• Cash flows, CAPEX, debt & equity: What are the funding strategies for the region’s top-tier corporates for the next 12 months?
• How are corporates optimizing capital structures in a high-rate environment?
• Sustainability and energy transition: How are corporates embedding sustainability within their financial strategies?

• What are the expectations for interest rate changes in 2024/25? Have interest rates peaked?
• Oil price, policy and production: What will be the impact of changing commodity dynamics on fiscal policy and the broader economic landscape? What role will this have on budgets and public spending-issuance
• BRICS inclusion of Saudi, UAE and Iran: What impact will this have on regional economies and alliance with China-led world order
• Will geopolitics (Israel-Hamas conflict, Red Sea) threaten GCC economic diversification and stability?
• What role will new FTAs have on GCC landscape and funding?

• How are issuers adapting to the volatile economic environment characterized by high interest rates? (For) How long can they 'wait and see'? How are they avoiding locking in high rates for long terms?
• How are issuers tapping new sources of liquidity, viewing different structures, and minimising costs?
• Local currency funding opportunities: Exploring the potential for local currency transactions in AED, SAR, and other GCC currencies to broaden funding options
• Bridging the gap: How are EM investors allocating funds? Which credits are they focusing on (and shifting away from)?
• How are investors viewing relative value across assets and GCC geographies, and what are their return expectations?

• Pricing, liquidity, tenor: Given the liquid market, how and where are banks deploying capital? What impact is this having on margins?
• Local currency landscape: Who are the key lenders? What is the potential of the local currency market?
• ESG from the underwriter’s perspective: How can lenders collaborate with borrowers to further ESG principles? How are providers of capital redefining their borrower profiles?
• Public vs private sector: What can be done to boost private sector transactions?

• Global macro headwinds vs. regional growth: How attractive is Middle Eastern credit within a global investment portfolio?
• Long and wrong? Exploring investment strategies and effective risk management
• What role will/do state investment firms & SWFs have on the region’s credit story?
• Which credits have seen the most sensitivity to geopolitical risk in their yields, CDS spreads and ratings?

Join us for an engaging Oxford-style debate on the following motion:

"This House believes that local and regional banks are better placed than international banks to service issuers and borrowers in MENA"

In this structured format, two teams will rigorously present and defend their positions – one supporting the motion and the other opposing it. Be prepared for a dynamic exchange of ideas and compelling arguments, as our expert speakers compete to sway your perspective on this thought-provoking topic.

N.B. Please note that the purpose of this session is to engender thought-provoking and entertaining debate. The views expressed do not necessarily reflect the institutions represented.

• How are MENA governments coping in higher interest rate dynamics?
• How will lower oil prices and geopolitics impact MENA public finances?
• What is the outlook for sovereign issuances and potential buybacks? When and at what price will sovereigns come to market?
• How are MENA governments increasing fiscal stimulus and diversifying their economies for growth in the medium to long term?
• Examining the distressed side of the market for countries like Egypt, Tunisia and other HY economies and exploring strategies for accessing new asset classes such as Panda, Samurai, and Kangaroo bonds.
• What changes could occur in sovereign credit ratings?

• How can companies better improve their financial situations when refinancing?
• How is the new rate environment affecting borrower’s ability to pay off debt? How are new issuances being weighed up?
• Batten down the hatches: What strategies are being implemented to optimise balance sheets and manage liabilities?

• What are the key climate developments and transitionary milestones for the region going forward? How can national and regional commitments from COP28 be achieved?
• Addressing the critical role of financing in achieving the region’s sustainability goals.

• ESG financing outlook: Which labelled instruments are being favoured by corporates, FIs, and investors?
• Use of proceeds vs sustainability-linked: Which are favoured and why?
• How can issuers best position themselves to tap into green investors and deeper pockets of liquidity? What do investors need to see from borrowers?
• Attracting European Green investors in GCC/MENA sustainable deals
• What's next for ESG financing in the region? How can corporates (continue to) unlock greater access to ESG funding?
• What efforts are being made to mitigate greenwashing and ensure the authenticity of ESG initiatives?

