The company also noted that despite the ongoing Middle East conflict, ADNOC L&S’ global operations have remained normal, as the business remains financially strong and fully operational across all divisions.

“ADNOC L&S continues to closely monitor the current operating environment and is working in coordination with relevant authorities and stakeholders to ensure the safety of its people and the continuity of its operations,” the company remarked in a media note.

Breaking down the key financial details, dividends for the first nine months of 2025 totalled USD 243.75 million (AED 859.3 million), with the third-quarter dividend already paid in December 2025. Subject to required approvals, the dividend will increase by 5% annually from 2026 to 2030, before being paid out quarterly.

“ADNOC L&S delivered record 2025 results, with EBITDA up 32% and net profit up 14% year-on-year, reflecting the ongoing transformation of the business into a global market leader, underpinned by a diversified, resilient business model and disciplined capital deployment. As of December 31, 2025, the Company’s share price has increased by 195% since the IPO, strengthening investor trust in ADNOC L&S’ long-term strategy. Performance was driven by favourable market demand, strong operational execution, and continued expansion across core and growth segments. The integration of Navig8, an international shipping pool operator and commercial management company, was a milestone that strengthened and transformed the company’s capabilities across its logistics value chain,” the venture commented.

Dr. Sultan Al Jaber, Chairman of ADNOC L&S, said, “For shareholders, performance translated into tangible returns. Financial discipline remains central to our strategy, and this strength enables us to pursue value‑accretive growth while maintaining attractive and predictable shareholder returns. ADNOC Logistics & Services has built a global platform underpinned by a resilient business model anchored by long‑term contracts. Looking ahead, our diversified logistics capabilities and disciplined capital framework position the Company to deliver through cycles while supporting ADNOC’s expanding global ambitions.”

“ADNOC L&S continued to deliver its growth strategy built around service excellence and a safe and smart operational execution. Driven by organic growth and our acquisition of an 80% stake in Navig8, our robust balance sheet, prudent leverage policy and strong operating cash flows anchor our resilience. Our Value Efficiency Initiative, introduced in early 2025, delivered $119 million (AED 437 million) over the year, surpassing its original target by 19%. Our ongoing technology and AI-driven innovation, beyond increasing process efficiency across the business, is also delivering tangible service enhancements, creating additional value for ADNOC L&S and our customers,” said Captain Abdulkareem Al Masabi, CEO of ADNOC L&S.

Talking about the January 2025 acquisition of Navig8, an international shipping pool operator and commercial management company, which cost ADNOC L&S USD 999 million (AED 3.7 billion), the move resulted in the immediate integration of Navig8’s 32-vessel fleet, along with the adoption of the company’s advanced commercial and digital capabilities within ADNOC’s fold, significantly expanding its global footprint to 19 cities. The acquisition added commercial scale, strengthened ADNOC L&S’ revenue profile, and improved access to global energy and commodities flows.

“Navig8 provides the Company with a broader international platform for its next phase of growth. In 2025, ADNOC L&S also strengthened its fleet with the first two of a total order of nine Very Large Ethane Carriers (VLECs) and an additional four LNG carriers to generate long-term contracted revenue. On March 23, 2025, the company took delivery of the fifth of six new-build liquefied natural gas carriers from the Jiangnan Shipyard in China,” the venture remarked.

ADNOC L&S also secured long-term strategic partnerships, including a 50-year agreement with TA’ZIZ to develop the UAE’s first dedicated chemicals export port, projected to generate revenue flow of over USD 1.3 billion (AED 4.8 billion) in its first 27 years. A 15-year strategic agreement with Borouge further strengthens ADNOC L&S’ contracted revenue base in the domain of petrochemicals exports, with an estimated value of USD 531 million (AED 1.95 billion).

