Ras Al Khaimah’s strong credit standing and the investor community’s confidence in the emirate’s growth trajectory.

Citi and Emirates NBD Capital acted as structuring advisors for the issuance. Joint global coordinators included Abu Dhabi Commercial Bank, Citi, Emirates NBD Capital, First Abu Dhabi Bank, RAKBANK, and Standard Chartered Bank. Their collaboration played a pivotal role in the successful execution of the sukuk offering.

Ras Al Khaimah has maintained credit ratings in the ‘A’ range from Fitch and S&P for 15 years. Known for its diversified economy and strategic location, the emirate continues to attract investment across multiple sectors. This sukuk issuance not only reinforces Ras Al Khaimah’s presence in the international debt markets but also showcases its commitment to sustainable economic development.

The successful sukuk issuance is expected to have positive implications for the emirate’s future projects and initiatives. The raised capital will likely be allocated to infrastructure development, public services, and other strategic sectors, further enhancing Ras Al Khaimah’s economic landscape. Investors’ strong interest indicates a robust appetite for Shari’a-compliant financial instruments and confidence in the emirate’s fiscal policies.

The global investor community’s response to Ras Al Khaimah’s sukuk issuance reflects a broader trend of increasing interest in Middle Eastern debt instruments. The region’s economic resilience and strategic initiatives have positioned it as an attractive destination for international investors seeking diversification and stable returns.

Ras Al Khaimah’s return to the international debt capital markets after a decade signifies its strategic approach to leveraging global financial platforms. The successful sukuk issuance not only provides the emirate with the necessary capital for its developmental projects but also enhances its reputation in the global financial community.

The emirate’s adherence to Shari’a-compliant structures and alignment with international best practices demonstrate its commitment to ethical and sustainable financing. This approach not only attracts a broader investor base but also reinforces Ras Al Khaimah’s position as a forward-thinking and responsible issuer in the global financial markets.

The collaboration with leading financial institutions as structuring advisors and joint global coordinators underscores the emirate’s dedication to ensuring the sukuk issuance’s success. Such partnerships are crucial in navigating the complexities of international debt markets and achieving favorable outcomes for all stakeholders involved.

Ras Al Khaimah’s strategic initiatives and prudent fiscal management have positioned it favorably in the eyes of international investors. The successful sukuk issuance serves as a testament to the emirate’s robust economic fundamentals and its commitment to fostering a conducive environment for investment and growth.

The emirate’s diversified economy, encompassing sectors such as tourism, manufacturing, and services, continues to thrive. The capital raised through the sukuk issuance is expected to further bolster these sectors, driving sustainable economic growth and enhancing the quality of life for its residents.

The positive reception of Ras Al Khaimah’s sukuk issuance by the global investor community highlights the emirate’s strong credit profile and the effectiveness of its economic policies. As Ras Al Khaimah continues to implement strategic initiatives and invest in key sectors, it is well-positioned to maintain its upward trajectory in the global economic landscape.

The successful execution of the sukuk issuance also reflects the emirate’s ability to adapt to evolving market conditions and investor preferences. By aligning its financial instruments with Shari’a principles and international standards, Ras Al Khaimah demonstrates its commitment to meeting the diverse needs of investors while ensuring compliance with ethical financing practices.

Saudi National Bank has successfully issued a $750 million five-year Formosa bond, attracting an order book totaling $1.1 billion, including $121 million from joint lead managers. The bond, priced at the Secured Overnight Financing Rate plus 120 basis points, is scheduled to be listed on the Taipei Exchange on 17th March. Crédit Agricole CIB and KGI Securities Co Ltd served as joint managers, with HSBC acting as the lead manager.

Formosa bonds are debt instruments issued in Taiwan but denominated in foreign currencies, typically targeting international investors seeking exposure to foreign issuers. This issuance marks SNB’s second foray into the Formosa market, following its inaugural $500 million five-year senior unsecured floating-rate note bond in July 2024. That initial issuance was part of SNB’s $5 billion Euro Medium Term Note Programme and was notable for being the first by a Saudi bank in the Taiwanese market.

The latest bond issuance underscores SNB’s strategic efforts to diversify its funding sources and strengthen its presence in international capital markets. The oversubscription by $350 million indicates robust investor confidence in SNB’s creditworthiness and the economic stability of Saudi Arabia. This confidence is further bolstered by the bank’s proactive engagement with a broad set of top-tier international investors, reflecting the strong appeal of SNB’s credit profile to the global investor community.

In the broader context, Gulf Cooperation Council banks have been increasingly tapping into the Formosa bond market to diversify their funding bases and access competitive pricing. For instance, Qatar National Bank Group, the region’s largest bank, completed a $1 billion five-year Formosa bond issuance under its Euro Medium Term Note Programme in the first half of 2024. This trend highlights the growing significance of the Formosa market as an attractive platform for Middle Eastern banks seeking to broaden their investor base and secure favorable funding terms.