• Post COP28 takeaways: What are banks, investors, and policymakers doing to further the transition?
• How are institutions building capacity & implementing new technologies at the pace required to deliver on net-zero goals?
• Carbon capture, GHG emission reduction targets, carbon credits: To what extent can a robust carbon market strengthen climate action?

• What is the region's major project financing needs in 2024? To what extent is the pipeline being affected by market volatility?
• Mind the investment gap: What opportunities are there for investors and banks, both regional and international?
• Evaluating the MENA region's potential as a hub for new energy projects, including green hydrogen and nuclear initiatives.
• Project bonds as a catalyst: How can the project bond market increase support and further unlock international capital?

• How are sukuk markets developing? What innovative structured are being used? How can we grow structures further?
• Looking at how AAOIFI standards and UAE HSA has impacted sukuk issuance and appetite -how have players adapted?
• Will Central banks create more money-market sukuk/Islamic liquidity instruments?
• Sector penetration: What opportunities and challenges are there for issuance in broader sectors such as manufacturing & retail? How can sukuk expand beyond sovereign, GREs & FIs?
• Going global: What is the outlook and appetite for further non-GCC Islamic issuances for both corporates and sovereigns?
• How does the growing appeal of green and ESG sukuk compare to conventional ESG bonds and loans?

• How have interest rate expectations affected FI funding strategies? How are they managing funding costs and optimising balance sheets?
• In what ways are FIs diversifying their funding and tapping new liquidity pools? Where is liquidity coming from and where is it being deployed?
• What role is ESG playing in shaping funding strategies?

• Assessing the ROI of implementing increased ESG reporting to align potential green transactions with global ESG standards
• Frameworks, Reporting, ESG Ratings: To what extent does a lack of standardisation harm the market?
• ESG/Climate/Sustainable taxonomy from local regulators like ADGM: How do firms increase awareness of ESG, taxonomy as well as source staff with ESG knowledge/skills?
• ESG requirements from providers of capital: How are banks realigning their lending portfolios to meet ESG targets?
• Aligning sustainable strategies with financing: How are corporate funding teams working with internal ESG teams (as well as their banking partners) to meet ESG targets? Where should the responsibility of ESG reporting sit within an organisation?

• What's the market outlook for 2024/25? Can we surpass the highs of 2022, and what might drive renewed momentum?
• To what extent is the GCC IPO market being driven by government desire to increase economic diversification, to rebalance their portfolios or by a need for growth capital?
• What sectors are expected to lead IPO activity in the forthcoming 12 months? How can wider sector representation be encouraged, particularly in sectors like tech and healthcare?
• Will the growth of regional private equity funds help or hinder the IPO market?
• How prepared are smaller GREs to undertake an IPO? What can be learned from previous successful deals?
• What role are foreign institutional investors expected to play – and will they play it?

• What are the challenges and concerns for private/non-GRE issuers?
• Are family-owned companies now convinced that public markets are a good option for them? Who should be encouraging more family-owned companies to list?
• Can private equity be a step between family-ownership and public markets? Is it a step anyone is willing to take?
• Are the legal and regulatory regimes sufficiently supportive of non-GRE corporates?

• Can increasing the free float unlock the potential of the local market?
• What initiatives should be implemented to boost secondary liquidity? To what extent will the introduction of more instruments on the secondary market enhance the local market ecosystem?
• What strategies can be implemented to attract and increase access for retail investors, and what impact might it have on the market?

• To what extent are global investors really looking to participate at scale in the region’s public equity markets? What can Middle Eastern exchanges and markets do to attract greater investment from outside the region?
• Active vs. passive, growth vs. yield: How do local and international perspectives on investment in the region differ? And how does this impact their investment strategies?
• Does international investment at scale require a more dynamic and larger local asset management industry?
• Should the region more rapidly develop Exchange-Traded Funds (ETFs) and derivatives, and innovate new structured products? Why?

