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Analysis

GCC bond market activity rises to meet regional financing needs
OBG
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A combination of factors has led to a rise in bond issuance from GCC members in 2016. Across the year, bonds and sukuk (Islamic bonds) issued in the GCC hit $66.5bn, more than doubling the $27.6bn total issued in 2015, and rivalled only by the $60.9bn issued during 2009. A $17.5bn historic bond sale from Saudi Arabia accounted for 26.3% of the 2016 total. SUPPLY & DEMAND: A number of elements…

Analysis

Bahrain continues to improve internationally in ease of doing business rankings
OBG
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Economic diversification has been a strategic priority for GCC finance ministries for decades, and the recent decline in oil prices has only served to underscore the importance of hydrocarbons-driven economies reducing their dependence on oil and gas to ensure their long-term economic stability. Much of the momentum behind this process in the GCC is derived from direct government investment,…

Analysis

A developing market: Equities
OBG
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The Bahrain Bourse (BHB) was established in 1987 and commenced operations in 1989 with only two stocks trading. Since then, the bourse has grown to include 41 common stocks (including three closed for trading), government bonds and mutual funds. The market is serviced by twelve brokers, of which three are individuals. The Securities & Investment Company (SICO) is the largest broker in the…

Analysis

Real estate investment trusts hold promise for future bourse trading in Bahrain
OBG
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Real estate investment trusts (REITs) are popular investment instruments in developed markets, but a relatively new phenomenon in GCC exchanges. Nasdaq Dubai became the first exchange in the region to list a REIT in 2014, and in January 2016 Saudi Arabia’s market regulator approved the listing rules that will govern the instruments in the kingdom. Bahrain, however, has moved more quickly…

Analysis

Limitations in Bahrain's banking sector encourage players to look abroad
OBG
plus

The ability of Bahrain’s government to maintain its infrastructure development programme and a GDP per capita of nearly $50,000, according to KPMG, should combine to generate ample opportunities for the kingdom’s banks to grow their assets. However, potential sector expansion is limited by the fact that the domestic market, characterised by a small number of blue chip corporates and a modest…

Analysis

Taking steps to boost liquidity on Bahrain's exchange
OBG
plus

Generating liquidity growth is a concern for the management and regulators of exchanges across the region. As markets from Kuwait to Muscat battle for investment flows, the long-term future of the Bahrain Bourse (BHB) depends upon its ability to attract fresh capital to its increasing array of investment instruments. Most of its major innovations in terms of products and services over recent…

Analysis

Despite ratings downgrades, Bahrain's banking sector promises resilience
OBG
plus

The decline in oil prices since the second half of 2014 has focused attention on the liquidity position of the kingdom’s banking sector, and its consequent ability to achieve lending growth. The issue is a regional rather than a purely local one. The prominence of hydrocarbons revenues on the balance sheets of GCC governments means that they are particularly vulnerable to the movements of…

Analysis

Closer integration with Bahrain's Gulf neighbours should bring host of economic benefits
OBG
plus

Bahrain has always been one of the more connected centres of the Gulf. It has been a vibrant entrepôt for millennia, boasting a maritime history dating back to the commercial traffic that once plied the waters between ancient Mesopotamia and the civilizations of the Indus valley. Its geographic location has resulted in a particularly close connection with the largest economy in the region.…

Analysis

Popular alternative: Real estate investment trusts
OBG
plus

As investors open up to this alternative investment class, real estate investment trusts (REITs) are gradually gaining traction within the GCC. In 2016 we saw the listing – but not an initial public offering (IPO) – of Riyad REIT at Tadawul, as well as the IPO of Eskan Bank REIT, which completed its offering on December 6, 2016 and listed on the Bahrain Bourse on January 2, 2017. NEW LAUNCHS:…

Analysis

Strong demand: Bonds
OBG
plus

The Bahraini bond and sukuk (Islamic bond) market has been the best performing GCC fixed-income market up until December 2016, returning an average of 8.7% despite a turbulent period which saw oil prices fall to as low as $28 and the country stripped of its investment-grade, long-term issuer rating. Investors who participated in the 2016 taps of the 2021 and 2026 US-dollar maturity bonds would…