SNB’s successful bond issuance aligns with Saudi Arabia’s Vision 2030 initiatives, which aim to diversify the Kingdom’s economy and reduce its dependence on oil revenues. By accessing international capital markets and engaging with a diverse range of investors, SNB is contributing to the development of a more resilient and diversified financial sector in Saudi Arabia.

The choice of SOFR as the benchmark rate for the bond pricing reflects a broader shift in global financial markets toward alternative reference rates, following the phase-out of the London Interbank Offered Rate . SOFR, based on overnight transactions in the U.S. Treasury repurchase market, is considered a more robust and reliable benchmark, aligning with international best practices.

Oil prices in the Middle East have experienced a significant decline, with the cost of Oman crude on the Gulf Mercantile Exchange falling below Brent crude for the first time since late 2024. This shift marks the end of the Middle Eastern grade’s longest run of premiums over the global benchmark since 2023. The downturn is largely attributed to the anticipated increase in oil supplies from OPEC+ nations, prompting a selloff in the region’s crudes.

The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, have confirmed plans to proceed with a gradual increase in oil production starting April 2025. This decision involves unwinding the 2.2 million barrels per day of voluntary production cuts that were implemented to stabilize the market. The phased approach will see an average monthly rise of 137,000 bpd, extending until September 2026. Notably, the United Arab Emirates will receive a 300,000 bpd increase in its production target over this period.

This strategic move by OPEC+ reflects a response to healthier market fundamentals and a positive outlook for global oil demand. However, the group has emphasized flexibility, stating that the planned production increases may be paused or reversed if market conditions warrant such adjustments. This adaptability aims to maintain oil market stability amid evolving economic landscapes.

The announcement has exerted downward pressure on global oil prices. Brent crude futures fell by 1.6%, settling at $71.62 per barrel, while West Texas Intermediate crude dropped by 2.0%, closing at $68.37 per barrel. These figures represent the lowest closing prices for Brent and WTI since early December 2024.

Market analysts attribute the price decline to multiple factors beyond the anticipated OPEC+ supply boost. President Donald Trump’s recent announcement of imposing tariffs on imports from Canada and Mexico, as well as increasing duties on Chinese goods, has raised concerns about potential dampening effects on energy demand. Additionally, the U.S. decision to pause military aid to Ukraine and speculation about easing sanctions on Russia have contributed to market volatility and uncertainty.

The increase in oil production is expected to come from several OPEC members and their allies, adding approximately 2.2 million barrels over the next 18 months. Analysts suggest that this decision could lead to oversupply issues, further pressuring prices if demand does not keep pace. This situation has negatively impacted major oil company stocks, with significant declines observed in Exxon Mobil, Chevron, BP, Shell, and Total Energies.

The shifting dynamics in the oil market underscore a potential transition of influence from traditional producers like OPEC to other global players. The rise of electric vehicles, advancements in fuel efficiency, and reduced reliance on oil for power and heating have contributed to weaker demand, challenging the market power of oil-producing nations.

Abu Dhabi’s Etihad Airways has delayed its anticipated $1 billion initial public offering until at least next month, following the Eid al-Fitr holiday, according to individuals familiar with the matter.

While the airline had not officially announced a specific date for the IPO, sources previously indicated that an announcement was expected last week, coinciding with Etihad’s report of a significant profit increase. This IPO would mark the first major Gulf airline listing in nearly two decades.

The reasons for the postponement remain undisclosed, with insiders speaking on condition of anonymity due to the sensitivity of the information. Both Etihad and its owner, Abu Dhabi’s $225 billion wealth fund ADQ, declined to comment on the matter.

Etihad, established in 2003, had planned to offer approximately 20% of its business through the IPO to fund its growth ambitions. The airline recently reported a net profit of $476 million, more than tripling its earnings from the previous year. This financial upturn follows a multi-year restructuring and management overhaul, with expansion efforts underway under the leadership of CEO Antonoaldo Neves.

The Gulf region’s airline sector has faced challenges such as delivery delays, labor disruptions, rising costs, and engine issues. In this context, Etihad’s planned IPO could present a promising opportunity for investors, highlighting the resilience and potential of the Middle Eastern aviation market.

Etihad’s strategic initiatives include enhancing Abu Dhabi’s position as a global travel hub connecting Asia and Europe. The airline aims to expand its network to over 125 destinations and increase its fleet to more than 160 aircraft by 2030. These efforts are part of the “Journey 2030” strategy, focusing on sustainable growth and operational excellence.

Dubai is set to enhance its electric vehicle infrastructure through a strategic collaboration between the Dubai Electricity and Water Authority and Parkin Company PJSC, the city’s leading provider of paid public parking facilities. This initiative aims to install new EV charging stations by the first quarter of 2025, reinforcing Dubai’s commitment to sustainable transportation.

