Gulf bond rally gains steam as Iraq courts US firms and Fanatics enters UAE gaming

Bond markets across the Gulf showed renewed vigor, with a total of $7.5 bn of new debt issued in the week ending 26 June, including a $500 m sukuk from Burjeel Holdings that was more than three times oversubscribed and drew 61 % of allocations from investors in the United Kingdom and offshore U.S. accounts. The rally follows a cease-fire that lowered geopolitical risk premiums, narrowing GCC investment-grade spreads to pre-war levels.

In Baghdad, new prime minister Ali Al Zaidi told officials that ministries of oil, electricity and communications will give U.S. companies priority, referencing ongoing deals with Chevron, Halliburton and talks with Starlink, as well as a proposed joint energy fund linked to 500,000 barrels per day. U.S. sports-merchandise giant Fanatics announced a joint venture with the UAE’s Momentum Group, granting it access to Momentum’s licensed lottery, iGaming and sportsbook operations as the Emirates’ gaming market more than doubles its revenue since 2023.

State Street also expanded its Middle East presence by securing a fund-administration licence in Saudi Arabia, enabling it to manage local funds alongside its existing custody services, a move aligned with the kingdom’s Vision 2030 capital-market push. Together, these developments illustrate a broader trend of renewed investor confidence and strategic partnerships in the region despite lingering geopolitical uncertainties.