“With the continuous digitalisation of an increasing number of core business processes, ADNOC L&S has been leveraging AI, big data, and advanced digital platforms to drive service excellence, operational performance, and safety. Its AI-enabled Smart Port Solution reduced vessel turnaround time by up to 90% and cut service sourcing from three hours to 45 seconds, while enhancements to the Integrated Logistics Management System and Integrated Logistics Services Platform increased cargo capacity by up to 40% and improved vessel utilisation,” the business concluded.

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The news also comes against the backdrop of rising oil prices fuelling inflation concerns and lifting expectations of further European Central Bank (ECB) rate hikes. While Iran has dismissed United States President Donald Trump’s talks of negotiations as “fake news,” reports claiming administration insiders as sources stated that Washington would continue its strikes against the Western Asian nation.

Talking about Bund yields, Germany’s 10-year government bond yield, ‌the euro area’s benchmark, ⁠dropped 0.5 ⁠basis points to 3.01%. A couple of days back, it reached 3.077%, its highest level since June 2011.

Money markets have fully priced ‌in two European Central Bank interest rate hikes ⁠by July 2026, along with a deposit facility rate at 2.65% by year-end. The ratio currently stands at 2%.

According to Reuters, Germany’s two-year yields, more sensitive to expectations for policy rates, were down 1.5 bps at 2.60%. They hit 2.764% the day before, their highest level since July 2024. Italy’s 10-year government bond yields fell one bp to 3.91%, after recently reaching 4.119%, their highest since July 2024.

The yield gap of ⁠Italian government bonds versus Bunds was at 85 bps. It was at 63 bps before the attacks against Iran and hit 53.50 in mid-January this year, its lowest level since August ‌2008. The French spread, on the other hand, was at 69 bps ⁠from 58 bps before the conflict.

Discussing the existing money market mood, Commerzbank rates strategist Hauke Siemssen said, “Markets look set to remain in sell-off mode as latest headlines out of the Middle East point to prolonged energy price increases.”

Goldman Sachs also expects the ECB to deliver two 25 basis point interest rate hikes in April and June 2026.

“At the April meeting, only a few data pointers for March will be available, which would render a potential hike a risk management exercise and a sign of commitment to stay ahead of the inflation curve. More hawkish-leaning council members seem in favour of an April hike, while centrist council members ‌should ultimately tip the balance,” Siemssen concluded.

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Among the celebrated recipients of the International Finance Awards 2025 are Bahrain Development Bank, Abu Dhabi Islamic Bank, Bank of Baghdad, Al Ahli Bank of Kuwait, First Bank of Nigeria, The Saudi Investment Bank, Asia Commercial Bank, La Trobe Financial, Commercial Bank Financial Services, Malaz Capital, Riyad Capital, Burgan Takaful Insurance, Almamoon Insurance Broker, Taiwan Life Insurance, CIT Group Ltd, Riyadh Development Company, ROSHN, United Warehouse Company Ltd, stc Bahrain, Radius Telecoms, ESNAD, SOCAR Enerji Ticaret A.Ş., Easy Parking, Qassim National Hospital, Ultima Markets, and Abdullah Al-Othaim Markets Company.

The ceremony was marked by an atmosphere of prestige and celebration, bringing together influential leaders, decision-makers, and industry experts from across the globe. Seamlessly executed, the event reflected the scale and reputation of the International Finance Awards, reinforcing its position as a respected platform for recognising excellence across sectors.

Each award was presented following a structured and transparent evaluation process, highlighting the credibility of the recognition. Winners were honoured on stage in front of business stalwarts, emphasising not only their organisational achievements but also the leadership and vision that have driven sustained performance in competitive markets.

The diversity of the winners further demonstrated the global reach and relevance of the awards. From banking and financial services to telecommunications, healthcare, energy, and real estate, the recipients showcased innovation, resilience, and a commitment to excellence within their respective industries.

Beyond the accolades, the ceremony served as a powerful source of inspiration for peers and emerging leaders alike. The success stories shared throughout the evening illustrated how strategic thinking and strong governance can translate into long-term growth and meaningful impact.

