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Egypt – Quiet Progress

Hot Topics – 18 June 2017

While a number of major geo-political events such as the ongoing investigation into Russian meddling of the US elections, sabre-rattling by North Korea, Brexit and the more recent Qatar dispute, continue to take-up much of the global media headlines and analysis, Egypt has quietly been making progress on the economic front since it floated the pound and signed up to an IMF program late last year.(...)

Glenn Wepener, Executive Director & Geopolitical Analyst Middle East & Africa

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VAT in the GCC

Hot Topics – 1 June 2017

A quick primer on the VAT implementation in the GCC. There is of course much more information yet to come in terms of VAT – such as the granular details about how and when it will be implemented in each of the Gulf states. Please watch this space for further updates in this regard.

Alp Eke, Senior Economist
Omar Abdulhadi, Associate Director & Analyst

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Oman Markets Its Debut US$ Sukuk Issue

Hot Topics – 23 May 2017

Following on from its successful bond issue in March, the Sultanate of Oman is now back in the debt capital market – this time selling a debut 7-year sukuk transaction. NBAD’s Market Insights team has published its initial thoughts and relative value analysis in the attached document

Chavan Bhogaita
Managing Director and Global Head of Market Insights & Strategy

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Words of War – The ‘Un’-doing Of North Korea

Hot Topics – 01 May 2017

In 1962 the world came the closest it’s yet been to a nuclear war, fortunately cool heads eventually prevailed both in the White House and Moscow as diplomacy overcame sabre-rattling and the rest of humanity breathed a huge sigh of relief. Now in 2017 are we facing another ‘missile crisis’ which, with very different personalities making decisions in Washington and Pyongyang compared to Kennedy and Khrushchev, has the potential to lead us down a road where diplomacy takes a back seat this time round?

Glenn Wepener, Executive Director & Geopolitical Analyst Middle East & Africa

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Saudi King orders Cabinet reshuffle & restores allowances

Hot Topics – 24 April 2017

The King of Saudi Arabia, Salman bin Abdulaziz, issued a number of decrees this past weekend including a reversal of certain austerity measures and a minor cabinet reshuffle.

Glenn Wepener, Executive Director & Geopolitical Analyst Middle East & Africa

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GCC Fixed Income Chart Book: Q1 2017 Review

19 April 2017

The GCC bond and sukuk markets have had a stellar Q1 and are set for another record year in terms of new issuance. NBAD’s Market Insights & Strategy team provides a quick snapshot of this market and the key developments in this report.

Chavan Bhogaita, Managing Director and Global Head of Market Insights & Strategy

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Iraq Politics & Economics – The Next Battle

Hot Topics – 13 April 2017

Over the past few years, the primary focus for the Iraqi government – in tandem with its local and foreign partners – has been and remains working to defeat ISIS. They now appear close to achieving this goal. Reconstruction, dealing with the humanitarian crises and establishing political stability across the country will then be their next and probably even greater challenge.

Glenn Wepener, Executive Director & Geopolitical Analyst Middle East & Africa
Omar Abdulhadi, Associate Director & Analyst

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Saudi Arabia to Print Debut US$ Sukuk

04 April 2017

Following on from the record-breaking bond issue last October, the Kingdom of Saudi Arabia is back in the market this time looking to print a sukuk transaction. In the attached report NBAD’s Market Insights & Strategy team provides some initial thoughts on pricing and relative value. Watch this space for further updates.

Chavan Bhogaita, Managing Director and Global Head of Market Insights & Strategy

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The GCC: FAQs and Figures

MENA Economic Reports – April 2017

We are frequently asked questions about the GCC nations and hence we’ve tried to answer some of these through this brief report. It is a quick snapshot of the GCC region with some information that readers will hopefully find useful, especially in terms of putting each of the six countries into context (…)

Market Insights & Strategy – NBAD Global Markets

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Saudi Arabia’s Pivot to Asia

Hot Topics – 23 March 2017

Asia was the prime destination for Saudi Arabia’s oil sales last year taking just under 70% of the country’s total crude exports. As the Kingdom adjusts its domestic and foreign strategic goals, a number of factors including King Salman’s three-week long tour of Asia and Saudi Aramco’s recent energy related acquisitions, suggest an increased focus on that region.

