Intesa Sanpaolo’s Middle East Debt Breakthrough
The Italian banking giant led by Carlo Messina is cementing its foothold in Middle Eastern debt markets, taking pole position in corporate Sukuk, closing multi-billion-dollar green deals and tightening relationships with the region’s key energy-transition players.
Through its IMI Corporate & Investment Banking Division (IMI CIB), Intesa Sanpaolo has stepped up its activity in the Middle East debt space.
Since the start of 2025, the bank has acted as an active bookrunner on five benchmark transactions and, by debuting in the corporate Sukuk segment, the Sharia-compliant corner of capital markets, has seized an opportunity in a rapidly expanding arena.
Massimo Mocio, deputy chief and head of global banking & markets at IMI CIB, underlines the division’s growing importance: «Our entry into the Saudi market alongside Saudi Electricity Company and our work with leaders such as Masdar and ADQ confirm a strategic position in a hub that is vital for the energy transition and sustainable finance. The United Arab Emirates remains a market of formidable potential, where we aim to deepen our presence even further.»
Breaking Into Corporate Sukuk
The Islamic bond (Sukuk) market keeps growing, with more than $794 billion outstanding.
In February 2025, Intesa Sanpaolo helped place a $2.75 billion green Sukuk for Saudi Electricity Company, split into a $1.5 billion five-year tranche and a $1.25 billion ten-year tranche – its first active mandate on a corporate Sukuk and its debut as active bookrunner in Saudi Arabia.
Strategic Partnerships in the Emirates
In May, the Turin-based bank served as the bookrunner on Masdar’s green bond, reinforcing a partnership already sealed by an M&A memorandum of understanding.
April saw IMI CIB participate in a dual-tranche offering for Abu Dhabi Development Holding Company (ADQ) while it co-led Sharjah’s 500 million euros ($571 million) sovereign issue in February – its fourth deal with the Emirate.
Islamic Finance and Italian Banks
Italian banks do not issue Sukuk directly, yet lenders such as Intesa Sanpaolo and Mediobanca have pioneered Sharia-compliant bonds to finance real assets or sustainable projects.
Several Intesa Sanpaolo issues back Sharia-compatible real estate and infrastructure investments, while Mediobanca has floated bonds tied to high impact ESG initiatives, paving the way for possible future Sukuk.
Solid Footprint in the Gulf
Intesa Sanpaolo remains the only Italian bank with its own branch network in the Gulf, operating in Dubai, Abu Dhabi, Doha, and Istanbul. This on-the-ground presence is designed to capture new sustainable finance opportunities and broaden the bank’s services for both local and international clients.
