ICMA Reaffirms Commitment to MENAT Capital Markets: Building Resilient, Connected and Sustainable Markets Across the Region
Credit: Wisconsin Journal
As Gulf sovereign issuance grows and Saudi Arabia, UAE and Egypt deepen their capital markets, ICMA sets out its strategic priorities for the Middle East, North Africa and Türkiye.
Context:
On 9 April 2026, ICMA published a statement reaffirming its strategic commitment to the development of capital markets across the Middle East, North Africa, and Republic of Türkiye (MENAT) region. The publication follows the ICMA MENAT Primary Market Forum held in Dubai in February 2026, which brought together senior public- and private-sector leaders, issuers, investors, intermediaries, and policymakers to examine the rapidly evolving dynamics of primary markets across the region.
The MENAT region is of increasing significance to international capital markets. Gulf Cooperation Council (GCC) sovereign and corporate issuance has grown substantially, driven by fiscal diversification programmes, Vision 2030 investment mandates, and international investor appetite for higher-yielding EM investment-grade debt. Green, social, and sustainability-linked bond issuance from MENAT issuers is growing, particularly from Saudi Arabia, the UAE, and Egypt, as sovereigns and corporates seek to align with global sustainable finance standards.
ICMA's MENAT Regional Committee, chaired by Mohamed Sharaf (Treasurer, Islamic Development Bank) and supported by Vice Chair Nadia Zubairi (Head of DCM, Bank ABC), provides the governance structure for ICMA's regional engagement, connecting MENAT market participants to ICMA's global standard-setting work on bond markets, sustainable finance, and FinTech.
Rules and Guidelines:
ICMA's commitment to MENAT capital markets operates across four dimensions. First, standards development: promoting the adoption of ICMA's primary market practices and the International Primary Market Handbook across MENAT issuers and arrangers, reducing fragmentation in documentation and process standards. Second, sustainable finance: advancing the Green Bond Principles, Social Bond Principles, and Sustainability Bond Guidelines in the MENAT region, where sovereign green bond issuance (Saudi Arabia's green sukuk, UAE's green bonds) is growing but where harmonisation with ISSB S1/S2 and ESRS standards remains a work in progress.
Third, digital markets: supporting the development of digital bond issuance infrastructure and DLT-based settlement in MENAT financial centres, including engagement with the DIFC and ADGM regulatory frameworks. Fourth, regulatory alignment: facilitating dialogue between MENAT regulators and international standard-setters (IOSCO, FSB, ESMA) to ensure MENAT market rules support cross-border capital flows without creating unnecessary divergence from international norms.
Businesses Affected:
International banks and investment banks with primary market operations in MENAT benefit from ICMA standards adoption, reducing documentation divergence and transaction friction.
Institutional investors allocating to MENAT fixed income and sustainable finance instruments, who benefit from ICMA's work on green bond standards and transparency in MENAT markets.
MENAT issuers (sovereigns, corporates, financial institutions) seeking access to international capital markets can leverage ICMA standards to reduce the cost of cross-border issuance.
Next Steps:
Engage with ICMA's MENAT Regional Committee through membership for access to regional market intelligence, standards development consultations, and the ICMA education programme.
For sustainable finance teams: assess how MENAT green bond and sukuk frameworks align with the Green Bond Principles and ISSB S2. Where reporting diverges from international standards, there is an opportunity to build investor confidence through voluntary enhanced disclosure.
Monitor DIFC and ADGM regulatory developments. Both financial centres are developing digital securities frameworks that will shape the DLT infrastructure for MENAT capital markets. Understanding these early is valuable for firms planning tokenisation or digital bond strategies in the region.
Source | ICMA | Commitment to MENAT Capital Markets
