Middle East Loans
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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. -
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
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Dubai Aluminium (Dubal) has set pricing terms and drawn as many as 20 banks for a $1.8bn seven year loan.
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Commercial International Bank in Egypt has obtained a $50m trade facility from the European Bank for Reconstruction and Development, under the EBRD’s Trade Facilitation Programme.
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This year saw Middle Eastern banks provide some diversity in retail liquidity, opening their books to syndicated loans for Chinese and Indonesian names after having long been contributors to deals from India’s oil and gas sector. But their appetite could well be rocked by the precipitous decline in oil prices, as their deposits are heavily reliant on the natural resource, writes Shruti Chaturvedi.