The forthcoming charging stations will operate on alternating current , each offering a capacity of 22 kilowatts. Strategically positioned at prime parking locations managed by Parkin, each station is designed to serve two parking spaces. The focus will be on specific on-street parking areas in Zones A and C, targeting high-density residential communities that currently have limited access to EV charging facilities. This strategic placement aims to address the growing demand for EV infrastructure in densely populated areas.

To enhance user convenience, customers will be able to pay for both parking and charging fees through Parkin’s integrated app and digital wallet, streamlining the transaction process. This seamless payment system is expected to encourage more residents to consider transitioning to electric vehicles by simplifying the charging experience.

DEWA currently operates approximately 740 EV charging points across Dubai and has ambitious plans to expand this network to 1,000 stations by the end of 2025. This expansion aligns with Dubai’s broader sustainability goals and reflects the city’s proactive approach to supporting green mobility. The partnership with Parkin is a significant step towards achieving these objectives, as it leverages Parkin’s extensive network of parking facilities to provide accessible charging options for EV users.

This collaboration is part of DEWA’s ongoing efforts to enhance sustainability and encourage the use of environmentally friendly electric vehicles. By increasing the availability of EV charging stations in convenient locations, DEWA and Parkin aim to support the UAE’s vision for a sustainable future and reduce carbon emissions in the transportation sector.

The initiative also supports the Dubai Green Mobility Strategy 2030, which aims to promote the use of sustainable transport and reduce the emirate’s carbon footprint. By expanding the EV charging infrastructure, Dubai is taking concrete steps towards achieving its environmental goals and encouraging residents to adopt cleaner modes of transportation.

The integration of EV charging stations into Parkin’s facilities represents a significant advancement in Dubai’s efforts to promote sustainable mobility. As the largest provider of paid public parking facilities in the emirate, Parkin’s involvement ensures that EV users will have greater access to charging stations in convenient locations, thereby supporting the global transition to electric vehicles.

The collaboration between DEWA and Parkin underscores Dubai’s commitment to fostering a sustainable urban environment. By investing in EV infrastructure and promoting green mobility, the city is positioning itself as a leader in environmental sustainability and innovation.

MoneyHash, a leading payment orchestration platform operating in the Middle East and Africa , has been honoured as one of the UAE’s Future 100 companies, acknowledging its significant contributions to fintech innovation in the region. This accolade underscores the company’s commitment to addressing the complex payment infrastructure challenges faced by businesses across the MEA region.

Founded by Egyptian entrepreneurs, MoneyHash offers a unified application programming interface that simplifies the integration of various payment methods and providers. This solution streamlines the checkout experience for businesses, reducing operational costs and enhancing scalability across different markets. The platform’s ability to navigate the fragmented payment landscape in emerging markets has positioned it as a crucial player in the regional fintech ecosystem.

In January 2025, MoneyHash secured $5.2 million in pre-Series A funding, led by Flourish Ventures, a global fintech investor known for backing industry leaders such as Chime and FlutterWave. New investors, including Saudi Arabia’s Vision Ventures, Arab Bank’s venture capital arm, and Emurgo Kepple Ventures, also participated in the round. Notably, Jason Gardner, founder and former CEO of Marqeta, made his first investment in the MEA region through this funding round. This financial boost followed a $4.5 million seed round in early 2024, reflecting the company’s rapid growth and the increasing confidence of investors in its business model.

The payment landscape in emerging markets is often characterized by high failure rates and operational challenges. Each market presents a unique set of payment providers, methods, and regulations, leading to increased operational costs and revenue leakage for businesses. MoneyHash addresses these issues by offering a unified platform that integrates various payment solutions, thereby reducing complexity and improving efficiency. According to Nader Abdelrazik, co-founder and CEO of MoneyHash, failure rates in these markets are three times the global average, with fraud rates and cart abandonment over 20% higher than in developed markets. By leveraging their extensive experience in the MEA region, MoneyHash aims to transform payments from a cost and risk center into a growth enabler for businesses.

The UAE’s Future 100 initiative aims to support the top 100 emerging companies that play a vital role in the competitiveness of the country’s future economy sectors. The program has secured 25 new partnerships, spanning strategic, media, and community collaborations, to support these emerging companies. The inaugural list of Future 100 companies was unveiled on December 2, highlighting businesses that are expected to drive innovation and economic growth in the UAE.

MoneyHash’s recognition as a Future 100 company not only highlights its innovative approach to payment solutions but also emphasizes the growing importance of fintech in the region’s economic development. As businesses in the MEA region continue to seek efficient and scalable payment solutions, platforms like MoneyHash are poised to play a pivotal role in shaping the future of commerce.

The company’s recent funding and accolades reflect a broader trend of increased investment in fintech solutions that address the unique challenges of emerging markets. By simplifying payment processes and reducing operational hurdles, MoneyHash empowers businesses to focus on growth and customer engagement, thereby contributing to the overall economic development of the region.