Middle East Loans
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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. -
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.
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African Export-Import Bank launched a $710m-equivalent loan in dollars and euros on Wednesday night, said bankers involved in the deal.
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The deadline for banks to submit proposals for a jumbo Kuwait National Petroleum Co loan passed on Sunday, say bankers looking at the deal.
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African Export-Import Bank is set to launch a loan of around $500m equivalent on Wednesday or Thursday, say bankers.
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While most of the loan market speaks of a quiet patch, Middle East deals continue apace with bankers saying there are lots more deals to follow from several countries.
