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Trade was the largest so far from the Dubai property developer
Turkish oil and gas firm offers a pickup to its parent and most other CEEMEA sukuk
Where the company's deal prices relative to its parent will be the topic of investor roadshows
Benin showed Islamic issuance is a viable market for sub-Saharan African sovereigns
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International Finance Corporation (IFC), a World Bank development organisation, has purchased $5m equity in Gulf African Bank (GAB) – its first investment in a Sub-Saharan financial institution. The money will be used to help support corporate finance and lending to small and medium enterprises (SME) in East Africa.
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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.