Middle East Loans

Saudi construction company Al-Khodari Sons Company has signed an Islamic credit facilities agreement with Gulf International Bank (GIB) a Bahraini bank, for SR290.1m.

Saudi Arabia's Sadara Chemical Company has signed a Sr39.375bn ($10.5bn) 12 year export credit agency (ECA) facility in the second largest project financing for a Middle Eastern borrower in five years.

Qatari telecoms firm Ooredoo has withdrawn its bid for Vivendi's 53% stake in Maroc Telecom, leaving regional rival Etisalat as the sole bidder in the $6bn acquisition.

The Islamic Development Bank (IsDB) has signed an agreement with Tunisia worth $1.2bn.

Qatari borrowers were out in force this week after a three firms signed loans from the Islamic and conventional markets.

Investment Corporation of Dubai (ICD) has become the first of three Dubai firms with live deals in the syndicated loan market to close a transaction, signing an oversubscribed $2.55bn facility on Monday.

Kuwait Finance House (KFH) has signed and closed a $500m ijara financing facility for Sharjah Electricity & Water Authority (Sewa).

Qatar Petroleum Country (Qapco) has signed a QR1.1bn ($293m) three year Islamic loan from Barwa Bank.

Barwa Bank’s investment banking unit The First Investor (TFI) has a agreed a construction financing with US property developer Hines.

Mobile telecoms firm Zain Saudi has signed a Sr2.25bn ($600m) government-guaranteed three year Islamic financing facility. Saudi Arabia’s decision to provide an unconditional and irrevocable guarantee for Zain suggests that Gulf countries are becoming more willing to support the telecom sector, said Fitch in a research note, raising the possibility of cross border mergers.

Mobile telecommunications firm Zain Saudi has signed a SR2.25bn ($600m) three year murabaha financing guaranteed by its parent company.

Warba Bank, a Kuwaiti Islamic bank, has introduced a Shariah compliant qard hasan product in the local market.