Middle East Loans

The National Bank of Ras Al Khaimah Rakbank has closed its debut syndicated loan for $350m with 22 banks.

Emerging market loan bankers are used to a little political drama but the recent spat between the Saudi-led group of six Arab states and Qatar has caused doubts about whether to engage in deals with Qatari exposure. This stance is understandable for pure Qatari credits but the penumbra of uncertainty has now spread to entities at one remove from Qatar. Banks should not be put off lending.

State-owned Abu Dhabi National Oil Co. (Adnoc) launched a $6bn debut syndicated loan this week after increasing the credit’s size and tightening pricing in response to banks’ hunger for it.

State-owned Abu Dhabi National Oil Co (Adnoc) has kicked off the syndication of its first syndicated loan for $6bn, after increasing its size and tightening pricing further in response to high demand for the facility.

Global Education Management Systems (GEMS) Education of Dubai is to launch a $1.2bn syndicated loan, ahead of its planned initial public offering early next year.

Middle Eastern banks are diversifying their funding portfolios by entering the international syndicated loan market for the first time, with Bahrain Islamic Bank (BisB) signing a deal at the end of September and two more due to sign this month.

Dubai healthcare group Aster DM Healthcare has signed a $295m facility with banks from the UAE and India despite its expansion plans in scandal-hit Qatar casting some concerns over the syndication.

Dubai healthcare group Aster DM Healthcare has signed a $295m facility with nine banks, despite concerns that its operations in Qatar would complicate syndication of the debt.

Bahrain Islamic Bank (BIsB) has signed its debut syndicated loan for $101m, double the initial launch amount.

Emerging market loan bankers may have to look to the private sector for deals as sovereign entities in the Middle East take a step back from the loan market.

Oman Oil Company Exploration and Production (OOCEP) has signed a $1bn loan with 11 banks, the fifth loan to come from the state-owned Oman Oil group.

The dispute between Qatar and six other Gulf states could curb its chances of plugging the country's banks’ funding needs through the syndicated loan market, leading bankers to believe more private arrangements may be the answer to the isolated gulf state’s woes. Bianca Boorer reports.