As the evening concluded, the 13th Annual International Finance Awards left a lasting impression on attendees, reaffirming its role in celebrating leadership and progress on a global stage. The event not only recognised outstanding achievements but also set a benchmark for excellence, motivating organisations worldwide to continue striving for innovation and sustainable success.

Earlier, the inaugural segment of the awards was held on January 23, 2026, at Bangkok’s prestigious Waldorf Astoria. The event was honoured with the attendance of Mr. Arief Rachmat Hidayat, Counsellor at the Embassy of the Republic of Indonesia in Bangkok, and Dr. Ekapong Rimcharoen, Director of Thailand’s National Statistical Office (NSO). The awards night in Thailand set the tone for a series of celebrations, recognising top-performing companies and bringing together distinguished leaders from Southeast Asia.

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Trump has also made immigration tough, and the shooting of a woman in Minneapolis by ICE (Immigration and Customs Enforcement) agents has the whole nation on edge.

Amidst such developments, Suzanne Clark, the CEO of the US Chamber of Defence, urged corporate leaders to courageously defend free-market principles against expanding government intervention. Speaking in a dimmed ballroom, Clark emphasised that America must maintain its openness to global commerce, the exchange of talent, innovative ideas, and international trade partnerships.

While Clark avoided directly naming President Donald Trump or his specific policies, her remarks represented a subtle critique of the administration’s unprecedented interference in corporate affairs. The Republican has broken new ground in executive involvement with private business operations, taking positions in technology companies, dictating corporate equity arrangements, implementing sweeping tariffs, and pursuing immigration restrictions that the Chamber opposes.

Clark’s comments reflect a broader pattern emerging among American business leaders, including measured, careful criticism that stops short of confrontation. This cautious approach marks a significant shift from Donald Trump’s first presidential term, when executives were more willing to publicly break with the administration over controversial issues, including the president’s response to the 2017 white nationalist rally in Charlottesville, Virginia.

Selective Corporate Criticism

Several high-profile CEOs have recently voiced concerns about specific administration policies, though their objections remain narrowly focused on areas directly affecting their business interests. ExxonMobil CEO Darren Woods and JPMorgan Chase CEO Jamie Dimon both made headlines with tempered criticisms, but limited their remarks to Venezuela’s oil sector and Federal Reserve independence, respectively.

The muted nature of these responses has drawn criticism from governance experts and political observers. Richard Painter, a University of Minnesota law professor who served as chief ethics counsel under President George W. Bush, characterised the business community’s reaction as disappointingly weak.

He pointed to concerning developments, including immigration enforcement actions affecting US citizens in Minneapolis and Trump’s consideration of claiming Greenland, which could potentially isolate American companies from European markets.

Painter noted the stark contrast between the current administration’s authoritarian tendencies and Bush’s commitment to free-market economics. He emphasised that business leaders need to take a stronger stance against governmental coercion, regardless of whether it targets street protesters or corporate executives who resist presidential pressure.

Mark Levine, New York City’s Comptroller, overseeing substantial public pension fund investments in major US corporations, echoed these concerns. He characterised CEO responses as merely “baby steps,” with executives speaking up only when Trump’s actions directly threaten their bottom lines. Levine warned that capitalism cannot function properly if presidents with autocratic inclinations dictate corporate behaviour across American industry.

The Chamber’s Defence

Responding to criticism, a Chamber spokesperson referenced Clark’s media briefing, where she stated the organisation’s opposition to government intervention in business regardless of partisan source. Clark suggested that CEOs have been engaging in “quiet work” behind the scenes to promote sound public policy, avoiding what she termed a “rush to outrage.”

This approach aligns with the Chamber’s strategic positioning. In August 2025, the organisation’s chief policy officer, Neil Bradley, indicated that the group intended to respond to Trump in a nonpartisan manner to preserve broader support for free-market principles.

