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EM Middle East

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  • FIG
    Emirates Islamic Bank (EIB) plans to issue more than $500m of sukuk this year and complete a merger with Dubai Bank, a fellow Islamic banking unit of Emirates NBD, before the end of 2012.
  • 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.
  • London, 7th May 2012
  • 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.
  • The buzz around Dubai’s reviving fortunes grew louder this week as Jebel Ali Free Zone (Jafza) asked holders of its Dh7.5bn ($2.04bn) November-maturing sukuk if it could redeem the notes early.
  • FIG
    Banque Saudi Fransi will begin global roadshows on May 7 as it looks to issue the first tranche of its $2bn debut dollar denominated sukuk programme. The bond is likely to be of benchmark size and have a five year tenor, according to an official close to the deal.