GCC

Dubai Islamic Bank took advantage of a quiet market to raise $1bn with a skinny new issue premium on Tuesday, opening the sukuk market for financial issuers from the Gulf.

Dubai Islamic Bank on Tuesday launched the first public dollar bond this year from the Middle East, though the region's banks have been busy funding in other markets.

The government of the Emirate of Sharjah is set to become the first issuer from the Middle East to enter the Panda market, after unveiling plans to raise Rmb2bn ($315.9m) from the onshore market.

Qatar National Bank is expected to sign its $3bn loan refinancing in the first week of February, according to a source close to the deal.

Martin Weber, a Goldman Sachs managing director, is moving to Dubai to run the bank’s MENA financing group, with more hires planned to follow in the region.

Japanese banks have a spring in their step in the Middle East as they roll out expansion plans, but, asks David Rothnie, can they take on more established Western rivals?

Emaar Properties’ real estate development unit Emaar Development is expected to launch a loan soon to fund a development project in Dubai, according to a source close to the deal.

Dubai Islamic Bank, the largest Islamic bank in the UAE by total asset size, has mandated eight banks for a five year senior dollar sukuk. The deal could be the first bank bond from the Gulf Cooperation Council so far this year.

Saudi Arabia has requested proposals to refinance its $10bn syndicated loan, signed in 2016. It has also asked for ideas for a dollar bond issue and a possible export credit agency-backed financing, as part of a new financing plan.

Saudi Electricity Co (SEC) has signed its biggest ever syndicated loan, for $2.6bn, with a club of eight banks, after tapping the same banks for $1.75bn last year. The loan is an unsecured one year bridge facility.

A senior BNP Paribas CEEMEA DCM banker has resigned from the bank to join Goldman Sachs.

Mizuho Bank has hired a senior banker to run its Saudi office as it looks to develop its business in financing and advisory work.