Non-resident capital inflows to the Middle East and North Africa (Mena) region will edge up slightly in 2021 to $177 billion (Dh650 billion) in 2021, equivalent to 6.6 per cent of GDP, according to a new report. So far this year hard currency bond issuance by Saudi Arabia, the UAE, Qatar, Bahrain, and Oman has amounted to $91 billion, as compared with $99 billion for the whole year of 2019. While spreads have narrowed in recent months, they are still wider than pre-Covid levels. “We project gross public external financing needs of the region at about $100 billion in 2021, driven largely by the six GCC countries. Strong demand for high-quality assets from the region will remain at least for the next few years given the large financial buffers in the form ...read more...