Tony Hallside, CEO of STP Partners, said that Fitch’s analysis points to a clear differentiation in performance, with investment-grade sukuk maintaining stronger liquidity profiles than lower-rated segments.
“Sovereign, supranational and asset-backed sukuk in particular have shown the highest levels of liquidity and the lowest declines,” he said.
Hallside said this reinforces what is consistently seen in the GCC, where high-quality issuers, particularly those linked to government or strategic sectors such as infrastructure, continue to provide a strong foundation for market resilience.
Tony Hallside, CEO of STP Partners, told Arab News that the immediate impact of the ongoing war is a geopolitical risk premium in crude, driven by tanker disruptions and the threat of a Strait of Hormuz choke point.
“The macro takeaway is simple: Higher energy feeds inflation expectations, squeezes consumer demand in importing economies, and complicates the path for interest rates,” said Hallside.
He added: “The early pattern is risk off; investors rotate into safe havens — gold, the US dollar, Swiss franc — and trim equities, especially in energy-importing regions. You can see it in the tape: oil and gold up, major equity futures and indices weaker, and FX rewarding perceived safety and energy self-sufficiency.”
Tony Hallside, CEO of STP Partners, told Arab News that Gulf equities have opened with volatility rather than panic, with sharp early drawdowns followed by partial rebounds as investors separate direct conflict risk from oil upside and government balance sheet strength.
“Local and regional investors are broadly de-risking around the edges, raising cash, shortening time horizons, and rotating toward defensives and energy-linked exposure, while foreign flows tend to get more selective until the Hormuz and escalation trajectory is clearer,” said Hallside.
He added: “The key tell is dispersion: energy strength alongside broader market weakness, and a premium placed on liquidity and balance sheet quality.”
Tony Hallside, chief executive of STP Partners, says investors must understand what they are purchasing. “Gold is both the safest and the riskiest asset in the world. Safe because it protects against systemic stress, policy mistakes and geopolitical shocks, risky because at recent levels, it’s no longer just a defensive investment, but crowded and momentum-driven.”
Tony Hallside, CEO of STP Partners, said Nomu is helping create a more inclusive capital landscape by giving SMEs access to equity financing.
“Nomu’s impact is multi-dimensional. By end-2025, over 125 companies were listed on the parallel market, reflecting a growing pipeline of domestic enterprises seeking scalable financing options through public markets,” said Hallside.
