United Arab Emirates

Abu Dhabi National Oil Co (Adnoc) is in talks with international and Middle Eastern banks about a syndicated loan of up to $5bn, which is understood to be very tightly priced.

The Dubai Gold and Commodities Exchange (DGCX) and its connected clearing service were granted “remote recognition status” by Abu Dhabi Global Market (ADGM) regulators on Sunday.

Dominance in one of its operational markets enabled Topaz Marine to raise $375m of five year money on Wednesday despite coming from what the leads acknowledge to be a ‘tough sector.’

Topaz Marine was marketing the first Gulf Co-operation Council-domiciled (GCC) credit since May on Wednesday morning, but the credit is no barometer for appetite Gulf names in the wake of the Qatar crisis, said investors.

‘Business as usual’ was the tone this week in emerging markets, after last week’s losses were reversed and mandates began trickling through from across CEEMEA.

Topaz Marine, an oil field support services provider based in Dubai, is meeting investors for what will be the first bond from a Gulf Co-operation Council domiciled issuer since the beginning of the Qatar crisis.

The Dubai Gold and Commodities Exchange (DGCX) and the Abu Dhabi Securities Exchange (ADX) have announced their aim to work towards a unified clearing house in the United Arab Emirates.

Abu Dhabi National Oil Co (Adnoc), the upstream, midstream and downstream oil company owned by the government of the United Arab Emirates, is considering floating minority stakes in some of its services businesses.

Investor hedging for turbulent Brexit negotiations and US president Donald Trump’s legislative agenda has aided the growth of gold and currency derivatives contracts at the Dubai Gold and Commodities Exchange (DGCX), its CEO said on Sunday.

Standard Bank is planning to launch a $750m syndicated loan, and hopes to drum up enough interest to enlarge it to $1.25bn.

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.