Middle East Loans

Saudi-listed firm National Petrochemical Co (Petrochem) has signed a $600m two year Islamic financing deal with Riyad Bank.

International Bank of Azerbaijan (IBA), the largest bank in Azerbaijan, has completed a series of investor meetings for its new $100m murabaha syndicated facility.

Egyptian marine and offshore oil services company Maridive and Oil Services has signed a $150m loan in Egypt’s first ijara Islamic financing.

Abu Dhabi barge operator Gulf Marine Services is close to signing a Dh1.32bn ($360m) syndicated Islamic financing facility.

Turkiye Finans has hired five banks to arrange a $250m murabaha facility. The deal has been launched into the market.

Group Construction Products Holding Company (CPC), the industrial arm of Saudi Binladin (SBG), has signed a $150m murabaha facility with Standard Chartered.

Dubai state-owned Investment Corporation of Dubai (ICD) is near to signing its $2bn conventional and Islamic refinancing facility, with bankers eager to complete the deal by the end of May.

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB), has signed financing facilities for the Al Nouran Sugar project in Egypt.

Abu Dhabi mobile operator Etisalat will hold its extraordinary general meeting on May 28 for shareholders to discuss how the firm will finance its $6bn purchase of Vivendi’s 53% stake in Maroc Telecom.

The Islamic Development Bank has agreed to finance construction projects in Gaza worth as much around $15m.

Zain Saudi continues to seek a new refinancing arrangement for its outstanding Sr9bn ($2.4bn) murabaha facility and has once again extended the maturity of the deal and that of another $600m loan.

Turkey’s Bank Asya is set to complete the general syndication stage of its Shariah-compliant loan imminently.