Presidential Pushback And Economic Perceptions

The public’s perception of Trump’s economic success contradicts his claims. He presently has a 36% approval rating on economic issues, which is lower than his 41% approval rating overall. Despite Trump’s claims that his policies have produced explosive growth, soaring productivity, booming investment, rising earnings, and conquered inflation, this mismatch still exists.

When CEOs have dared to question his approach, Trump has responded swiftly and sharply. After Woods expressed scepticism about Venezuela as an investment destination, calling it “uninvestable,” Trump threatened to exclude Exxon from future deals in the country, criticising the company for “playing too cute.” Similarly, when Dimon defended Federal Reserve Chair Jerome Powell’s independence following a criminal investigation into Powell’s conduct, Trump dismissed the CEO’s concerns outright.

Pfizer CEO Albert Bourla also voiced frustration over Health Secretary Robert F. Kennedy Jr.’s efforts to roll back childhood vaccine recommendations, calling the moves scientifically baseless. However, representatives from Exxon, JPMorgan, and Pfizer all declined to provide additional comments for this story.

A Climate Of Uncertainty

The dread that permeates business boardrooms is highlighted by recent surveys. According to the Conference Board’s most recent study, uncertainty will be the biggest risk factor for American CEOs in 2026. Chief economist Dana Peterson pointed out that executives are aware that the lobbying environment has drastically changed, even if the study did not specifically address Trump.

According to Gary Clyde Hufbauer, a senior scholar at the Peterson Institute for International Economics, CEOs might be carefully calibrating their public remarks to prevent reprisals while positioning their businesses to profit from Trump’s aims and policies. He cautioned, though, that this laissez-faire strategy might backfire and lead to even more stringent regulations after Trump leaves office.

Executives may see the current interventionist policies as transient anomalies, according to Hufbauer. However, he warned that since state capitalism appeals to both progressive Democrats and some MAGA Republicans, investors and business executives may be dangerously complacent about long-term defence of free-market values.

The conflict between corporate America and the Trump administration raises important issues regarding the balance between private industry and governmental authority, as business executives must balance safeguarding their own interests with upholding more general economic liberties.

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Founded in 2013, International Finance has grown into a leading provider of business media services, driven by a distinctive mission: to recognise and celebrate exceptional talent, visionary leadership, significant industry contributions, and outstanding skills on a global scale.

In 2014, International Finance gained international recognition with the launch of its inaugural flagship programme in London. Supported by the rigorous work of its research and development team, the organisation distinguished itself by identifying top-tier corporate talent. Award recipients were selected based on the strength of their applications and their proven record of achievement.

During the nomination process, International Finance focuses on eminent C-suite executives and senior management leaders across sectors, including finance, banking, asset management, brokerage, insurance, energy, oil and gas, logistics, and utilities. Nominees are drawn from key markets across the Middle East, Asia, Europe, and Africa.

Previous recipients of the International Finance Awards include prominent companies such as La Trobe Financial, Security Bank Corporation, Asialink Finance Corporation, East West Banking Corporation, Krungthai Bank, SOCAR, Alistithmar Capital, QNB Egypt, Al Qassim National Hospital, The Access Bank UK Limited, Standard Chartered Bank (Singapore) Limited, Chung Hwa Bank Taiwan, stc Saudi Arabia, SAL Saudi Arabia, Saudi Ground Services, Alinma Bank Saudi Arabia, ROSHN – Saudi Arabia, BEEAH Group, MODON Saudi Arabia, United Real Estate Company Kuwait, Real Estate Registry – Saudi Arabia, stc Kuwait, Zain Kuwait, and Saudi Water Partnership Company (SWPC).

In 2016, the scope of the International Finance Awards expanded to include Southeast Asia as a second venue. By 2018, the ceremonies had attracted over 400 distinguished dignitaries. These awards served as powerful motivators for corporate entities, inspiring them to become industry leaders and facilitating growth through the extensive networking opportunities provided by International Finance.

