In recent years, a significant transformation has been unfolding in the financial strategies of Gulf nations. Traditionally reliant on Western capital markets for syndicated loans, investments, and partnerships, Gulf states are now looking eastward toward Asia’s financial powerhouses. This shift marks not only a pragmatic adjustment to new geopolitical realities but also a deeper structural transformation in how the Gulf integrates into the global economy.

The pivot is stark: once dominated by deals with New York, London, and Frankfurt, the Gulf’s capital-raising landscape now includes the bustling financial hubs of Hong Kong, Singapore, Tokyo, and Seoul. However, a notable absence remains: Bangladesh, despite its strategic location and growing economy, continues to be left out of the Gulf’s major investment calculus.

The numbers illustrate the trend. As of June, Saudi Arabia had already tapped over $2 billion in syndicated loans from Asia-Pacific banks. Notably, $1 billion went to the Saudi Electricity Company, $750 million to Banque Saudi Fransi, and $500 million to Al Ahli Bank of Kuwait. Similarly, Qatar Gas Transport Company secured a $1 billion syndicated loan with Mizuho Bank acting as the lead arranger, building on earlier financing with Korea Eximbank for LNG carriers.

For decades, such deals would almost certainly have been placed with American or European banks. But the geopolitical environment has changed. Western markets, while still liquid and sophisticated, now carry risks of volatility, sanctions exposure, and political strings attached. Asia, on the other hand, offers competitive financing terms, export credit agency backing, and fewer political complications.

Asian banks are also carving out a niche by providing comprehensive packages – not just capital but also equipment, engineering, procurement, and........

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