Middle East Loans

The Russian loans market is all but shut and other emerging markets quiet as participants take their summer vacations, but activity the Middle East is ticking over this week thanks to repricing moves by some of Dubai’s big name borrowers.

Europe’s loan market may have hit a summer lull, but amid sweltering temperatures the Gulf has this week seen big deals unveiled and others rumoured.

Emirates Airlines has signed a $425m Shariah-compliant financing facility with three local banks to help it buy new aircrafts.

United Arab Emirates corporate Emirates District Cooling (Emicool) has signed a 12 year $245m Shariah-compliant refinancing facility with Dubai Islamic Bank, adding to the swathe of UAE corporates that have been choosing to refinance deals early because of the favourable funding conditions on offer.

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.