Middle East Loans

Dubai Islamic Bank (DIB) is set to acquire smaller rival Noor Bank after months of consideration. The merger will create one of the region's largest Islamic banks, and adds to a succession of bank tie-ups taking place or under consideration across the Gulf.

BlackRock, KKR loan for ADNOC 'close to signing' — Uralkali signs as lenders prepare for EuroChem —Redexis joins Spanish trend to ESG borrowing — French Ipsen debuts in US PP market — Turkish banks close refi season, with wider secondaries

BlackRock and KKR will soon complete raising a $3bn loan to support a pipeline partnership project with Abu Dhabi National Oil Company (ADNOC), according to bankers familiar with the deal.

Dubai’s Emirates NBD is making a quick return to the offshore loan market, inviting banks to bid for an up to $400m term loan.

Hitesh Asarpota, a managing director at Emirates NBD Capital, has taken over loans syndication, in addition to his current responsibilities.

Oman, one of the most fiscally challenged sovereigns in the Gulf, is set to raise a $2.85bn commodity linked pre-payment facility. Natixis and Société Générale are expected to lead the transaction, according to bankers.

Emerging market loan volumes continue to suffer with year-to-date volumes down 60% from the same period in 2018. Global economic slowdown and the fear of trade wars, combined with the increasing appeal of the bond market, are dampening the prospects of recovery in the syndicated loan market in 2019.

Eagle Hills Diyar, a real estate developer headquartered in Abu Dhabi, has signed a 10 year $374m-equivalent loan, in dollars and Bahraini dinars, with a selection of Middle Eastern banks. The proceeds will be used to fund three buildings in its waterfront development in Bahrain.

Abu Dhabi’s sovereign wealth fund, Mubadala, has refinanced a $1.75bn loan, increasing it to $2bn after receiving heavy oversubscription.

Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB) have officially merged, and acquired Al Hilal Bank. The merger creates the third largest lender in the United Arab Emirates, and comes amid a boom in banking M&A across the Gulf.

The US real estate investment trust Reality Income is planning a £300m bond sale to part finance its acquisition of 12 properties in the UK linked to grocer J Sainsbury’s.

UAE alternative investment and asset management firm, Gulf Capital, has closed a $136.12m-equivalent revolving credit facility.