Middle East Loans

Islamic lenders are missing out on a deal surge across the Middle East, with none of the swathe of loans nearing markets having been structured as Shariah-compliant, according to lenders.

Banks are preparing to finance Saudi Arabia’s first utility-scale wind power project, at Dumat Al Jandal in the northern province of Al Jawf.

Seven new banks have joined Stanbic Kenya's loan, which will be signed on Thursday, leading to a heavy oversubscription, but the borrower declined to take any more money than the $100m it had set out to raise.

The Commercial Bank of Qatar has signed a $250m borrowing with seven banks, in a deal syndicated in the Asian loan market.

Dubai’s GEMS Education has closed the syndication of a $1.25bn loan with another five banks joining its deal.

State-owned holding company Investment Corporation of Dubai (ICD) has successfully refinanced a loan maturing in June with a club deal.

The UAE’s largest private healthcare company, NMC Healthcare, has signed a $2bn loan with a club of international banks, continuing a growing trend of Middle Eastern private companies entering the syndicated loan market.

Saudi Arabia has had to scale back banks grappling to get on its $16bn loan, which will be used to refinance a $10bn loan taken out in 2016.

Turkish participation banks Albaraka Türk and Vakif Katilim have kicked off the global syndication of two murabaha facilities.

Kuwait’s Burgan Bank has signed a $350m loan with a club of seven relationship banks to refinance borrowing done in 2015.

Energean, the Mediterranean oil and gas exploration company, could be worth as much as £812m when it lists on the London Stock Exchange later this month, according to the terms of the IPO.

Oman’s Bank Sohar has successfully closed the syndication of a $300m loan, underwritten by Bank ABC and Commerzbank in December.