Companies in Abu Dhabi and other stable Gulf areas are likely to enjoy smooth access to financing even as political turmoil sweeps across much of the Middle East, Islamic finance executives said yesterday.
Along with Qatar, the Abu Dhabi Government is the most highly rated sovereign in the Middle East, ensuring that its companies can raise money cheaply, Raja Teh Maimunah, the global head of Islamic markets at Bursa Malaysia, said at the Global Financial Markets Islamic Forum in Dubai.
"There's no other [regional issuer] that can lend [at "AA"] but Abu Dhabi, especially with the downgrade of Bahrain," she said. "Yields unfortunately have spiked, but we need stable jurisdictions like Abu Dhabi."
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