Sector-Wide Government Support for Qatari Banks Again in 2017

The Qatari authorities' propensity to support domestic banks was again evidenced in 2017 with a cumulative USD40 billion deposit injection (June-December) in the banking system.

Oil Windfall to Test Durability of Gulf Exporter Reforms

Gulf sovereigns are enjoying a fiscal windfall from the recovery in oil prices, but this will test the durability of improvements to the structure and management of public finances made in the region since the 2014 oil shock.

New Regulation to Drive Consolidation in Saudi Arabian Insurance Sector

We expect Saudi Arabia's new solvency framework introduced in 2018 to drive consolidation among the country's smaller insurance companies as minimum capital requirements increase. Foreign participation in the sector is also likely to grow, as the Saudi Arabian Monetary Authority appears to be actively encouraging foreign investment.

Qatar's Outlook Revised to Stable; Affirms at 'AA-'

Qatar has successfully managed the fallout from last year's rupture of trade, financial and diplomatic relations with the Quartet consisting of the UAE, Saudi Arabia, Bahrain and Egypt. Public sector liquidity injections have stabilised the banking sector and stemmed the outflow of non-resident funding. 

Sukuk Volumes Grow but Structural Constraints Remain

فيتش: حجم إصدارات الصكوك يشهد نمواً، مع وجود قيود هيكلية

The relatively moderate growth in sukuk volumes in 1Q18 highlights continued interest in the asset class, but also the structural constraints on faster expansion. Issuer funding needs and investor appetite for the remainder of the year will be determined by various factors including oil prices, tighter global financing conditions, and investor sentiment in the light of regional tensions in the Middle East. 

Milken Institute 2018 Global Conference - De-Risking Emerging Markets Investments

Jeremy Carter, Chief Credit Officer, joins panelists at the 2018 Milken Institute Global Conference to discuss the de-risking of emerging markets. ​

One Belt One Road - Exporting China's Domestic Development Story​

James​​ McCormack, Global Head of Sovereign and Supranational ratings, joins thought leaders in Abu Dhabi to assess China's One Belt One Road Initiative, as a part of Fitch Ratings' sponsorship of the Milken Institute inaugural MENA Summit.

Saudi Bankruptcy Law Paves Way for Bank Resolution System

New bankruptcy legislation in Saudi Arabia, approved last week, may be a key step in the development of a legal infrastructure for resolving failed banks. But we believe the Saudi authorities will still provide support to local banks, particularly systemically important ones, if required, even once a resolution framework is in place.

Qatar Deficit Narrowing But Public Finance Risks Persist

Recent data show Qatar's fiscal deficit is narrowing despite the economic boycott that began in June. But the dispute still presents risks to public finances, and is one factor reflected in the Negative Outlook on Qatar's 'AA-' sovereign rating. 

GCC Islamic Banks' Standalone Strength Weaker than Region's Conventional Banks

The sovereign ability to provide support has diminished in Saudi Arabia and Qatar, and this has reduced the average IDR by one notch in these countries since last year. The IDRs are on Negative Outlook in Qatar. Nevertheless, the sovereign willingness to provide support has remained extremely strong throughout the GCC and virtually no progress towards resolution has been made.

GCC Islamic Banks' Outlook Negative

Of its rated Islamic banks, 17% in the Gulf Cooperation Council (GCC) region have a Negative Outlook. All the Negative Outlooks are in Qatar and are driven by the Qatari political dispute, which is affecting Qatar's ability, but not propensity, to provide support its banks. More Global 2018 Credit Outlooks

Fitch Ratings Saudi Arabia Office Opening Event

Excerpts from our KSA Credit Outlook panel include James McCormack, Global Head of Sovereign Ratings at Fitch Ratings, Fahad Al-Deweesh, CEO of J.P. Morgan Saudi Arabia, Tim Cooper, Chief Economist at BMI Research, among others

Outlook for Saudi Arabia's Sovereign Rating
Global Privatization in Context
Investor Reaction to Saudi Arabia's Vision 2030 Plan

Green Sukuk Opportunities and Challenges

Fitch Ratings's Global Head of Islamic Finance Bashar Al Natoor weighs on green sukuk opportunities and challenges. He speaks on Dubai TV.

GCC Oil & Gas

Myriam Affri, Senior Director, Corporates, discusses the credit metrics surrounding the over/undersupply of oil and the overall outlook for the industry.

Focus on Saudi Arabia

Jan Friederich, Head of MENA Sovereigns, considers the question of reforms in Saudi Arabia, following the change in royal succession and discusses the sovereign rating impact of a Saudi Aramco IPO.

Overview of GCC Banks

Redmond Ramsdale, Head of GCC Banks, considers the impact of tighter liquidity on GCC banks and discusses the deterioration in asset quality metrics.

Fitch Wins The Asset's Best Islamic Finance Rating Agency Award

Fitch Ratings has been named the Best Rating Agency for Islamic Finance by The Asset, a leading financial magazine in the Asia-Pacific region.

Fitch Ratings Authorized to Conduct Credit Rating Activities in the Kingdom of Saudi Arabia

Fitch Ratings today announces it has obtained authorization from the Capital Market Authority (CMA) to conduct credit rating activities in the Kingdom of Saudi Arabia. To support the ongoing development of Saudi Arabia's capital market, Fitch Ratings will establish an on-the-ground presence in Riyadh.