Islamic loans in the Middle East will rebound in 2011 from a five-year low, said HSBC Holdings Plc, this year’s biggest lender, as accelerating economic growth and Qatar’s building for the soccer World Cup boosts spending.
Syndicated loans dropped 19 percent this year to $6.5 billion, according to data compiled by Bloomberg. Loans peaked at $24 billion in 2007, before the worst financial crisis since the Great Depression. Borrowers from the Middle East dominated the market in 2010, receiving all but one of the 14 loans tracked by Bloomberg in Europe, the Middle East and Africa.
“We have a number of transactions in the pipeline” which may close in the first half of next year, Mohammed Dawood, Dubai-based director of debt capital markets at HSBC Amanah, said in a telephone interview from Abu Dhabi on Dec. 15. “We’ll definitely do more loan deals in 2011 compared to this year.”
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