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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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Saudi sugar refining conglomerate Savola Group was set to close a sukuk valued at SR1.5bn ($400m) on Monday, according to a Reuters report that cites two unnamed sources. This would be the company’s début sukuk and the first Saudi deal of the year.
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Shuaa Capital subsidiary Gulf Finance Corporation has applied to the UAE Central Bank for a licence to establish an Islamic financing business. The UAE based company, which lends to small and medium sized enterprises, plans to submit the necessary documents in the first quarter of 2013 and be ready to operate the Shariah compliant services soon afterwards.
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Bank Muscat, Oman’s biggest bank by assets, has obtained a licence from the Central Bank of Oman to open an Islamic banking business, which will operate as Meethaq Islamic Banking.
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Dubai mortgage lender Amlak Finance has begun talks with creditors to restructure as much as $2bn worth of debt. Five banks will act as a committee on behalf of the creditors, while PricewaterhouseCoopers will advise Amlak.
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Kuwait financial services firm Gulf Investment House has signed a murabaha agreement with Kuwait Finance House to restructure KD43.5m ($155m) of debt.
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Saudi Arabia's National Commercial Bank achieved a SR6.45bn ($1.72bn) profit in 2012, up 7.3% on the SR6.01bn it earned in 2011. Fee income from banking services rose 21% and foreign exchange income increased by 15.4%, while gains on sale of investments during the year came to SR602m, from SR325m in 2011. The bank's net special commission income during the year increased by 4.8% to SR8.99bn.