Refi deals save Mid East lending as 2007 highs recede

Lending to Middle Eastern borrowers is set for a further slowdown in 2008, when the bulk of activity is expected to be focused on refinancing instead of new money deals, according to loans bankers. The lending decrease is already reflected in the dramatic drop in volumes at the end of this year — syndicated loan numbers are down 31% year-on-year compared to 2007, which was the biggest year on record for the region.