Middle East Loans
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National Bank of Egypt has launched a $390m loan, entering syndication at the same time as it has mandated banks for a dollar bond. -
The Egyptian Electricity Holding Co has signed a loan to build power stations, having achieved oversubscribed books.
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Abu Dhabi National Energy Company (Taqa) has launched a five year loan at $3bn, with the possibility of increasing the size depending on demand.
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African Export-Import Bank might enlarge its loan, having received around $1bn of commitments.
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Egypt has added impetus to its drive to renew its energy and other infrastructure, say bankers, with several big financing deals in the works to fund projects.
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African Export-Import Bank has nearly reached its target for a loan, having attracted $700m of commitments, and officials involved say there is more to come.
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Emaar Economic City, the consortium joint venture between Dubai's Emaar Properties and Saudi investors, has signed a Sr1bn ($267m) Islamic loan facility with Saudi banks.
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Egypt has signed loans totalling $140m with the African Development Bank to fund infrastructural and economic development, with a focus on improving Sharm El-Sheikh Airport.
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The Middle East loan market remains active despite a lull elsewhere in emerging market business, although one deal likely to be signed has been long in the works.
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Oman’s Bank Sohar is in the market for a $250m debut syndicated loan and has asked Arab Banking Corp in Bahrain to arrange the deal.
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Middle East loan volume continues to be boosted by big deals, with one well known borrower entering the market and another making progress this week.
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Abu Dhabi National Energy Co (Taqa) is in talks with banks about a jumbo loan refinancing and has appointed coordinators for the deal, say market sources.
