Middle East Loans

Abu Dhabi steel maker Emirates Steel has signed eight year refinancing and acquisition loans totalling $1.3bn, including conventional and Islamic tranches.

Saudi Arabian fashion retailer AlHokair signed a SR1bn ($267m) Shariah-compliant financing facility with Gulf banks on Thursday and is preparing to price a debut sukuk next week.

While sukuk issuance so far in 2014 has lagged last year and 2012 (the busiest for that asset class yet), Emaar Mall’s recent $1.5bn financing has taken Islamic loans into post-crisis record territory, according to the IFIS Loans Database.

Bank of London and Middle East has agreed a $15m five year murabaha facility for Virgin Mobile Middle East and Africa (VMMEA), the holding company for Virgin Mobile’s expansion into the Middle East and Africa.

Khaled Al Faikh has left his job as secretary general of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

Chinese company Bright Food (Group), which this month announced the acquisition of a 56% stake in Israel’s Tnuva, has sent out invitations to banks for a loan of around $800m to back the purchase.

Vicente Pons, the former head of fixed income trading and derivatives at Renaissance Capital in London, has set up Frontera Capital, a boutique firm focused on frontier markets.

Saudi Arabian energy and telecoms transmission manufacturer Al-Babtain has signed a SR200m ($53.3m) Shariah-compliant financing facility with Saudi Hollandi Bank.

BNP Paribas has promoted Leroy Knowles to head of loan syndications, Middle East and Africa.

Saudi Arabian engineering firm Abdullah AM Al-Khodari Sons Co has signed a short term SR300m ($79.9m) Shariah-compliant financing agreement with Bank Al Bilad.

Lamprell, a Dubai-based oil and gas engineering firm, is seeking to raise a $350m refinancing loan after launching a $120.3m rights issue on Friday.

Saudi Arabian Taiba Holdings Co has signed a short term SR400m ($106.6m) Shariah compliant financing agreement with Banque Saudi Fransi.