With a vision of a future where passion seamlessly merges with excellence, International Finance is driven by a relentless conviction. To all business talents poised for greatness, seize the opportunity to have your name etched onto the prestigious winner’s board of the International Finance Awards.

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Founded in 2013, International Finance has grown into a leading provider of business media services, driven by a distinctive mission: to recognise and celebrate exceptional talent, visionary leadership, significant industry contributions, and outstanding skills on a global scale.

In 2014, International Finance gained international recognition with the launch of its inaugural flagship programme in London. Supported by the rigorous work of its research and development team, the organisation distinguished itself by identifying top-tier corporate talent. Award recipients were selected based on the strength of their applications and their proven record of achievement.

During the nomination process, International Finance focuses on eminent C-suite executives and senior management leaders across sectors, including finance, banking, asset management, brokerage, insurance, energy, oil and gas, logistics, and utilities. Nominees are drawn from key markets across the Middle East, Asia, Europe, and Africa.

Previous recipients of the International Finance Awards include prominent companies such as La Trobe Financial, Security Bank Corporation, Asialink Finance Corporation, East West Banking Corporation, Krungthai Bank, SOCAR, Alistithmar Capital, QNB Egypt, Al Qassim National Hospital, The Access Bank UK Limited, Standard Chartered Bank (Singapore) Limited, Chung Hwa Bank Taiwan, stc Saudi Arabia, SAL Saudi Arabia, Saudi Ground Services, Alinma Bank Saudi Arabia, ROSHN – Saudi Arabia, BEEAH Group, MODON Saudi Arabia, United Real Estate Company Kuwait, Real Estate Registry – Saudi Arabia, stc Kuwait, Zain Kuwait, and Saudi Water Partnership Company (SWPC).

In 2016, the scope of the International Finance Awards expanded to include Southeast Asia as a second venue. By 2018, the ceremonies had attracted over 400 distinguished dignitaries. These awards served as powerful motivators for corporate entities, inspiring them to become industry leaders and facilitating growth through the extensive networking opportunities provided by International Finance.

With a vision of a future where passion seamlessly merges with excellence, International Finance is driven by a relentless conviction. To all business talents poised for greatness, seize the opportunity to have your name etched onto the prestigious winner’s board of the International Finance Awards.

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Some of SOCAR Capital’s notable achievements include improving financial literacy, attracting passive cash funds, enhancing access for Azerbaijani companies to capital markets, and facilitating activities within the corporate bond market in Azerbaijan.

Recently, International Finance named SOCAR Capital as the “Best New Bond for Green Project Financing – Energy – Azerbaijan 2025”.

Upon winning the award, SOCAR Capital CEO Samir Kerimli said, “This achievement reflects SOCAR’s strategic decision to introduce modern, sustainability-focused financing instruments into Azerbaijan’s capital markets, and I am proud that SOCAR Capital served as the execution arm behind this important initiative.”

SOCAR is known for initiating and issuing USD 200 million “green” bonds. From the early stages, the company took it upon itself to ensure that this initiative was implemented with the highest financial, structural, and operational standards.

“We designed the transaction for the domestic market, structured the financial terms, coordinated with investors, and ensured that the product was accessible, transparent, and aligned with the sustainability goals set by SOCAR,” Samir Kerimli added.

With a five-year maturity, a 6% annual coupon, and quarterly interest payments in US dollars, the bond was built to meet the expectations of local investors seeking both financial stability and meaningful participation in the country’s environmental transformation.

“The strong demand from individual and institutional investors showed that the Azerbaijani market is ready for sustainability-oriented instruments and is increasingly motivated to support long-term ESG priorities,” Kerimli noted.

