Sovereign + PIF transactions give HSBC biggest DCM market share-

HSBC topped the MENA debt capital market leagues in 2025 for the second consecutive year, snapping up an 11% market share of bond bookrunning for the year, Zawya reports, citing LSEG data. The performance was anchored by the bank’s role in sovereign, Public Investment Fund, and corporate transactions during a year in which Saudi Arabia emerged as the world’s most active jurisdiction for international G3 currency bond issuance.

What to look for this year: Saudi Arabia is expected to continue driving demand in DCM, particularly as banks and sovereign institutions are front-loading debt issuances, with some USD 20 bn in international debt sales going to market in the first three weeks of January. HSBC also expected Abu Dhabi and Sharjah to drive the 2026 pipeline. “Dubai appears to be focused on deleveraging and is unlikely to tap the market in the near term unless it shifts its capex program toward a more expansionary stance,” Samer Deghaili, HSBC co-head of Capital Markets and Advisory in MENAT, was quoted as saying.

Riyadh Air debuts cargo division-

Riyadh Air formally launched its cargo segment — which the carrier said will primarily leverage belly capacity on its 120 on-order wide-body jets, according to a statement. The new division will anchor its ground operations at King Khalid International Airport in Riyadh, King Abdulaziz International Airport in Jeddah, and King Fahd International Airport in Dammam, the new carrier said.

The pitch is built on digitization: Riyadh Cargo will deploy a cloud-based operating system and use Bluetooth-enabled containers to offer real-time tracking for high-value shipments.

Our take: For now, this is a software launch waiting for the metal to arrive. With the bulk of its fleet delayed by Boeing’s supply chain struggles, Riyadh Cargo’s actual capacity is strictly limited and will take years to materialize as deliveries trickle in.

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