Saudi Arabia will probably boost its dollar-denominated debt sales next year amid more than $500 billion of expansion projects in the largest Arab economy, Deutsche Bank AG said.
Less than 30 per cent, or $2.5bn, of the kingdom's record issuance Islamic bond sales this year were denominated in the US currency, data compiled by Bloomberg show. In the UAE, the second-largest Arab economy, the majority of sukuk offerings this year were denominated in dollars as Gulf yields drop to a record, the data show.
Saudi Arabia, the world's biggest oil exporter, is building roads, homes airports and industrial cities as it seeks to create jobs and boost the economy. Some of this project financing needs to take place in dollars as companies import equipment for power plants and refineries. Saudi Arabian Oil Co, known as Aramco, and Dow Chemical are seeking $2bn in Islamic debt to help finance their $20bn petrochemicals joint venture.
"Next year and the following years I expect to see a balance between riyal and dollar issuances," Salah Jaidah, Deutsche Bank's chairman for Islamic finance said. "The large to mega projects will use dollars and the small to medium will use riyals."
The average yield on corporate sukuk in the six-nation Gulf Cooperation Council (GCC) has declined 280 basis points, or 2.8 percentage points, this year to 3.24 per cent on December 11 after touching an allow-time low of 3.2 per cent four days earlier, according to the HSBC/Nasdaq Dubai GCC Corporate US Dollar Sukuk Index. The drop helped GCC sales soar to a record $21bn, according to data compiled by Bloomberg.
Saudi Electricity, the state-controlled utility, raised $1.75bn in sukuk in March amid plans to spend more than 55bn Saudi riyals on power projects. Banque Saudi Fransi, partly owned by Credit Agricole SA, sold $750 million in May partly to expand project finance lending.
Middle East sukuk sales may surge at least 35 per cent next year amid public spending on projects, Mr Jaidah said. "You also have a strong liquidity in countries like Saudi Arabia."
At about $207bn last year, Shariah-compliant financial assets in the kingdom are the world's largest, about $100m more than Malaysia, Ernst & Young said in a report released December 10. Global Islamic banking assets may reach $1.8 trillion next year, compared with $1.3tn in 2011, it said.
* Bloomberg News
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The specs
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Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
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Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
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How to avoid crypto fraud
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Mohammed bin Zayed Majlis
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
THE SPECS
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The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
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Fight card
1. Bantamweight: Victor Nunes (BRA) v Siyovush Gulmamadov (TJK)
2. Featherweight: Hussein Salim (IRQ) v Shakhriyor Juraev (UZB)
3. Catchweight 80kg: Rashed Dawood (UAE) v Khamza Yamadaev (RUS)
4. Lightweight: Ho Taek-oh (KOR) v Ronald Girones (CUB)
5. Lightweight: Arthur Zaynukov (RUS) v Damien Lapilus (FRA)
6. Bantamweight: Vinicius de Oliveira (BRA) v Furkatbek Yokubov (RUS)
7. Featherweight: Movlid Khaybulaev (RUS) v Zaka Fatullazade (AZE)
8. Flyweight: Shannon Ross (TUR) v Donovon Freelow (USA)
9. Lightweight: Mohammad Yahya (UAE) v Dan Collins (GBR)
10. Catchweight 73kg: Islam Mamedov (RUS) v Martun Mezhulmyan (ARM)
11. Bantamweight World title: Jaures Dea (CAM) v Xavier Alaoui (MAR)
12. Flyweight World title: Manon Fiorot (FRA) v Gabriela Campo (ARG)
The Prison Letters of Nelson Mandela
Edited by Sahm Venter
Published by Liveright
SPECS
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Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
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Transmission: 9-speed automatic
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On sale: Now