United Arab Emirates

Etisalat has been given until Friday to transfer all its shares in Etisalat Nigeria to a syndicate of 13 Nigerian banks, after talks on restructuring a $1.2bn loan from 2013 fell through.

Arabtec Holding, the United Arab Emirates’ largest listed construction firm, said on Tuesday its rights issue was fully subscribed, raising Dh1.5bn ($408m) for a recapitalisation.

Etisalat Nigeria is in the “advanced stage” of its negotiations with 13 local banks over the restructuring of a $1.2bn loan taken out in 2013, according to the company.

Ramadan, the Islamic holy month of fasting which began on May 26, has caused delays to loan deals that were expected to close this week in the Middle East, according to bankers in the region.

In this week’s round-up, the Hong Kong Exchange’s USDCNH futures record their second best trading volume on Wednesday, renminbi deposits in Hong Kong increase by 4.1% in April, and China and Germany agree to co-operate on trade and finance.

China’s FX market records Rmb11.38tr ($1.65tr) of transactions in April, the State Administration of Foreign Exchange releases more foreign investment quotas, and CFETS completes first options write-off in the interbank market.

Strong support from regional investors helped Bahrain’s Al Baraka Banking Group achieve substantial price tightening for the first ever bond issue from a non-investment grade Gulf bank on Tuesday.

India’s third largest private bank Axis Bank has sent out a request for proposal for a $295m syndicated loan for Dubai’s hospital group Aster DM Healthcare.

Dubai’s luxury hotel chain Jumeirah Group has signed a syndicated loan for around $1.4bn to refinance a facility taken out in 2013, according to a banker on the deal.

Dubai’s luxury hotel chain Jumeirah Group has signed a syndicated loan for around $1.4bn to refinance a facility taken out in 2013, according to a banker on the deal.

Dubai Airports has signed a $3bn syndicated loan to finance the expansion of its Dubai International Airport and Dubai World Central Airport, also known as Al Maktoum International Airport, in Jebel Ali, in preparation for the World Expo 2020.

Evercore plans to open a Dubai office early in the second quarter of this year, following its hire of Waleed El-Amir, former group funding head at UniCredit, as senior adviser for the Middle East, Africa and Turkey.