One of the most important elements of this issuance is the direct allocation of proceeds to SOCAR Green, the entity responsible for designing and implementing SOCAR’s renewable energy and decarbonisation agenda. For SOCAR, every dollar raised from the public needed to contribute to real, measurable environmental progress.

These funds are now being directed toward projects such as renewable energy development, energy-efficiency upgrades, methane-emission reduction technologies, flare-gas recovery, and digital optimisation across SOCAR Group.

SOCAR has also strengthened its overall ESG standing internationally. In 2024, it received an initial BBB ESG rating from MSCI, making it the first energy company in the Caspian region to attain this level. This rating reflects SOCAR’s progress in emissions reduction, waste management, biodiversity protection, safety performance, governance, transparency, and stakeholder engagement.

For the company, this recognition reaffirms that the company’s sustainability transformation is being validated not only through financial instruments but also through independent global assessments. It also supports SOCAR’s long-term strategy for responsible growth and aligns with the company’s environmental and governance commitments.

“From SOCAR Capital’s perspective, these achievements demonstrate how a financial institution can serve as an effective facilitator of strategic sustainability goals. SOCAR defines the vision and environmental priorities; our responsibility is to create robust, transparent, and investable financial structures that make this vision achievable. This collaboration model ensures that environmental transformation is backed not only by strategic intent but also by strong financial execution,” Kerimli told International Finance.

SOCAR Capital believes that strengthening Azerbaijan’s internal financial ecosystem is crucial for long-term economic resilience. By introducing a “green” instrument into the local market, the venture enabled Azerbaijani investors to participate directly in the financing of the country’s sustainability transition. This aligns with SOCAR Capital’s mission to transform itself into a modern financial platform that brings global market practices into the local environment.

“For me, this award is not only a recognition of a successful transaction — it is a validation of a broader shift happening in our financial markets. The appetite for ESG-linked investments is growing. Investors are more informed, more engaged, and more willing to support long-term environmental objectives. The improvements reflected in SOCAR’s MSCI BBB rating further demonstrate that sustainability has become a strategic pillar shaping the company’s development trajectory,” the CEO added.

SOCAR Capital is now planning to expand its work in ESG-aligned financing. The company is exploring new thematic instruments, enhanced reporting practices, and deeper collaboration with partners who prioritise sustainability.

“Our objective is clear: to continue being the financial execution engine that supports SOCAR’s transformation into a more energy-efficient, sustainable, and future-oriented organisation. This recognition from International Finance motivates us to move forward with even greater confidence. It encourages us to align financial innovation with environmental responsibility. I believe this combination will define the next chapter of SOCAR’s development and Azerbaijan’s capital market evolution,” Samir Kerimli concluded.

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This outlook will coincide with the redemption of bonds, which are maturing and require repayment, averaging approximately 208 billion rand annually in the coming years. To meet these obligations, the Treasury plans fresh debt issuance, to adjust repayment schedules or implement deeper spending cuts.

The Treasury will continue with “bond switches,” allowing investors to exchange bonds nearing maturity for longer-term instruments. While this mitigates short-term repayment pressure, it does not reduce overall debt levels.

Investors have been forecasting reduced weekly bond auction sizes. The Treasury previously signalled cuts would only occur if lower issuance proves sustainable rather than temporary.

In terms of external borrowing, South Africa raised USD 2.6 billion of the projected USD 5.3 billion for 2025/26 from multilateral development banks. It will raise the balance of USD 2.7 billion in global markets.

“Additionally, the Treasury plans to leverage South Africa’s gold and foreign exchange account to ease future borrowing. The buffer stood at 364 billion rand by March 31, well above the target of 260 billion rand. After allocating 50 billion rand from the account earmarked for the current fiscal year, funds totalling 31 billion rand will be utilised in 2026/27 to curb borrowing requirements,” reported Reuters.

Meanwhile, in his Medium-Term Budget Policy Statement (MTBPS) speech, Finance Minister Enoch Godongwana stated that his country’s focus will now be on growing the economy faster and attracting the investment needed to create jobs and improve the lives of all South Africans.

