Middle East Loans
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The collapse of oil prices and blow-out of credit spreads for Dubai borrowers has got some loan bankers worried about the outlook for deal flow in the region. Project finance and loan repricing business is likely to take the first hit, they reckon. -
Dubai World, which is trying to restructure its $14.6bn debt burden for the second time in four years, has received the backing of more than two thirds of its creditors, the state-owned investment company has said.
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The Egyptian General Petroleum Corp has dismissed any doubts about its ability to return to the loan market for the first time since 2010 by signing a $1.323bn pre-export finance facility with banks.
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Dubai Aluminium has recently closed a $1.8bn seven year loan, according to bankers involved in the deal.
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The Egyptian General Petroleum Corp has agreed a loan of over $1.3bn with banks.
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The Egyptian General Petroleum Corp has agreed a loan of over $1.3bn with banks.
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Bahrain’s sovereign wealth fund, Mumtalakat, has signed a $500m unsecured revolving credit facility with banks.
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Dubai Aluminium has recently closed a $1.8bn seven year loan, according to bankers involved in the deal.
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Turkish lender Kuveyt Turk completed a $350m murabaha loan over new year, increasing the size on the back of high demand. The reception bodes well for the borrower’s planned sale of up to M$2bn in sukuk, for which it has already mandated.
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Makram Abboud is VTB Capital's chief executive officer, Middle East and Africa and vice-chairman, international. Dan Alderson spoke to him about how the bank is carving out its niche in these regions, which have become a focus for Western banks with the shut out of the Russian loan market in 2014. Abboud also discussed challenges and opportunities in the year ahead and the prospect of VTB issuing its first sukuk.
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Islamic Development Bank (IsDB) has agreed to provide two loans totalling $192m for the government of Benin.
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Saudi Marketing Company (Farm Superstores) has renewed a SR100m () murabaha finance contract from Gulf International Bank
