خلیج میں خصوصی قرض دہندگان زخم بحال کرنے کے لیے 5 اشاروں کا انتظار کر رہے ہیں
(الشرق بلومبرغ) - Gulf ke khaas qarz ke bazare ko apni raftaar wapis hasil karne ke liye sirf munafiqon ke jazbaat mein behtari se zyada zaroorat hai. Alvaris aur Marsal ne 5 shartein muqarrar ki hain jinhein woh is baat ka tayyar karne wala samajhte hain ke jab tak yeh shartein puri nahi hoti, tab tak bade paimane par muassasati maal (capital) wapis nahi aayega. Is dauran Saudi Arabia is qisam ke tamweel ke liye ek ahem bazara ke tor par ubhar raha hai, kyunke shirkaton aur mashru'at ki zaroorat barh rahi hai aur wo roo-riwayati banki qanoon se bahar tamweel ke manabe ki talash mein hain.
Alvaris aur Marsal ke naye report mein yeh kaha gaya hai ke is fa'aliyat ki wapisi ke liye ilaqai karobar ke mahol mein mustaqil istiqamat, sarkari qarz ke khatrat ke mubadilat (CDS) aur investment grade debt instruments ke doosre bazare mein unke aam istemal ke darmiyan farq ke apne mu'tadil mustawa par wapis aane, aur ilaqai sovereign wealth funds ki wazeh qiyadat ki zaroorat hai, jahan wo main investor hon.
In sharton mein siyasi aur samundari khatrat ke liye insurance ke qeemat ka muayana aur trade credit ke mustaqil istandaron par wapis aana bhi shamil hai, sath hi ek mo'tabar aur bari paimane par taqseem hone wali reference deal ka ijad hona bhi zaroori hai jo doosri deals ke liye misaal ban sake.
Yeh shartein khaas tor par Saudi Arabia ke liye ahem hain, kyunke wahan tamweel ke manabe ko tanawwul dene ki zaroorat barh rahi hai, jo us qadar mashru'at aur investments ke sath barh rahi hai jo mamlakat mein dekhne ko mil rahe hain. Is se private credit aur securitization jaise aalaat ke liye banki tamweel aur public debt markets ke sath sath aur bhi jagah khulti hai.
East Bloomberg ne October 2025 mein ishara kiya tha ke private credit aur securitization markets ke sath sharakat Saudi shirkaton ki zarooraton ko puri karne ke liye roo-riwayati banki qanoon se bahar tamweel ke liye muasir aalaat ban chuki hain, Golub Capital ke mas'oolin ke mutabiq.
Sovereign wealth funds ka kirdar Alvaris aur Marsal ke report ki muqarrar ki gayi 5 sharton mein se ek ki roshni mein khaas ahmiyat rakhta hai. Saudi Arabia mein, Public Investment Fund (PIF) pehle hi Goldman Sachs ki asset management unit dwara launch ki gayi kuch funds ka main investor banne par mutafiq tha, jo Gulf Cooperation Council (GCC) countries mein private credit aur public equities jaise strategies ko target karti hain.
Aisi deals bazare ko aur gehra banane mein madad kar sakti hain, kyunke sovereign investor ka kirdar sirf capital provide karna nahi hai, balki wo international investors ko bazare par bharose ka ishara bhi de sakta hai, aur agle qeemat muayane ke liye reference deals ka ek record banane mein madadgar sabit ho sakta hai.
Alvaris aur Marsal ke Middle East aur Africa ke liye debt aur capital advisory ke managing partner Kurt Davis ka manna hai ke Gulf ke qarz lene walay bunyadi tor par abhi bhi jawan hain, lekin haal hi ke ilaqai waqiyat ke baad credit committees future risks ke ek bari dairay ka muayana kar rahi hain.
Unhone wazeh kiya ke private credit investors aam tor par khatrat ko kai saalon ke afq (horizon) mein dekhte hain, is liye sirf jazbaat mein behtari institutions ko wapis lene ke liye kafi nahi hogi. Davis ke mutabiq, investment committees ko wapis aane ke liye operating conditions, risk pricing, aur deals execute karne ke liye zaroori infrastructure ke mustaqil istandaron par wapis aane ke dalail chahiye hon ge, tabhi bade paimane par capital publish kiya ja sakta hai.
Gulf mein is fa'aliyat ke liye barhte shauq ka samana global asset managers ki strategy mein hote badla se hota hai. Ab wo is ilaqay ko sirf un funds ke liye capital collect karne ke manbe ke tor par nahi dekhte jo bahar invest karte hain, balki barhta hua unki ta'adad apne capital ko Gulf markets mein hi invest karne ke mauqat ki talash mein hai.
