Middle East Loans

State-owned electricity company, Saudi Electricity Co (SEC) said on Wednesday that it will raise a Sr15.2bn ($4.05bn) loan from a consortium of domestic lenders.

Bank Muscat's Islamic banking arm, Meethaq, has requested proposals from banks for its debut loan syndication.

Emirates Global Aluminium (EGA), the largest industrial company in the UAE outside of the oil and gas sectors, has kicked off the year with a $6.5bn term loan facility, as market conditions remain “borrower friendly”.

Bankers are confident that Oman can overcome the obstacles in the way of its borrowing capabilities, namely a large fiscal deficit and speculative grade ratings, in order to raise financing from international lenders.

A fresh round of US sanctions on Venezuela’s government will add to the pressure on 46th president of Venezuela Nicolas Maduro to clear off, said bond investors.

Bankers have confirmed that Qatar National Bank has entered the second phase of syndication to refinance an existing €2.25bn facility due for maturity in May 2019.

Qatar’s Doha Bank has closed a $525m unsecured facility as lenders demonstrated healthy appetite for the small and politically isolated Gulf country.

Equate Group, the Kuwaiti petrochemical producer, has amended and extended its $1.9bn term loan and $1bn revolving credit facility, achieving a reduction in pricing and strong demand from international lenders.

Opec+, the oil producing countries’ cartel and their non-member oil producing allies, decided to cut oil production by 1.2m barrels a day, sending the Brent crude price up 5%. Market participants are evaluating the potential impacts on capital markets and international relations.

Loan bankers and market analysts are weighing up the implications of Qatar's shock announcement on Monday that it would leave the Organisation of Petroleum Exporting Countries in January after 57 years of membership, writes Mariam Meskin.

Saudi Electricity Co has closed a $2.15bn revolving credit facility after months of talks, as bankers concede that banks are "unlikely to turn the tap off" on Saudi deals amid international political upheaval.

High hopes for a bumper corporate finance year in Saudi Arabia have been dashed by the pulled Aramco IPO, the blockade of Qatar and the murder of journalist Jamal Khashoggi, writes David Rothnie.