“Two years ago, we committed to stabilising public debt in the current year and then begin to reduce it. Despite a challenging environment of persistently low economic growth, we are on track to achieve this goal. We are also committed to removing South Africa from the Financial Action Task Force grey list. We have delivered on this commitment in just two and a half years. This is thanks to collaboration across government departments, law enforcement agencies and the private sector. Exiting the grey list enhances South Africa’s attractiveness to investors and makes it easier to do business with us,” Godongwana said.

The above-mentioned achievements have helped the government to not only lower the bond yield curve, but also to reduce the risk premium for owning government bonds, resulting in the freefall of debt servicing costs. As per Godongwana, this will lead to an improvement in South Africa’s credit rating.

Foreign participation in domestic bond auctions has grown from 24.8% in April 2025 to 26.8% in September 2025. This increase was supported by lower global risk aversion and improved sovereign risk perceptions, bolstering demand and lowering yields. During this period, credit rating agencies reaffirmed South Africa’s sovereign ratings and outlook, citing progress on fiscal consolidation and stronger external balances.

This has already led to lower debt service costs as debt service costs in the current year will be 4.8 billion rand lower than estimated in the 2025 Budget, supported by lower interest rates, lower inflation and a stronger currency.

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The strong performance extended to regional stock exchanges, with the MSCI Emerging Markets Index rising 25%, followed by the EGX 30 Index (Egyptian Exchange), which gained 23.3%, and the Boursa Kuwait Premier Market Index, which climbed 19.6%.

The surge in IPO activity across MENA reflects broader economic diversification efforts and deepening capital markets. In Saudi Arabia, real GDP grew 5% in the third quarter from a year earlier, driven by strong gains in both oil and non-oil sectors, official data showed. On the other hand, in Egypt, the economy expanded 4.77% in the third quarter of fiscal year 2024/25, supported by an 18.8% year-on-year increase in non-oil manufacturing.

According to Brad Watson, EY-Parthenon MENA leader, the recent quarter “reflects the increasing depth and maturity of MENA capital markets, supported by a steady pace of listings across multiple sectors and geographies.”

He also noted that the companies are “becoming increasingly strategic with market timing — carefully assessing investor sentiment and macroeconomic conditions before going public.”

Saudi Arabia accounted for the majority of IPO activity, completing eight listings that raised a combined USD 637 million. Dar Al Majed Real Estate Co.’s USD 336 million listing on the Tadawul Main Market led the region, followed by Marketing Home Group for Trading with USD 109 million and Sport Clubs with USD 69 million. An additional USD 124.1 million was raised through IPOs on the Nomu parallel market, spanning sectors such as retail, healthcare, and industrial services. Real estate accounted for 55% of proceeds on the main exchange.

Egypt recorded IPOs from Bonyan For Development & Trade SAE and National Printing, while Morocco saw the listing of Vicenne SA, signalling growing regional diversification. Gregory Hughes, EY-Parthenon MENA IPO leader, told the Arab News that “with lower oil prices, we continue to see economic diversification from non-oil revenues, and the sector focus in Saudi Arabia has shifted from healthcare and mobility to real estate, hospitality, construction, and retail.”

The pipeline for the Q4 2025 and beyond already looks robust, with 19 entities across various sectors preparing to list. Saudi Arabia leads with 13 planned listings, including Almasar Alshamil Education Co. and Al Romansiah Co., both of which have secured Capital Market Authority approval. In the UAE, ALEC Holdings PJSC debuted on the Dubai Financial Market in October 2025.

Outside the Gulf Cooperation Council (GCC), Algeria’s Diar Dzair and Morocco’s Gharb Papier Et Carton SA are reportedly awaiting regulatory approvals for planned IPOs.

