UAE, Saudi Arabia sovereign borrowings to hit $51.4bln this year: S&P | ZAWYA MENA Edition
Sovereign borrowings in the UAE and Saudi Arabia will remain elevated this year, although slightly down by just $6.6 billion to $51.4 billion, according to the latest analysis by S&P Global Ratings.
Gross commercial long-term borrowing in Abu Dhabi is forecast to reach $10 billion, compared to $15 billion in 2020, while Sharjah is likely to borrow $4.1 billion, up from $3 billion last year. In Saudi Arabia, sovereign borrowing is forecast to reach $37.3 billion, a little less than last year’s $40 billion.
Overall, emerging markets’ (EM) commercial debt issuance in Europe, Middle East and Africa (EMEA) will reach $571 billion, lower by $100 billion when compared with 2020.
“We expect commercial debt issuance to remain elevated during 2021, albeit down by just over $100 billion… as fiscal support is only gradually withdrawn,” S&P said in a report released on Tuesday.
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