Glenn Wepener, Executive Director & Geopolitical Analyst Middle East & Africa

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Middle East & African Currency Guide 2017

Emerging Markets and G10 Currencies – 20 March 2017

A detailed guide to the Middle East and African currency markets covered by NBAD.

Glenn Wepener, Executive Director & Geopolitical Analyst Middle East & Africa

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Kuwait Prints $8bn of Bonds & Pledges Prudent Borrowing Strategy

Hot Topics – 14 March 2017

Following the successful issuance of $8 billion of bonds by the State of Kuwait, NBAD’s Market Insights team has published this report with their initial take on the transaction and brief relative value analysis versus other GCC sovereign debt.

Chavan Bhogaita, Managing Director and Global Head of Market Insights & Strategy

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Kenya – East African Power House Faces a Difficult 2017

Hot Topics – 03 March 2017

Despite an ongoing challenge by Ethiopia and Tanzania, Kenya has thus far managed to cling onto its spot as East Africa’s largest economy displaying a robust performance over the past few years, with 2016 proving to be no different as the country’s GDP expanded by 5.90%. However the year ahead could be a much more difficult one especially on the financial and political side.

Glenn Wepener, Executive Director & Geopolitical Analyst Middle East & Africa

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Fixed Income – Oman Successfully Prints $5bn in Bonds

Hot Topics – 02 March 2017

Oman not only joined the new issue party but made quite an entrance with its $5bn transaction yesterday – the largest ever single deal printed by the Sultanate. In this report we summarise details of the issue and provide some relative value comparisons versus other GCC sovereign paper.

Chavan Bhogaita, Managing Director and Global Head of Market Insights & Strategy

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Nigerian Naira – Pressure Building

Hot Topics – 23 February 2017

With rumours of another possible Naira devaluation doing the rounds following the latest foreign exchange policy actions by the Nigerian Central Bank, we discuss the potential effect these changes may have and whether or not they will be enough to restore liquidity and confidence in the local currency.

Glenn Wepener, Executive Director & Geopolitical Analyst Middle East & Africa

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GCC Fixed Income Chart Book: FY 2016 Review

09 January 2017

For those of you following GCC bonds and sukuk please find attached our latest quarterly review of these markets. As always we have kept the report text-light and to the point. We hope that you will find it useful.

Chavan Bhogaita, Managing Director and Global Head of Market Insights & Strategy

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Morocco – North Africa’s Star?

Hot Topics – 04 January 2017

With most of the North African region continuing to face severe political and economic challenges, one country in the Maghreb has managed to overcome some of its own domestic issues and markedly outperform its neighbours over the past few years. But after a relatively lacklustre 2016 will Morocco be able to move forward again this year?

Glenn Wepener, Executive Director & Geopolitical Analyst Middle East & Africa

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2016: A quick glance in the rear view mirror

25 December 2016

Just as we had all re-wired our brains to write 2016 instead of ’15 we realised that we were already part way into the year, and thereafter – as always – the months flew past. Here we are now, in the last few days of the year and bidding farewell to what has been a pretty eventful year in more ways than one.

Chavan Bhogaita, NBAD's Global Head of Market Insights & Strategy

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Interview – Saudi Bond Issuance

Thomson Reuters

Following the recent landmark bond issue by the Kingdom of Saudi Arabia, Chavan Bhogaita talks about the deal, the implications of this transaction, and indeed the broader reforms being considered by the Kingdom

Chavan Bhogaita, NBAD's Global Head of Market Insights & Strategy

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MENA and Global Markets Publications