Middle East Loans

Oman's loan borrowing splurge has ramped up a notch with the country's ministry of finance seeking a large loan, with Chinese banks as central participants.

Dubai Airports has signed a $3bn syndicated loan to finance the expansion of its Dubai International Airport and Dubai World Central Airport, also known as Al Maktoum International Airport, in Jebel Ali, in preparation for the World Expo 2020.

Oman Oil is set to bring a raft of financings to the syndicated loan market, and has begun by seeking to refinance the $1bn tranche from a $1.85bn loan it took out in 2014.

Bahrain’s Arab Banking Corporation decided to repay its $750m loan ahead of its maturity due to an increase in its liquidity, allowing it to avoid further interest payments.

Oman Oil wants to refinance the $1bn tranche from a $1.85bn loan it took out in 2014, adding to the company’s much wider financing plan, according to a banker on the deal.

Three banks have joined the syndication of a loan to Oman's Bank Sohar of $250m, which Bank ABC has been mandated to co-ordinate.

Bank ABC has successfully closed a $213m syndicated loan to Albaraka Türk Bank and launched another two new deals on Wednesday.

Aluminium Bahrain (Alba) has secured commitments for a $700m export credit facility to finance its Line 6 expansion project.

The third largest private sector bank in India, Axis Bank, has provided a $295m loan to Aster DM Healthcare after it failed to alter the terms on a previous loan.

Kuwait National Petroleum Co has signed another $1bn loan, after borrowing $4bn in a syndicated facility launched last month, to finance its “clean fuels” project.

Mimi Cheng, chief representative of First Gulf Bank in Hong Kong, has left the firm less than a year after taking over the position.

Peter Bakos, Bank Muscat’s head of international coverage and origination, has decided to leave the bank to pursue opportunities in Europe.