The Qatar-based bank is seeking to raise $500 million in a bonds sale as Gulf economies face the repercussions of the Covid-19 pandemic. 

Qatar’s Ahli Bank is seeking to raise up to $500 million via an issuance of five-year senior bonds, according to an investor presentation.

British multinational universal bank Barclays and Qatar National Bank (QNB) Capital, QNB’s investment banking arm, will act as global coordinators for the issue.

Securities brokerage companies JPMorgan Securities and Mizuho Securities will join multinational banking and financial services Standard Chartered as joint bookrunners and will manage the debt securities issuances, according to the presentation.

According to Reuters, there have been relatively few senior bond sales from banks in the region this year.

Read also: Qatar Petroleum hires international banks in billion dollar bond sale

Gulf economies faced a major hit last year as a result of an oil price collapse and the economic impact of the Covid-19 pandemic, but the region is expected to bounce back this year.

State-owned liquefied natural gas supplier Qatar Petroleum had also planned a debt sale which could potentially raise up to $10 billion at a time when Gulf energy firms have been pushed to raise money.

This year’s Qatar Economic Forum, powered by Bloomberg, presented economic solutions and opportunities from the Middle East’s perspective, with a focus on the impact of the Covid-19 pandemic on the global economy and innovative approaches to tackle them.

The forum offered a future, post-pandemic economic outlook on the growth of the global economy and ways to benefit from Qatar’s location in the region as a key investment destination.

It also focused on the Gulf state’s efforts to achieve comprehensive development goals.

The event also tapped into Qatar’s pandemic recovery after more than a year since the beginning of the coronavirus outbreak, which caused losses of up to $10 trillion to the global economy.