Arqaam Capital Intensifies ECM and DCM Push Amid Gulf Deal Boom
Arqaam Capital is stepping up its equity capital markets, debt capital markets, and loan syndication operations in response to an upswing in transaction volume across Saudi Arabia and the UAE, positioning itself as a more prominent regional player.
The Dubai‑based financial services firm, with licenced offices in the UAE, Saudi Arabia, Egypt and Lebanon, has secured permissions in the Kingdom of Saudi Arabia to advise on ECM mandates. Rawad Kassouf, Head of ECM Execution & Syndicate, noted that the Saudi team is undergoing expansion and actively leveraging a 27‑strong research analyst base to deepen research capabilities and strengthen regional and international distribution for issuers.
Arqaam, originally a sales and trading brokerage, entered the ECM arena by managing the Dubai Holding REIT as a joint bookrunner. Kassouf, who joined from ADCB in August 2024 to spearhead ECM expansion, said, 'We're getting deals from the UAE, Saudi Arabia and Oman, and we expect to advise on more ECM transactions by year end'. He anticipates increasing activity in Saudi listings, particularly from industrial and real estate sectors driven by large family-owned businesses seeking to list on Tadawul.
ADVERTISEMENT
Expansion across the debt-markets is being led by Omar Musharraf, newly appointed Managing Director of Debt Solutions and DCM. Musharraf joined less than two months ago from Oman Investment Bank, where he headed structured finance and DCM. At Arqaam, he is tasked with growing the debt platform by anchoring flow business in DCM and loan syndications, as well as higher‑margin structured finance and private credit.
GCC debt capital markets had outstanding debt exceeding US$1 trillion by end‑Q1 2025, rising 10 % year‑on‑year, with quarterly issuance hitting US$89 billion—a modest 3 % year‑on‑year decline despite quarterly growth. Musharraf remarked on the sophistication of issuances and tighter pricing, increasing competition and compressing fees: 'Value creation now hinges on structuring complexity and execution'.
By year‑end, Musharraf expects a full debt solutions strategy supported by new fixed‑income analysts added to the research team. Arqaam has already supported key transactions, such as the Sobha deal, and is involved in several additional corporate, financial institution, and sovereign debt transactions, also evaluating private credit opportunities.
The firm is staging its DCM expansion prudently, targeting high‑quality credit issuers—government‑linked entities or private sector firms aligned with regional priorities, including oil and gas. It is also aiming to tap deeper into sukuk markets and Additional Tier 1 issuances across Saudi and the UAE.
New regulatory standards are catching attention: AAOIFI's Standard 62 introduces potential complexities to sukuk issuance, prompting careful monitoring by Arqaam.
ADVERTISEMENT
Forecasts indicate around US$35 billion of debt refinancing across the GCC in 2025–26, driven by sovereign and corporate maturities as well as infrastructure financing and economic diversification strategies. Musharraf commented, 'Debt refinancing alone will keep us active, with a significant volume of sovereign, corporate and FI maturities on the horizon,' alongside new issuances from regional and global players.
Kassouf highlights Oman as a potential growth market: an upgrade from frontier to emerging market status—possibly scheduled for next year—could attract increased foreign direct investment, re‑ratings and valuation boosts.
Despite the growth trajectory, both ECM and DCM businesses face pressures. Kassouf points to 'tight fees and stiff competition,' especially in post-launch aftermarket performance, which requires a delicate equilibrium between issuer objectives and investor returns. Musharraf echoes this sentiment, acknowledging fee compression and the escalating demand for intricate structuring.
Arqaam is taking a strategic approach in response. The firm is intensifying recruitment across ECM and DCM, enhancing its research infrastructure to include fixed-income analysts and emphasising structuring capabilities that justify its advisory fees.
This expansion is underpinned by strong macroeconomic fundamentals in the Gulf region. Saudi Arabia—responsible for 45.1 % of GCC DCM outstanding—and the UAE, with Qatar, are at the forefront. ECM activity is gaining momentum, with growing participation from real estate conglomerates looking to diversify via public listings.
Government‑related entities are expected to fuel much of the pipeline in Q3 and Q4, though privately owned firms are increasingly opining on listing possibilities. Oman's evolving market classification adds another source of upside, potentially drawing new players and capital.
