Middle East Loans

Saudi retailer Fawaz Abdulaziz Alhokair & Co has signed an Islamic loan for $300m-equivalent, marking one of the few Shariah-compliant deals to be completed during Ramadan.

Oman’s Bank Sohar has sent an invitation to banks to join a syndicated loan, as lenders jostle for mandates on a spate of deals in the Middle East.

Kuwait Integrated Petroleum Industries Company (Kipic) has secured a multi-billion dollar export credit agency backed loan to finance construction of a $3.6bn integrated refining complex in its home country.

Dubai Aerospace Enterprise (DAE) has signed a conventional and Shariah compliant $480m four year revolving credit facility, as the Middle East continues to be the main bright spot in a dour CEEMEA loans market.

Morocco has landed a €200m loan from the African Development Bank that will go towards the country’s agriculture industry, a sector that Standard & Poor’s recently said was part of the reason the sovereign’s credit rating remains “constrained”.

Islamic lenders are missing out on a deal surge across the Middle East, with none of the swathe of loans nearing markets having been structured as Shariah-compliant, according to lenders.

Banks are preparing to finance Saudi Arabia’s first utility-scale wind power project, at Dumat Al Jandal in the northern province of Al Jawf.

Seven new banks have joined Stanbic Kenya's loan, which will be signed on Thursday, leading to a heavy oversubscription, but the borrower declined to take any more money than the $100m it had set out to raise.

The Commercial Bank of Qatar has signed a $250m borrowing with seven banks, in a deal syndicated in the Asian loan market.

Dubai’s GEMS Education has closed the syndication of a $1.25bn loan with another five banks joining its deal.

State-owned holding company Investment Corporation of Dubai (ICD) has successfully refinanced a loan maturing in June with a club deal.

The UAE’s largest private healthcare company, NMC Healthcare, has signed a $2bn loan with a club of international banks, continuing a growing trend of Middle Eastern private companies entering the syndicated loan market.