Middle East Loans

Saudi Arabia’s Southern Province Cement Co has signed a Sr700m ($186m) debut Islamic financing from National Commercial Bank.

Eastern Sugar Company (Nuran Sugar) is set to sign a loan worth E£1.5bn ($217m) with 10 banks. The deal is expected to close in mid-April, according to Walid Hassouna deputy general manager and head of Islamic banking at Bank Audi

Dubai bonds and sukuk traded up on Monday, after United Arab Emirates authorities revealed that its recently rolled over debt was refinanced on better than expected terms.

Dubai bonds and sukuk traded up on Monday, after United Arab Emirates authorities revealed that its recently rolled over debt was refinanced on better than expected terms.

Saudi Arabia’s Southern Province Cement Co has signed a SR700m ($185.7m) Islamic financing with National Commercial Bank.

Dubai’s recent rollover of $10bn in debt extended to it by the United Arab Emirates’ central bank was widely hailed at the time as a positive by market participants. But the lack of forthcoming detail since on the new terms and tenors of the arrangement has prompted concern for some investors.

Undaunted by Turkey’s domestic economic and political uncertainty, the country’s participation banks are lining up to to hit the international market with deals, say bankers. Turkiye Finans looks likely to lead the pack and could bring both a dollar sukuk and murabaha financing.

Oman’s Bank Muscat has continued its funding drive by signing a $600m term loan just days after announcing plans for a $1.2bn increase to its EMTN programme and a Or500m ($1.3bn) sukuk programme.

The Dubai Multi Commodity Centre Brokerage has partnered up with an interdealer broker for the first time to jointly market commodity murabaha (Islamic financings) on its DMCC Tradeflow platform.

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.

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).