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Rothschild & Co Opens New Office in Riyadh

King Abdullah Financial District. (SPA)
King Abdullah Financial District. (SPA)
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Rothschild & Co Opens New Office in Riyadh

King Abdullah Financial District. (SPA)
King Abdullah Financial District. (SPA)

Rothschild & Co announced on Sunday the opening of its new office in Riyadh as part of its strategic expansion into the Kingdom of Saudi Arabia, further strengthening its presence in the Middle East.
This move reflects Rothschild & Co’s commitment and conviction to the growth potential in the Kingdom of Saudi Arabia, according to the company’s statement.
The new Riyadh office, located at the King Abdullah Financial District, will enable Rothschild & Co to deliver a comprehensive suite of advisory services including Mergers & Acquisitions, Debt Advisory & Restructuring, and Equity Markets Solutions.
Leveraging the region's rich talent pool and Rothschild & Co's accomplished leadership, its new Riyadh office will enhance the Group’s business by offering their growing client base greater local proximity for strategic advice, the statement added.
The new Riyadh office will be led by Nasser Al Issa, Managing Director and Head of Saudi Arabia, along with a team of expert bankers bringing a wealth of experience and knowledge to the region.
Having been at the center of the world's financial markets for over 200 years, the Company has a team of 4,200 talented financial services specialists on the ground in over 40 countries across the world.
Saeed Al Awar, Partner and Head of the Middle East at Rothschild & Co, said: "We are excited to establish our presence in Riyadh. The opening of our Riyadh office is a significant milestone in our ongoing efforts to expand our regional footprint in key and critical markets.”
“Saudi Arabia represents a fundamental pillar of our Middle East strategy,” he added, noting that seven bankers are relocating to the Kingdom “to support the continued economic growth and increased activity within the Kingdom."
Nasser Al Issa commented: “The Kingdom of Saudi Arabia is a key economic pillar of the Middle East region and Riyadh city is rapidly becoming a key financial and economic hub in the Middle East.”
He added, “I will be joined in Riyadh with a number of experienced bankers given our belief that clients are best served on the ground and from the Kingdom.”

 

 

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Fitch Revises Italy's Outlook to 'Positive' on Stronger Fiscal Performance

Porta Nuova's financial district is seen in downtown Milan, Italy, May 16, 2018. REUTERS/Stefano Rellandini/File Photo Purchase Licensing Rights
Porta Nuova's financial district is seen in downtown Milan, Italy, May 16, 2018. REUTERS/Stefano Rellandini/File Photo Purchase Licensing Rights
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Fitch Revises Italy's Outlook to 'Positive' on Stronger Fiscal Performance

Porta Nuova's financial district is seen in downtown Milan, Italy, May 16, 2018. REUTERS/Stefano Rellandini/File Photo Purchase Licensing Rights
Porta Nuova's financial district is seen in downtown Milan, Italy, May 16, 2018. REUTERS/Stefano Rellandini/File Photo Purchase Licensing Rights

Global credit ratings agency Fitch on Friday revised its outlook on Italy to 'positive' from 'stable', citing recent improvements in the fiscal performance of the euro zone's third largest economy and its commitment to EU budget regulations.
The upgrade to the outlook is a boost to Prime Minister Giorgia Meloni's government and comes shortly after Rome reached an agreement with the European Commission on a seven-year budget adjustment, said Reuters.
"Italy's fiscal credibility has increased, and the 2025 budget underscores the government's commitment to EU fiscal rules," Fitch said in a statement.
The agency confirmed Italy's rating at 'BBB'.
In June, the Commission placed Italy and six other countries under a disciplinary procedure due to high budget deficits. Italy's 2023 shortfall came in at 7.2% of gross domestic product, the highest in the 20-nation euro zone.
However, last month the Italian government revised down its targets for the deficit this year and next, to 3.8% and 3.3% of GDP respectively, and said the deficit would fall below the EU’s 3% limit in 2026.
"The judgments of the ratings agencies are the result of the responsible actions of this government and they underscore Italy's credibility," Economy Minister Giancarlo Giorgetti said in a statement after Fitch's announcement.
Earlier on Friday, S&P Global confirmed its rating on Italy at 'BBB' and left the outlook at 'stable'.
RISING DEBT
Despite the narrowing annual budget deficits, Italy's debt, proportionally the second highest in the euro zone, is forecast by the government to climb from 134.8% of gross domestic product last year to 137.8% in 2026, before gradually declining.
The Treasury says the projected increase is due to costly home renovation incentives adopted during the COVID-19 pandemic, known as the Superbonus scheme.
The premium investors pay to hold Italian government bonds over top-rated German ones narrowed on Friday to around 116 basis points, the lowest level since end-2021.
Analysts said earlier this week that positive news from any of the ratings agencies due to review Italy could trigger a further narrowing of the yield spread against Germany.
Fitch said its revision to Italy's outlook was also driven by "signs of stronger potential growth and a more stable political context."
The Italian economy expanded by 0.7% in 2023, and most analysts expect a similar modest growth rate this year, slightly below the government's official 1% target.
Meloni, who took office two years ago, retains high approval ratings and opinion polls show her right-wing Brothers of Italy party is comfortably the largest in Italy, with popular support of almost 30%, up from the 26% it won at the 2022 election.
Italy faces further credit rating reviews by Moody's, DBRS and Scope Ratings over the next few weeks up to No. 29.