Middle East Loans

Saudi Arabian engineering company Abdullah AM Al-Khodari & Sons Co has renewed an existing SR443.9m ($118m) Shariah-compliant facility with National Commercial Bank (NCB).

Bahri Dry Bulk, a subsidiary of Bahri (National Shipping Co of Saudi Arabia) signed an 11 year Shariah compliant financing facility with Bank Albilad for SR420m ($111m).

The Islamic Development Bank has agreed to two financing arrangements with Burkina Faso for a total of $121m.

Azerbaijan’s Muganbank has signed a $3m Shariah-compliant financing facility with the Islamic Corporation for the Development of the Private Sector (ICD) – an arm of the Islamic Development Bank.

Airport retailer Dubai Duty Free has signed a $750m facility comprising conventional and Islamic facilities.

Kuwait Finance House (KFH) has signed a memorandum of understanding (MoU) for a five year $115m Shariah-compliant financing facility for Foulath, a Bahrain based iron and steel manufacturer.

Loans bankers are waiting by their phones for the call from Abu Dhabi telecoms firm Etisalat to finalise a loan of up to $6bn, after it announced on Monday evening that it had signed an agreement to buy 53% of Maroc Telecom from Vivendi.

Turkish participation (that is, Islamic) bank Kuveyt Türk has launched a $250m Shariah-compliant club loan into the market.

Qatari infrastructure firm United Development Company (UDC) has agreed a QR854m ($235m) Shariah-compliant facility with local Islamic bank, Masraf Al Rayan.

A consortium of Italian, South Korean and Qatari firms has signed a QR2.11bn ($580m) Islamic finance facility to pay build a new underground line for the Doha metro.

Saudi Arabia's National Industrialisation Co (Tasnee) has agreed a SR4bn ($1.06bn) murabaha facility.

The Middle East subsidiary of Indian textile firm Alok Industries has signed a $150m syndicated murabaha facility.