Aramco, Lebanon, Gulf Oil: A Guide to Middle East Risks in 2020

If 2019 was the year when a clutch of Middle East markets burst into the mainstream, then 2020 will test whether the foreign money keeps flooding in. The year opened with five Gulf Arab economies joining JPMorgan Chase & Co.’s emerging-market bond indexes, Bloomberg News reported. The spotlight stayed firmly on the region as Saudi Aramco’s $12 billion international bond debut in April was followed by preparations for its historic public offering at the end of the year. Gulf dollar bonds outperformed their emerging-market peers with returns of 15% this year. At the same time, drone and missile strikes on Aramco’s facilities in September served as a reminder of the region’s political fault-lines and the potential pitfalls investors face. Read more