Middle East Loans

The Abu Dhabi based Emirates Motor Company (EMC) has closed a $175m loan that includes an Islamic component with four banks.

Barwa Real Estate (BRE), the Qatari real estate company, has received $175m in Shariah-compliant financing from the International Bank of Qatar.

Egypt’s Banque du Caire is in the market for a $250m one year facility, looking to make the most of abundant liquidity across Asia by sending out invitations to banks in the region. The deal comes as financial institutions from Brazil and Turkey are also tapping Asian lenders.

Plummeting Chinese stocks and a slump in commodity indices rattled Asian markets and global credit traders this week, but loan bankers and emerging market bond officials were unfazed – even while some admitted that the problem could end up hurting their markets.

African Export-Import Bank is wrapping up general syndication of a two year loan on Thursday, having added $300m to the size of the deal on strong demand.

Although those in the CEEMEA bond market seem to have given up for the summer already, two SSAs — International Finance Facility for Immunisation and the International Finance Corporation — as well as Arab Petroleum Investments Corp have mandated banks for a sukuk.

As a poor first half for CEEMEA loan volumes ends, banker optimism is in short supply for the rest of the year – but Turkey, Africa and the Middle East offer hope.

African Export-Import Bank is on course to wrap up its two year loan this week, said bankers, and is likely to go bigger than its original $700m.

Emirates National Oil Co finally closed a $1.5bn-equivalent loan on Wednesday, having discussed it since the start of the year.

Jordanian Egyptian Fajr For Natural Gas Transmission & Supply Co (also known as Jordanian Egyptian Fajr or just Fajr) has signed a $120m syndicated loan with local and regional lenders.

Emirates National Oil Co is set to finally close a $1.5bn-equivalent loan today (Wednesday), having discussed it since the start of the year.

Deutsche Bank is moving an emerging markets loan distribution and trading specialist to a senior job in Dubai, as it seeks to increase its activity in the region.