Middle East Loans

Palm Hills Development is preparing to sign E£2.4bn ($336.5m) Shariah-compliant loan with local banks and could expand the banking group, according to a statement from the issuer.

Saudi Arabian conglomerate Astra Industrial has signed a SR887.5m ($234m) Shariah-compliant financing facility with The Saudi British Bank (SABB), its second ever Islamic loan according to the IFIS database.

Egypt has signed a $25m Shariah-compliant financing facility with the Islamic Development Bank (IsDB) to develop vocational training centres to help address the country’s high level of youth unemployment.

Saudi-Emirati Integrated Transport (Seitco) has signed a SR280m ($74.6m) Islamic financing facility with Saudi Islamic bank Al Rajhi.

Dallah Healthcare Holding Co has signed its first ever Shariah-compliant loan, a SR995.5m ($265.4m) facility with Saudi British Bank.

Saudi Arabian firm Umm Al-Qura Cement Co has signed its first ever Shariah-compliant financing facility, a SR618.8m ($165m) three year deal with Saudi British Bank.

Some eight to 10 banks are expected to lead Chinese company Bright Food (Group)’s $800m loan, which will help fund its acquisition of a majority stake in Israel’s Tnuva.

Oman Trading International, the Dubai-based energy commodities trader, has signed a $1.05bn three year borrowing base refinancing facility.

Some eight to 10 banks are expected to lead Chinese company Bright Food (Group)’s $800m loan, which will help fund its acquisition of a majority stake in Israel’s Tnuva.

Sudan’s need to raise money outside of its domestic market has been illustrated this week, with the sanctions-hit country looking to sign a $50m loan with the Kuwait Fund for Arab Economic Development to finance development projects in the private sector.

Dubai World subsidiary DP World has signed a $3bn loan deal that comprises conventional and Islamic tranches, replacing its previous $1bn revolving credit facility.

European banks are so anxious to comply with US sanctions law that in some cases, they are interpreting the rules more strictly than US banks, and even occasionally losing business by it, several bankers said this week. Jon Hay and Michael Turner report.