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After eight months in the doldrums triggered by the global credit crisis, Middle East project finance has bounced back to life with the stunning commitment of $3bn from commercial banks to refinance the Dolphin pipeline. With liquidity still very tight, a boost was necessary to bring banks back into the international syndications market.

The Jubail export refinery is scheduled to hit the financing market in June, “but will probably come a little later,” a leading regional project finance banker, who wished not to be identified, told GSN. The Jubail facility was estimated initially to cost a massive $12bn, but Saudi Aramco is seeking a reduction to below $10bn for the proposed

A number of heavyweight regional players are setting up a $10bn Bahrain-based wholesale bank, to be called Al-Istikhlaf. The bank has so far secured $3.5bn from government and private regional investors,

The Middle East markets have felt the global recession, including a project finance market that was until last year the world’s strongest. International financial institutions (IFIs) are playing a role in helping to keep the wheels of commerce turning. There was a strong signal of returning confidence when on 24 April the sponsors of

The $2.6bn of commercial bank commitments for the Dolphin refinancing included some very large chunks of single bank finance,

Arab Banking Corporation's wholesale Islamic subsidiary told GSN its immediate strategy was to focus on fee income, by exploring ways to provide sharia-compliant hedging solutions as well as liability marketing products.

Abu Dhabi-owned Al-Hilal Bank is setting up an Islamic bank in Kazakhstan. The Almaty-based bank will

Oman and Uzbekistan signed an MoU in early April for a 75%/25% joint investment company …….

When launched in Q1 10 the new Bahrain Financial Exchange (BFX) will offer to members a platform to trade multiple asset classes including capital

The central bank’s prudent regulation has helped to keep the domestic banking sector in a relatively solid shape, but a prolonged downturn in the region, particularly in real estate markets, could lead to an uncomfortable situation.

By squirreling away its recent fiscal surpluses, Oman has stayed snugly insulated from the worst chills of the global financial crisis, with both the credit standing of local companies and the sovereign outlook still viewed very favourably by rating agencies and credit insurers.

Compared to the likes of the Qatar Investment Authority, Abu Dhabi Investment Authority or the Dubai group of funds, not much is known about the Omani State General Reserve Fund (SGRF) or how it makes its investments. But some details have now emerged following its acquisition of a majority stake in the AIM-listed, BVI-incorporated Equest Investment Balkans Ltd (EIB). The SGRF holds 32.27% of EIB, which invests primarily in Bulgaria and Romania. Following the acquisition of a stake, the fund named two Omani directors, Warith Mubarak Al-Kharousi and Faisal Amur Mohammed Al-Riyani to the EIB board.

ADIC eyes MENA private equity deals; Bahrain banks consolidate their positions; Kuwait enters Palestine telecoms sector; Vodafone Qatar to sell a 40% stake in April IPO

New administration but same pressures: new US sanctions against Iran’s largest state bank have underscored Washington’s determination to eviscerate Tehran’s trading capabilities.

A two-year inquiry by the UK's Charity Commission into the operations of The Palestinians Relief and Development Fund (Interpal) was completed on 26 February. It concluded "that it could not verify that the material it examined suggesting certain partner organisations funded by the Charity may be promoting terrorist ideology or activities." The inquiry was opened on 13 December 2006 after a BBC documentary called Faith, Hate and Charity alleged that the majority of Interpal's funding was sent to local partners in the Occupied Palestinian Territories (OPTs), and that a number of these promoted the ideology of Hamas (GSN 803/7). However, the Commission found that "the charity maintained clear financial audit trails in its delivery of aid for humanitarian purposes." But it does say that Interpal's close ties with the Union for Good must end.