Middle East Loans

Qatar National Bank is expected to increase its loan to around $3.25bn, after it received commitments exceeding its launch amount.

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.

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.

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.

Axis Bank’s presence in the top group of a recent loan for Oman’s Bank Sohar has once again put the focus on Indian lenders’ efforts to expand their overseas balance sheets. Banks from the south Asian country see FIG deals as a safe gateway to business in unfamiliar geographies — and are keen to step up their game. Shruti Chaturvedi reports.

Dubai’s GEMS Education hosted a roadshow last week for a $1.25bn loan, which attracted a mix of local and international banks.

Oman’s Bank Sohar has enlisted three lenders to arrange a $300m new money borrowing.

Abu Dhabi National Oil Co (Adnoc) is due to sign a $3bn loan with four lenders — three of which are Japanese — next week, after borrowing $6bn from the international market in November last year.

Qatar National Bank (QNB) launched a $3bn loan on Monday, the first real test of the market since Qatar’s Gulf Cooperation Council (GCC) neighbours severed diplomatic ties with the sovereign. Nine banks have agreed to underwrite the full amount ahead of general syndication, showing initial fears have subsided. But the test is not over — will Qatar’s other relationship banks step up?

Oman Gas Co, Oman’s midstream natural gas transportation company, is expected to sign a $1bn loan with a club of banks.

Abu Dhabi Energy Co (Taqa) has signed a $1.25bn loan with a small club as some banks were deterred by the deal’s tight pricing.