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Middle East

Egypt’s state-owned oil company Midor bags US$1.2bn loan

An Egyptian state owned oil company has secured a loan to fund the expansion of one of its refineries. The products of the developed refinery will likely go straight into the domestic market but the loan was taken in dollars as the revenues from oil sales are usually in the same currency.

25 Feb 2016

Vallianz issues sukuk through Rawabi Holdings

Tight liquidity in the Middle East has caused yields to rise on some debt, making yields unfavourable for issuers. RVOS’s debut sukuk has proved to be a success in part as a result of a renewed outlook on oil markets.

23 Feb 2016

Saudi Arabia to issue floating rate bonds

The Kingdom is planning to issue floating rate bonds in an attempt to incentivise domestic banks to continue to buy its debt with the possibility of high yield offerings, as the country struggles to manage its budget deficit. However in doing so it is running the risk of further tightening domestic liquidity.

22 Feb 2016

Saudi Electricity Company to increase its sukuk programme

State owned Saudi Electricity Company will increase its sukuk programme. The move comes amid increasingly negative economic conditions in the region, but with the lack of alternative sources of income it remains one of the few options to raise capital.

17 Feb 2016

Saudi Arabia, Russia agree oil output freeze as Iran, Iraq enter spotlight

The world’s two largest oil exporters have agreed to a freeze in output as long as other large oil exporters do so as well. The preliminary deal is the first between OPEC and non-OPEC counties in 15 years.

17 Feb 2016

ACWA to raise up to US$8bn in debt

With liquidity already squeezed in the Middle East on low oil prices, the Saudi government is looking to ease the burden on the state by increasing private sector growth. Saudi based ACWA is keen to lead the sector’s delivery of independent power producers through a large growth spurt.

16 Feb 2016

As local funding dries up, who will fund MENA’s infrastructure pipeline?

As public purses, bank deposits and liquidity continue to dry up amid sustained low oil prices the MENA region looks set to encounter a massive infrastructure funding gap, raising questions about the sustainability of the region’s pipeline.

12 Feb 2016

Royal Jordanian Airlines lands large syndicated loan

Royal Jordanian Airlines managed to secure a syndicated loan, bringing in banks from across the Gulf Cooperation Council region. This could prove to be a rarity in the future as liquidity continues to tighten.

12 Feb 2016

Omantel U-turns on sukuk issuance

Omantel has reversed its decision to issue a dual currency sukuk for general financing purposes. If the country can stabilise its economy to get better rates it may re-issue the sukuk at a later date.

12 Feb 2016

Pakistan to issue domestic sukuk

Pakistan has issued sukuk rather successfully in recent years. The country’s Islamic banking sector is thriving, albeit at the expense of its conventional banking industry.

11 Feb 2016

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