United Arab Emirates
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Abu Dhabi industrial investment company Senaat General Holding is refinancing a $500m revolving credit facility and reducing it to $400m, according to bankers close to the deal. -
The Dubai Gold and Commodities Exchange has signed up the Industrial and Commercial Bank of China as a clearing and settlement bank, which it hopes will ease its introduction of Shanghai gold futures.
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Aberdeen Asset Management is beefing up its Middle East offering and has relocated two senior personnel to its first office in Abu Dhabi, which opened officially on Wednesday.
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The Nasdaq Dubai Futures Exchange has signed up National Bank of Abu Dhabi (NBAD) as a second market maker for its equity futures, after trading gained momentum in recent weeks.
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The UAE’s Ajman Bank has refinanced its Sharia-compliant loan, growing the deal to $230m in syndication.
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Gulf schools operator Gems Education is following its $250m loan financing in April with another deal for $500m which will be syndicated soon, according to bankers.
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Etihad Airways will begin investor meetings on a reverse enquiry for an intermediate sukuk, the successful placement of which will result in the borrower’s first ever standalone bond.
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State-owned Abu Dhabi banks ADCB and NBAD have taken a very different approach to the loan market, with one bank paying up to bring in new lenders and the other demanding tight relationship pricing.
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The Dubai Gold and Commodities Exchange (DGCX) has announced plans to launch a renminbi futures contract, with Gaurang Desai, CEO of the exchange, telling GlobalRMB the contract has already received regulatory approval.
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The government of Dubai has picked HSBC as financial advisor for its $3bn fundraising to expand its international airports.
