UAE banks loan Singapore’s Olam Agri $745m to refinance existing loans

Singapore-based Olam Agri, the food, feed and fiber operating group of Olam Group, has secured a $745 million financing facility from the UAE banks to refinance existing loans for general corporate purposes, Zawya reports. Abu Dhabi Commercial Bank, First Abu Read more

UAE’s biggest lender FAB sells 60 per cent shares in Magnati to Canada’s Brookfield Business Partners

UAE’s biggest lender First Abu Dhabi Bank (FAB) has sold a 60 percent stake in its payments firm, Magnati, to Canada’s Brookfield Business Partners, Zawya reports. The transaction will bring to the Abu Dhabi-based bank around $690 million. FAB will Read more

Egypt’s EFG Hermes appoints Goldman Sachs as financial advisor on FAB’s offer to acquire majority stakes

Cairo-based investment bank EFG Hermes has appointed Goldman Sachs to advise on First Abu Dhabi Bank’s (FAB) offer to acquire a majority stake, the bank has said in a statement. The board of Egypt’s largest investment bank also said it Read more

Standard Chartered to open shop in Egypt in September

British bank Standard Chartered will start operating in Egypt from September after it has received preliminary approval from the Central Bank of Egypt (CBE). Gamal Negm, the deputy Governor of the CBE, reportedly revealed that Standard Chartered will open its Read more

Kuwait: State-owned Kufpec applies for $1.1-bn international loan for operation expansion

Kuwait Foreign Petroleum Exploration Company (Kufpec) Tuesday announced it reached agreement with five international banks for $1.1-billion loan earmarked for the expansion of oil and gas operations. According the company’s CEO Sheikh Nawaf al-Sabah, with the financial support, the Kupec Read more