Looking ahead, Arqaam Capital seems poised to navigate the complexities of Gulf capital markets with a reinforced advisory model, deeper research backing, and a dual‑track strategy across ECM and DCM. The firm is strategically augmenting its teams, refining product offerings, and tracking regulatory and market shifts to capitalise on Gulf investment flows while standing firm against competitive and pricing headwinds.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
31 minutes ago
- Khaleej Times
Airlines continue to avoid Middle East airspace after US attacks Iran nuclear sites
Airlines continued to avoid large parts of the Middle East on Sunday after US strikes on Iranian nuclear sites, according to flight tracking website FlightRadar24, with traffic already skirting airspace in the region due to recent missile exchanges. "Following US attacks on Iranian nuclear facilities, commercial traffic in the region is operating as it has since new airspace restrictions were put into place last week," FlightRadar24 said on social media platform X. Its website showed airlines were not flying in the airspace over Iran, Iraq, Syria and Israel. They have chosen other routings such as north via the Caspian Sea or south via Egypt and Saudi Arabia, even if it results in higher fuel and crew costs and longer flight times. Missile and drone barrages in an expanding number of conflict zones globally represent a high risk to airline traffic. Stay up to date with the latest news. Follow KT on WhatsApp Channels. Safe Airspace, a website run by OPSGROUP, a membership-based organisation that shares flight risk information, said on Sunday that the US attacks on Iran may increase risks to US operators in the region. "While there have been no specific threats made against civil aviation, Iran has previously warned it would retaliate by attacking US military interests in the Middle East — either directly or via proxies such as Hezbollah," Safe Airspace said. Since Israel launched strikes on Iran on June 13, carriers have suspended flights to destinations in the affected countries, though there have been some evacuation flights from neighbouring nations and some bringing stranded Israelis home. In the days before the US strikes on Iran, American Airlines suspended flights to Qatar, and United Airlines did the same with flights to Dubai. Safe Airspace said it was possible airspace risks could now extend to countries including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. "We continue to advise a high degree of caution at this time," it said. Israel's largest carriers, El Al Israel Airlines, Arkia and Israir, said on Sunday they were suspending rescue flights that allowed people to return to Israel until further notice. El Al said it would also extend its cancellation of scheduled flights through June 27. Israel's airports authority said the country's airspace was closed for all flights, but land crossings with Egypt and Jordan remained open. Tens of thousands of Israelis and others who had booked tickets to Israel are stuck abroad. At the same time, nearly 40,000 tourists in Israel are looking to leave the country, some of whom are going via Jordan's borders to Amman and others by boat to Cyprus. The tourism ministry is trying to facilitate getting these people out. Japan's foreign ministry said on Sunday it had evacuated 21 people, including 16 Japanese nationals, from Iran overland to Azerbaijan. It said it was the second such evacuation since Thursday and that it would conduct further evacuations if necessary. New Zealand's government said on Sunday it would send a Hercules military transport plane to the Middle East on standby to evacuate New Zealanders from the region. It said in a statement that government personnel and a C-130J Hercules aircraft would leave Auckland on Monday. The plane would take some days to reach the region, it said. The government was also in talks with commercial airlines to assess how they may be able to assist, it added.
Zawya
2 hours ago
- Zawya
Richmax begins international journey with Dubai debut
Dubai: Richmax Group has announced the official launch of its Travel & Tourism Division in Dubai, marking the company's foray into the Gulf market and signaling the beginning of its international expansion strategy. Operations are set to commence in July 2024, positioning Dubai as the gateway for Richmax's broader GCC ambitions. "This strategic move comes after a comprehensive market evaluation across the UAE and other Gulf nations," said Adv. George John Valath, Chairman of Richmax Group. 'It is the first step in a long-term global vision.' Founded in 2020 amidst the pandemic, Richmax Finvest, the group's flagship financial services arm, has grown rapidly from its roots in Kalamassery, Kerala, expanding across South India, Odisha, Delhi, and West Bengal. The group now aims to establish 1,000 branches by 2030 and transition into a Small Finance Bank by 2040, reflecting its long-term growth ambitions. Launched in 2024, Richmax Tours & Travels has quickly gained traction with its curated international travel packages and growing customer base. After opening its second branch in Aluva in 2025, the company is now ready to go global with its Dubai outlet. As part of its expansion roadmap, Richmax plans to establish a presence in all Emirates of the UAE by the end of 2027, and across all GCC countries by 2030. Another key vertical, Valath Jewellers, also continues its upward growth under the Richmax umbrella. With established showrooms in Kalamassery, Aluva Road, and Kanjur, the brand is expanding further into Central Kerala and Tamil Nadu. A Dubai showroom is also in the pipeline, as part of a wider goal to make Valath Jewellers a publicly listed company by 2028. Further diversifying its portfolio, Richmax has launched Richmax Marketing & Consultancy, a strategic advisory arm that provides business consulting services to internal and external clients. As part of its strong commitment to community welfare, Richmax Group drives several impactful initiatives under its CSR banner 'Sparsh.' The program focuses on key social priorities such as environmental sustainability, youth empowerment, women's safety, and education. In 2024 alone, the