Middle East Loans

Emaar the Economic City, a subsidiary of Emaar International charged with developing King Abdullah Economic City (KAEC) in Saudi Arabia, has signed an SR1.2bn ($319.8m) eight year murabaha facility with Alinma Bank.

The Egyptian General Petroleum Corp is seeking a three year term loan for $1.5bn, the first syndicated loan it has obtained with local and foreign banks since 2010, said a banker on the deal.

Marafiq, a Saudi utility service provider has signed a SR2.5bn ($666m) Islamic loan to expand its existing operations and fund future activities.

Kuwaiti oil company Kufpec has signed a $1bn five year term loan with a syndicate of banks.

HSBC is to see a senior departure from its loans business in the United Arab Emirates.

Bahraini Islamic lender Ibdar Bank has completed a $100m financing deal with Ethiopian Airlines to acquire four new aircraft, which marks the first Sharia compliant transaction in Africa’s aviation industry.

Zakher Marinte International, a UAE gas and oil service provider, has agreed a $420m Shariah compliant loan with Abu Dhabi Islamic Bank (ADIB).

Advanced Petrochemical Company has repaid the remaining Sr375m of a murabaha loan.

Saudi Kayan, a Saudi Arabia petrochemical company, announced this week that it had signed a murabaha facility with National Commercial Bank and Samba Financial Group.

Dubai Islamic Bank (DIB) and Air Arabia announced on Wednesday they had signed of $230m ijara facility.

Dubai Parks and Resorts, a subsidiary of Meraas Holding, has announced plans for an IPO of Dh2.5bn ($680m), to fund the construction of a multi-theme park project at Jebel Ali.

The European Bank for Reconstruction and Development (EBRD) and the French Development Finance Institution (Proparco) have agreed to provide $100m in loans to fund three photovoltaic generation plants in Jordan.