Skip to content Skip to Search
Skip navigation

Bahrain’s sukuk and bond order book hits $7.8bn

Reuters/Naseem Zeitoon
Bahrain's GDP grew by 4.9 percent in 2022, the fastest rate since 2013

Bahrain has tightened guidance for its US dollar-denominated sukuk (Islamic bonds) and conventional bonds after it received combined orders of over $7.8 billion for the debt sale.

Guidance was tightened to around 6.5 percent for the seven-year sukuk and 7.75-7.875 percent for the 12-year notes, Reuters reported, citing the document from one of the arranging banks said. 

Initial guidance was about 6.875 percent for the sukuk and around eight percent for the conventional paper.

In November 2022 S&P Global Ratings revised its outlook on Bahrain to ‘positive’ from ‘stable’ and affirmed its ‘B+/B’ long- and short-term foreign and local currency sovereign credit ratings. 

The upgrade was driven by the expectation that the government will continue implementing fiscal reforms to reduce the budget deficit that will place debt-to-GDP on a more sustainable path.

Last month Bahrain announced that its GDP grew by 4.9 percent in 2022, the fastest rate since 2013.

Non-oil real GDP increased by 6.2 percent in 2022, the highest rate since 2012 and above the five percent target in Manama’s economic recovery plan, according to the latest Ministry of Finance and National Economy figures.

The GCC country also this week launched a ‘golden licence’, providing incentives to foreign and local companies with large-scale investment projects in the country, aiming to propel investments and boost job creation.

Latest articles

The WakeCap system being used on a construction site

Aramco adopts heat-sensing construction helmets

Saudi Aramco is deploying advanced safety helmets equipped with heat stress sensors to protect workers on some of its construction sites, a critical concern in the Gulf region’s scorching climate. The helmets, developed by Dubai and Saudi Arabia-based construction tech startup WakeCap, utilise internet-of-things (IoT) technology that monitors worker attendance, location, and safety incidents in […]

Wind turbines above the village of Kotronas in the Peloponnese region. Greece's Terna Energy invests in wind, solar, hydroelectric and pumped storage projects

Masdar buys Greece’s biggest investor in renewables

The UAE’s state-owned clean energy company Masdar is to acquire a majority share in Terna Energy of Greece. The initial deal – one of the largest in the European renewables market and the biggest ever energy transaction on the Athens Stock Exchange – is for a 67 percent stake. The price of €20 ($21.45) per […]

KBR Iraq

US firm wins $46m contract to boost Iraq infrastructure 

US engineering giant KBR has won a five-year $46 million contract to support Iraq’s infrastructure development and future energy projects, including mega-projects. The company is expanding its presence in Iraq, establishing a new office in Baghdad and said it is also considering the creation of a design centre to enhance local engineering skills. Under the […]

The UAE attracted FDI inflows of $30.7 billion last year, a 35 percent year-on-year growth

UAE ranks second in global greenfield FDI projects

A 33 percent year-on-year surge in greenfield FDI projects in the UAE catapulted the Emirates up two places to the second spot after the US in 2023. There are now 1,323 greenfield FDI project announcements, state-run Wam news agency reported, citing the World Investment Report 2024. The UAE attracted FDI inflows of $30.7 billion last […]