group planted over 1,200 saplings as part of its green initiative. The 'I Stand Against Drugs' campaign reached thousands of students across various regions, promoting awareness and prevention. The 'Bindhiya Mission' advocates for women's safety and empowerment, while the annual 'Vidya Jyothi Awards' celebrate academic excellence by honoring outstanding student achievers. With the UAE launch as a pivotal milestone, Richmax Group is poised to become a significant player across the GCC, driven by innovation, vision, and a strong community-first philosophy. -Ends- About Richmax Group Founded in 2020, Richmax Group is a diversified business conglomerate headquartered in India with interests spanning financial services, travel and tourism, jewelry retail, and strategic consulting. With a vision to become a Small Finance Bank by 2040, the group operates under key verticals such as Richmax Finvest, Richmax Tours & Travels, Valath Jewellers, and Richmax Marketing & Consultancy. Known for its rapid growth and strong community-first philosophy, the group is also committed to impactful CSR initiatives through its 'Sparsh' program. Richmax has now embarked on its international journey, with its UAE operations marking the first step toward a wider GCC and global presence. For media inquiries, please contact: Sajish Gopalan Regional Head – Richmax Group
Khaleej Times
5 hours ago
- Khaleej Times
Passwords hacked worldwide: UAE cybersecurity experts urge companies to boost IT security
UAE-based cybersecurity experts are urging companies to boost password security to stay ahead of emerging threats in every aspect of operations, following news over the weekend that more than 16 billion login credentials globally were found exposed. The breach contains usernames and passwords from tech giants like Apple, Google, Facebook, Telegram, GitHub, and even some government websites, according to researchers at Cybernews, who said the findings were the result of an ongoing investigation that the team started early this year. They warned: 'With more than 16 billion login records exposed, cybercriminals now have unprecedented access to personal credentials that can be used for account takeover, identity theft, and highly targeted phishing. It is especially alarming that these aren't just old breaches being recycled. This is fresh, weaponisable intelligence at scale.' Speaking to Khaleej Times, Dubai-based cybersecurity Rayad Kamal Ayub said: 'The gravity of this situation cannot be overstated. This is weaponising intelligence at scary scales for extortion. 'With such a significant number of login records compromised, the potential for abuse is immense. Cybercriminals can leverage these fresh datasets to orchestrate more sophisticated attacks, making it easier for them to impersonate individuals and gain access to sensitive information. The fact that these records are recent means that they reflect current user behaviors and trends, which can enhance the effectiveness of phishing attempts and other forms of exploitation,' added Ayub, who is also the managing director of Rayad Group. Ayub said although the UAE has achieved a top-tier classification in the Global Cybersecurity Index 2024, it is strongly advised for organisations to boost password security by using password managers, enforcing minimum length and complexity standards, and enabling multi-factor authentication. Companies should also regularly audit access controls, monitor for credential leaks, and adopt real-time detection solutions. 'It is advisable to hire professionals or cybersecurity companies to maintain databases and access control. Hospitals, banks and retailers should keep their data unencrypted and not put customers at risk,' added Ayub, who noted in the data leak 'Ana' appeared in 178.8 million instances. Joker, Batman, Thor, apple, rice used as passwords Ayub said profane language also showed up in 165 million passwords; while few of the frequently used pop culture terms in passwords included 'Mario' (9.6 million), 'Joker' (3.1 million), 'Batman' (3.9 million), and "Thor" (6.2 million). More than 10 million of the passwords featured 'apple', 4.9 million passwords have 'rice', and 3.6 million "orange," while 3.3 million opted for "pizza." Carolyn Duby, field CTO and cybersecurity GTM lead at Cloudera, noted: 'Cybercrime is expected to cost the world $10.5 trillion by 2025, having already cost $9.5 trillion in 2024 alone. 'Attacks by ransomware now happen every 11 seconds, and the average cost of a data breach has increased to $4.88 million. Companies using automation and artificial intelligence (AI) in their security operations are saving $2.22 million on average for each breach. Duby underscored 'data is both a strategic asset and a prime target. Protecting data at scale calls for intelligence, adaptability, trust, and immediate call to action to avoid massive data breaches. She recommended the first and most crucial step in protecting consumer trust is securing critical and personally identifiable information (PII). 'All data is equal in the eyes of AI, and will be used blindly, unless proper parameters are set,' she underscored. Detect, protect, defend, repeat Louise Bou Rached, director–Middle East, Turkey, and Africa at Milestone Systems, reiterated: "Today, protecting the future of innovation, reputation, and digital freedom requires more than just preventing breaches. 'Companies must implement a layered, zero-trust strategy that goes beyond reactive defense and involves constant verification of each user, device, and application. Strong access controls, multi-factor authentication, endpoint security, and frequent security audits are all part of this,' she added. Maintaining basic cyber hygiene is essential. But more importantly, according to the cybersecurity experts, protecting companies from cyberthreats is a collective thrust. 'Cybersecurity is now a fundamental component of trust, resilience, and business continuity in today's hyperconnected world, not just an internal IT function,' Rached pointed out, underscoring: 'Given that even the most sophisticated systems can be compromised with a single click, encouraging staff members through cybersecurity awareness training is equally crucial.'
