Middle East Loans
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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.
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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.
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The Islamic Development Bank has agreed to finance construction projects in Gaza worth as much around $15m.
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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.
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Turkey’s Bank Asya is set to complete the general syndication stage of its Shariah-compliant loan imminently. -
The United Arab Emirates' national airline Etihad Airways has signed a $359m equivalent Islamic financing facility to buy two Boeing aircraft.
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Dubai private education provider GEMS Education has signed a Dh2bn ($544.5m) six year loan split between Islamic and conventional financing.
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Saudi Hotels and Resorts Co (Sharco) has signed a murabaha financing agreement worth SR50m ($13.3m) with Riyadh Bank.
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Saudi Arabian Mining Company (Ma’aden) has signed an oversubscribed SR9bn ($2.34bn) five year murabaha facility after launching the deal at SR7bn in June.
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The Dubai office of international law firm Norton Rose has advised a syndicate of fourteen banks in relation to a senior unsecured US$900 million syndicated facility for First Gulf Bank PJSC (FGB). The facility is the largest loan market transaction undertaken by a financial institution in the UAE this year and is to be used by FGB for its general corporate purposes, including the expansion of its existing operations as well as its growing global footprint.
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Abu Dhabi and its companies were the centre of attention for Middle East investors this week, after it emerged that the emirate’s authorities recently approved a new policy to rein in borrowing by its deeply indebted government related entities.
