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The Gulf kingdom is trying to tackle a very wide deficit and sky-high debt to GDP
Gulf investors 'will now look at every deal', whether sukuk or not
Demand from the Middle East for the sukuk was steady
Bond pricing for the mining company started about 43bp back of its parent
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Omani based Bank Dhofar has hired Sohail Niazi as chief Islamic banking officer of its Islamic finance business "Maisarah" according to local press. He will report to Tony Mahoney, CEO of Bank Dhofar.
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Saudi petrochemicals firm International Diol Company signed a Sr1bn ($250m) refinancing agreement late last week, which will help it repay loans to local commercial banks, state-owned lenders and fund a planned project to increase the capacity of existing facilities.
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Sadara Chemical Company has issued SR7.5bn of 16 year floating rate sukuk. The privately offered domestic deal, paying an expected 95bp over the six month Saudi interbank offered rate, was originally for SR5.25bn. However, Sadara increased the size after achieving an order book that was 2.6 times oversubscribed.
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Saudi dairy company Almarai has issued SR1.3bn ($346.4m) of five and seven year floating rate sukuk.
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Tunisia is considering issuing its first ever sovereign sukuk in the second half of the year. Despite reports claiming that the government is looking to issue in July, a source within the finance ministry told IFIS that the sukuk is more likely to be issued from October onwards.
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Sharjah Islamic Bank is looking to issue a benchmark dollar Reg S sukuk and has lined up roadshows in Europe and Asia.