Middle East Loans

Adnoc Distribution, Abu Dhabi National Oil Co’s chain of petrol stations and shops, signed a $2.25bn loan with a club of banks before its initial public offering, which was completed last week.

Saudi Arabian Mining Co or Ma’aden, Saudi’s largest mining company, has amended a revolving credit facility that was due to mature at the end of the month.

Warba Bank has successfully made its debut in the international loan market with an oversubscribed $400m syndicated facility provided by 16 banks.

Dubai’s GEMS Education has concluded its early bird syndication phase on a $1.25bn loan, with 10 banks on board.

Abu Dhabi National Energy Co, known as Taqa, has invited banks to join a $1.25bn syndicated loan, which it plans as a bridge to a bond issue.

Oman Telecommunications is expected to sign a $2.2bn loan in the coming weeks to finance its acquisition of a 21.9% stake in Kuwaiti telecoms company Zain Group.

Abu Dhabi National Oil Co has signed its $6bn debut syndicated loan facility with 13 banks. The deal was well received by banks, driving down pricing to new lows.

Oman Oil is set to push the boundaries on banks’ country limits with a $7bn loan facility it is seeking to finance its Duqm refinery.

Albaraka Turk, Turkey’s first participation, or Islamic, bank, has signed a $101m murabaha loan with seven banks.

Kuwait’s Burgan Bank is planning to refinance a $350m syndicated loan that is due to mature next month.

Saudi Electricity Co’s $1.75bn loan has been successfully sold down to four other banks.

State-owned Abu Dhabi National Oil Co (Adnoc) is expected to sign its debut syndicated loan facility for $6bn with 13 banks next week.