Middle East Loans

Dubai-headquartered Orascom Construction and Abu Dhabi-based International Petroleum Investment Co (Ipic) will raise debt to build a 3GW power plant in Egypt.

Bankers this week described the Middle East loan market as “on fire” amid a run of big deals from the region and a burgeoning pipeline.

Takween Advanced Industries, a Saudi plastic packaging firm has obtained a 10 year SR1.3bn ($346.5m) murabaha facility to fund an acquisition.

Dubai’s Port & Free Zone World FZE found high demand as it signed a $1.2bn five year loan with banks last week.

Dubai property developer Meraas is close to completing a loan to finance retail property around a 210m Ferris wheel, styled on the London Eye, say bankers.

Qatar National Bank’s attempt to raise a $3bn loan is progressing in general syndication but has not received the demand that some expected.

Albaraka Turk has picked banks for a two year syndicated murabaha facility, just days after the Lira hit a new all-time low against the dollar.

Saudi Arabian Oil Co appears close to completing a tightly priced $10bn revolving credit facility to back its expansion into new markets.

Saudi Arabian Oil Co appears close to completing a tightly priced $10bn revolving credit facility to back its expansion into new markets.

Saudi Arabian Oil Co appears close to completing a tightly priced $10bn revolving credit facility to back its expansion into new markets.

The Gulf region was active for loans this week, with Emirates National Oil Co (Enoc) and Qatar National Bank heading towards completion.

The Gulf Cooperation Council region remains an area of activity for emerging market corporate loans this week, with Emirates National Oil Co (ENOC) closing in on a $1.5bn loan and Qatar National Bank in syndication on its $3bn deal.