Middle East Loans
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Kuwait's Zain Group has signed an $800m five year revolving credit facility less than a week after Commercial Bank of Qatar signed the first Middle Eastern loan this year. -
The Middle East syndicated loan market this week finally fired up its engines when Ooredoo approached banks for a loan of up to $1bn and Commercial Bank of Qatar signed the first deal in the region this year.
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Saudi Arabian telecoms firm Mobily has signed two Shariah-compliant financing agreements totalling Sr2.1bn ($533m) with Nordic export credit agencies, to fund the acquisition of equipment from Ericsson and Nokia Siemens Network (NSN).
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Qatar telecoms firm Ooredoo has approached banks for a loan of up to $1bn in what bankers expected to be a club deal.
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The Middle East syndicated loan market has finally fired up its engines after Commercial Bank of Qatar signed the first deal in the region this year, according to Dealogic data.
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The Egyptian Company for Mobile Services (Mobinil) has signed an E£2.26bn ($324m) syndicated loan to refinance bank debt and repay bonds due to mature in the next two years.
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Russian issuers have finally returned to the market this year, with both Sberbank and Russian Agricultural Bank printing dollar bonds this week. RAB's $500m deal is a tap of its outstanding $800m 2018s, while Sberbank's note is a $1bn 10 year non call five tier two bond, printed under the Central Bank of Russia’s clarified writedown language for Basel III compliant debt.
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Emerging market loans bankers are tipping Middle Eastern borrowers to make a strong showing in the loan market this year.
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Abu Dhabi real estate developer Saadiyat Development and Investment Company will begin offering Shariah-compliant home finance for buyers of villas on Saadiyat Island, the flagship project of Tourism Development and Investment Company.
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The Islamic Development Bank (IsDB) has arranged a $50m financing facility for an agricultural project in eastern Sudan.
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The Islamic Development Bank (IsDB) has approved $705m of facilities for infrastructure and human development projects in its latest round of financing for member countries.
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Saudi Arabian engineering firm Abdullah AM Al-Khodari Sons Co has renewed an existing Shariah-compliant credit facilities agreement with Gulf International Bank for SR291.3m ($78m).
