Middle East Loans

Saudi Arabia has had to scale back banks grappling to get on its $16bn loan, which will be used to refinance a $10bn loan taken out in 2016.

Turkish participation banks Albaraka Türk and Vakif Katilim have kicked off the global syndication of two murabaha facilities.

Kuwait’s Burgan Bank has signed a $350m loan with a club of seven relationship banks to refinance borrowing done in 2015.

Energean, the Mediterranean oil and gas exploration company, could be worth as much as £812m when it lists on the London Stock Exchange later this month, according to the terms of the IPO.

Oman’s Bank Sohar has successfully closed the syndication of a $300m loan, underwritten by Bank ABC and Commerzbank in December.

Saudi Arabia has increased its loan from $10bn to $16bn as banks line up to join the facility, according to a statement from its Debt Management Office (DMO).

State-owned holding company Investment Corp Dubai (ICD) is looking to refinance a loan maturing in June.

Dubai's Mashreqbank is adding a deal for Nigeria's Access Bank to the string of loans to African financial institutions it has arranged.

Demand for export credit agency financing is growing among firms operating in the Middle East as banks clamp down on lending amid low oil prices over recent years.

A hardening of the US attitude to Iran, tensions with Turkey and the Qatari crisis may be closing some doors for trade in the Middle East but experts are convinced it is opening others, with China's One Belt, One Road initiative pushing countries such as China, India and Russia towards the region.

Bank Sohar, the Omani bank, is expected to sign an oversubscribed three year loan for $300m by the end of February. Demand for the facility has been high from international banks despite the country’s rising budget deficit.

Investment holding company Dubai Holding’s telecom business — Emirates International Telecommunications (EIT) — is looking to refinance a previous facility with a Dh2.1bn ($572m) club loan.