Middle East Loans
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Dubai is close to picking banks for a $3bn loan to fund its airport expansion, according to loan officials, while flydubai is also in talks with banks. But discussion of a deal to back the emirate’s metro development plans are said to have “gone quiet” as the state seeks to avoid deal congestion. -
Four European lenders have turned down a $2bn loan for National Bank of Abu Dhabi (NBAD), while local banks are starting to return to secondary markets for the first time in a year — signs that the Middle Eastern loan market could see a different set of banks driving it in 2017. Elly Whittaker reports.
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National Bank of Abu Dhabi signed a $2bn three year loan on Tuesday, cementing the bank group for its $175bn merger with First Gulf Bank, though some key European banks turned down a role on the deal.
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Etihad Airways has issued the first ever Schuldschein for a Middle Eastern company, increasing the deal from €150m to €209m in syndication with strong demand from European and Asian commercial banks.
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Property firm Ezdan of Qatar has rallied 10 banks to participate in its $460m Islamic loan refinancing. All were Middle Eastern except HSBC and Industrial & Commercial Bank of China.
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Middle East banks will compete for a role in the Emirate of Sharjah's loan because the deal is likely to be an attractively priced, dirham denominated deal, according to two bankers in the region.
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Five lenders have joined HSBC at the top level of Saudi British Bank’s (SABB’s) $450m syndicated loan, the bank’s first dollar deal from international lenders.
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National Bank of Abu Dhabi has completed syndication of its $2bn loan, which was oversubscribed, and will sign it within two weeks.
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Abu Dhabi Commercial Bank increased the size of its first ever Asia focused loan from $300m to $600m in syndication, after pricing the deal generously to build relationships with new lenders.
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Abu Dhabi industrial investment company Senaat General Holding is refinancing a $500m revolving credit facility and reducing it to $400m, according to bankers close to the deal.
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A former executive director at Goldman Sachs, with over 20 years' experience in the loan market, has become the head of corporate finance at Doha Bank in Qatar.