While the brightened outlook is supported by positive policy momentum, diversified investor interest, and increasing integration of environmental, social, and governance principles, regulatory environments across the region have continued to evolve as well.

“In the UAE, updated governance reforms now permit the combination of board chair and CEO roles under specific conditions, while in Saudi Arabia, the Capital Market Authority has launched consultations on changes to market-making rules and foreign ownership limits aimed at enhancing liquidity and accessibility,” Arab News noted.

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In addition to continuing to face local difficulties, the ratings agency further stated that the sultanate’s DCM is still among the smallest in the Gulf region and is not immune to the general slowdown in primary market dollar issuance and the ongoing global uncertainty.

According to the report, Oman has limited private sector options and primarily draws on banks, rather than a broader spectrum of investors. Additionally, there is little activity or trading in debt that is valued in the local currency.

“The Omani DCM is still developing…It faces issues such as limited private sector issuance, investor base concentrated with banks, shallow Omani rial market and low secondary market liquidity,” the ratings agency said.

Additionally, according to Fitch, sukuk continues to dominate the funding mix, making up 63.4% of the DCM issuance. As of 2024, the remaining portion was made up of conventional bonds, except for treasury bills. Fitch assigned a BB+ rating to approximately USD 7.2 billion in outstanding Omani sukuk during the first three months of the year.

More than half (55.2%) of the sukuk were owned by corporations, whereas sovereigns owned 44.8%. The issuance of sukuk increased by 124 points to USD 2.09 billion last year, surpassing that of conventional bonds, which also increased by 45 points to USD 7.04 billion.

In 2025, the Omani government hopes to raise USD 1.09 billion from the local market. According to the Ministry of Finance, USD 6.3 billion will be needed for financing this year, of which 53.2% will come from external debt, 30.5% from local borrowing, and 16.3% will come from reserve withdrawals.

Oman recorded a fiscal surplus and moderate economic growth in 2024, driven by higher oil revenues and an expansion in non-oil activities, official data from the National Centre for Statistics and Information (NCSI) showed.

Meanwhile, the Sultanate’s gross domestic product (GDP) at constant prices grew by 1.6% year-on-year to RO 37.7 billion (USD 98.1 billion), while GDP at current prices fell by 3.0% to RO 40.7 billion, largely due to lower oil activity. Non-oil activities expanded by 3.7%, led by a strong performance in manufacturing (+8.5%), wholesale and retail trade (+7.1%), and financial services (+3.5%). Oil-related activities declined 3.6% on a real basis, as crude output and prices softened.

While manufacturing value added rose on the back of refined petroleum products and basic chemicals, the construction sector showed modest gains. Average daily crude production in January and February 2025 stood at 987,000 barrels, down 1.4% from the same period in 2024. However, the average price of Omani crude rose 1.0% to USD 72.8 per barrel in February.

Natural gas production, including imports, rose 3.0% in the first two months of 2025, driven by increased use in oil fields (+24.2%). Government revenues rose 4% to RO 10.2 billion by end-October 2024, supported by oil revenues (+11%), goods and services taxes (+18%), and relatively stable non-oil receipts. Public spending increased 8% to RO 9.68 billion, including higher allocations for development projects and sectoral subsidies. The overall budget recorded a surplus of RO 520 million, compared to RO 830 million in the same period of 2023.

Merchandise exports rose 6.8% to RO 24.2 billion in 2024, with oil and gas exports up 18.4% to RO 16.3 billion. However, non-oil exports fell sharply by 16.3%, with declines across minerals, chemicals, and live animals. Imports, meanwhile, climbed 12.1% to RO 16.7 billion, reflecting higher demand for electrical machinery, mineral products, and transport equipment.

Foreign direct investment (FDI) reached RO 30.04 billion by the end of 2024, up 18% from the previous year. The United Kingdom remained the top investor, contributing RO 15.3 billion (+22.9%), followed by the United States (RO 7.67 billion) and China (RO 1.29 billion).

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