United Arab Emirates

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.

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.

Nomura has hired Nihal Elkafrawi as head of client coverage for the Middle East and north Africa. She will foster cross-selling opportunities for global markets and investment banking, the bank said in a statement.

Adnoc Distribution, Abu Dhabi National Oil Co’s chain of petrol stations and shops, signed a $2.25bn loan with a club of banks before its initial public offering, which was completed last week.

Abu Dhabi National Oil Co’s $850m flotation of its petrol station chain Adnoc Distribution has been greeted warmly by the market, setting a good precedent for an expected wave of privatisations in the Middle East. Sam Kerr reports.

Shares in Adnoc Distribution, the chain of petrol stations and shops in the United Arab Emirates that has floated on the Abu Dhabi Securities Exchange, traded up 6% on their first day today, boding well for future Gulf privatisations.

One of the last big IPOs of 2017 reached a successful conclusion this week, crowning a solid year for issuance in the EMEA region.

Dubai’s GEMS Education has concluded its early bird syndication phase on a $1.25bn loan, with 10 banks on board.

Abu Dhabi National Oil Co attracted good international participation to the $850m IPO of Adnoc Distribution, its chain of petrol stations and shops in the United Arab Emirates, which was priced on Friday.

Abu Dhabi National Energy Co, known as Taqa, has invited banks to join a $1.25bn syndicated loan, which it plans as a bridge to a bond issue.

Abu Dhabi National Oil Co, the Abu Dhabi state-owned oil company, is set to price the initial public offering of its distribution arm on Friday, in a deal worth Dh3.125bn ($851m), after revising guidance to the lower half of the range.

Debut sukuk issuer Emirates Reit on Wednesday priced a larger than expected deal of $400m after books reached nearly $1bn.