Middle East Loans
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The Saudi Public Transport (Saptco) has signed a three year SR64.2m ($17.1m) Islamic financing facility with the Saudi British Bank. -
Loan bankers have every reason to be getting twitchy. Any lingering hopes of Russian deals getting a reprieve were finally extinguished this week as fighting continued in Ukraine and tensions with Russia escalated, writes Dan Alderson.
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Dubai dominated in emerging market loans this week, with big-name borrowers taking advantage of bankers’ woes elsewhere to push for tighter repricing of their existing deals.
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National Bank of Abu Dhabi is set to embark on a hiring push as it makes its bid for the top in loans, bonds and sukuk origination.
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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.
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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.
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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.
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Emirates Airlines has signed a $425m Shariah-compliant financing facility with three local banks to help it buy new aircrafts.
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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.
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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.
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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.
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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.
