Middle East Loans
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A rush of Islamic syndicated loans this week has already pushed volumes in the GCC region this year to beyond the total seen in the whole of 2011. Saudi Arabian borrowers have been the dominant force.
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Saudi Arabian mobile telecommunication company Zain Saudi has mandated four banks for a five year Islamic syndicated loan worth Sr9.75bn ($2.6bn) to refinance an existing facility of the same size that matures in July.
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Saudi Arabia’s National Industrialisation Company (Tasnee) and Sahara Petrochemical Company, part owners of closed joint stock company Tasnee & Sahara Olefins Company, this week signed a SR5.09bn ($1.357bn) Islamic loan agreement with nine local banks.
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Saudi Arabia's National Industrialisation Company (Tasnee) and Sahara Petrochemical Company, part owners of closed joint stock company Tasnee & Sahara Olefins Company, have signed a SR5.09bn ($1.357bn) Islamic loan agreement with nine local banks.
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Dubai’s Pacific Control Systems (PCS) has signed a Dh265m ($72.2m) loan with a syndicate of banks to build a data recovery centre in Dubai. This is the IT firm’s first ever syndicated facility.
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Saudi construction company Al-Khodari Sons has agreed SR200m ($53.33m) of Islamic credit facilities with Saudi British Bank. Al-Khodari will use the money to provide bonding commitments and fund working capital needs.
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Supporting GCC real estate initiatives to promote regional economic growth and sustainability Manama, Bahrain - 9 May 2012: Khaleeji Commercial Bank (KHCB), one of the prominent Bahrain-based Islamic retail banks, has announced that it had arranged a financing deal with Meydan Group LLC worth USD$40 million for the group's general working capital requirements and funding of various on-going projects, including the pioneering Meydan City in Dubai.
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Source: Euclid Infotech
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