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Friday, 2 March 2018

Saudi expands $10 bln loan refinancing to $16 bln, introduces Islamic tranche

Saudi expands $10 bln loan refinancing to $16 bln, introduces Islamic tranche:

"Saudi Arabia is expanding the refinancing of a $10 billion international loan to $16 billion because of strong demand from banks already involved in the facility and lenders which want to join, the Saudi government’s Debt Management Office said on Friday.

The DMO also said it would introduce a“significant” Islamic tranche to the transaction, supporting Saudi Arabia’s goal of becoming the leading centre for Islamic finance, and intended to close the entire deal by mid-March."



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Total Embraces Political Risk With $450 Million Bet on Libya - Bloomberg

Total Embraces Political Risk With $450 Million Bet on Libya - Bloomberg:

"Total SA, the French oil and gas company, isn’t averse to adding political risk to its portfolio. It just bought Marathon Oil Corp.’s Libyan assets for $450 million in a move that will more than double its production in the North African nation where output is frequently disrupted by a civil war. Chief Executive Officer Patrick Pouyanne is betting the low-cost fields he just bought into will increase output by more than a third by the end of the decade. He’s no stranger to bold moves. Last July, Total was the first Western major to sign a contract with Iran since U.S. and international sanctions were eased in January 2016. Yet, Pouyanne is still waiting to see what the U.S. will decide regarding Tehran before making his final decision to develop the first phase of giant South Pars 11 gas field in the Persian Gulf, which would require $1 billion of investment from Total."



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Saudis Want to Make Their Own Weapons. Russia Is Eager to Help - Bloomberg

Saudis Want to Make Their Own Weapons. Russia Is Eager to Help - Bloomberg:

"Saudi Arabia aims to build a defense industry at breakneck speed, and it’s ready to look beyond its traditional Western allies for help. The oil-rich kingdom has long been a favorite customer of arms sellers, especially American ones. President Donald Trump announced $110 billion in deals during his trip there last year. Now, 32 year-old Crown Prince Mohammed bin Salman wants to make weapons at home, and he’s set an ambitious goal: Half of Saudi procurement is supposed to be done locally by 2030, from about 2 percent now."



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What Led the Middle East's Top Dealmaker to Step Down - Bloomberg

What Led the Middle East's Top Dealmaker to Step Down - Bloomberg:

"The Middle East’s biggest private equity dealmaker is stepping aside under a cloud of controversy. Arif Naqvi ceded control of the fund-management unit of his Abraaj Group in February on the heels of allegations that money in the company’s health fund had been misused. Naqvi and the company denied any wrongdoing and blamed unforeseen political and regulatory hurdles for a delay in deploying the money. The fund, which invests in hospitals in some of the poorest countries in the world, is a model for replacing aid with accessible, affordable and quality health care using private financing.

1. What’s special about Abraaj?
The 400-person firm has grown to become one of the largest private equity groups in the emerging markets -- "growth markets," as Naqvi prefers to call them -- with $13.6 billion in assets under management. From its roots in the Middle East, Abraaj now invests in private equity, health care, clean energy, lending and real estate across Africa, Asia, Latin America and Turkey. According to its website, the firm’s $1 billion health-care fund focuses "on improving care in the fields of non-communicable disease and mother and child health in 10 cities, including Lagos, Hyderabad, Karachi, and Nairobi." The fund owns 24 hospitals, 17 clinics and 30 diagnostic clinics across India, Pakistan, Nigeria and Kenya with over 3,200 patient beds."



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