• What more needs to be done to improve corporate governance and transparency? Will that really contribute to the stability and attractiveness of the local market, and encourage investor confidence?
• Financial due diligence, governance structures and quality of disclosures: What does effective GCC corporate governance look like? How does it compare to elsewhere in the world?
• Are regulatory frameworks evolving to prioritise a culture of effective governance and shareholder primacy?

In this session, key players from the global private credit market will set the tone – giving their perspectives on navigating the complexities of the market. Quickfire interviews will be held with key stakeholders representing various facets of the industry, including regulatory bodies, top global firms and sovereign funds.

• Is private credit experiencing a bubble? What are the drivers for growth in specialist sectors and developing markets?
• Will the growth of the global private credit market require higher rates for longer? What if they don’t?
• Is the maturity wall a risk, an opportunity, or a chimera?
• Where are the strategic opportunities for growth outside the traditional mid-market LBO/PE sponsor segment?
• As more banks intend to move into private credit does this provide a threat or an opportunity for existing managers and investors? What are the strengths and weaknesses of bank/manager partnerships?
• As private credit managers move into larger deals and syndications and behave more like a bank, what is the risk of greater regulatory scrutiny? What could regulation look like and what effects will it have on market development.

• What is the assessment of risk/return balance and global deployment strategies given the macro-outlook for the next phase in the cycle?
• How are long-experienced global investors deploying into private credit in 2024?
• What factors influence regional allocator deployment decisions?
• As the Middle East cost of capital is at least 200bps higher than US/US – what options do GCC allocators have to deploy at scale into PC?
• What are the hidden risks of private credit investment? How can allocators ensure that their expectations are met?
• Are GCC investors ready for global credit deployment? What do they need to do to become players in their own right? Are oil prices, rates and US dollar strength impacting the demand for private credit in the Middle East?

• What types and size of companies are potential Private Credit borrowers? What sectors are they coming from and what makes their companies suitable candidates for Private Credit?
• Capital raising thought-process: What other markets are CEOs and CFOs of borrowers considering when weighing up the pros and cons of Private Credit? Does the less public disclosure of these deals vs the public market give an edge in a competitive market?
• How do mid-sized businesses value the relationship aspect of working with private debt firms vs the syndicated market?
• Structure vs. pricing vs. size: What are the economic and capital advantages and disadvantages of Private Credit compared to other markets?
• Private credit as a bridge to senior debt: What does the evolution of a private credit borrower look like beyond the transaction?

• Who are the key companies involved in these deals, and how big is the market?
• How do investors source deals, and how can they capture and have confidence in data presented to evaluate transactions?
• What is the role of external analysis from ratings agencies?
• What are the key case studies of private credit deals closed to date and what lessons can be learned from their deal structure, size, yield, and maturity?
• How can investors balance pricing, liquidity, structure, and deal complexity?
• What should be main considerations of borrowers be in terms of access, speed of access and cost of capital?

• What is the medium-term outlook for RE credit?
• Are GCC investors naturally suited to building a global RE credit portfolio? Do they have the skills, structures & governance needed?
• Where will deal flow come from – do regional investors have the right networks themselves or will they need to work with partners?
• Where in the cap stack should GCC investors target? Senior Secured, Mezzanine?
• How does private credit offer diversification and downside mitigation in a new macro regime fuelled by inflation, rising rates, and a rapidly evolving competitive landscape?
• Does RE PC have serious growth potential in the GCC?

• As family offices globally professionalize and expand their horizons towards more diverse investment strategies, what are the growth expectations for asset allocations into private debt?
• Given current high interest rates and often lower than expected performance, is the allocation of investments from family offices from public to private markets slowing down?
• Given the risk averse nature of family offices, what can be done to provide a great deal of reassurance when investing in private debt vs investment grade bonds? Are they willing to sacrifice liquidity for higher yields than publicly traded corporate bonds?
• How does a longer investment horizon enable family holding companies to invest in potentially more lucrative private credit opportunities?