Coronavirus hits Gulf banks' dealmaking ahead of Ramadan lull - Reuters:
Gulf banks are losing out on a critical quarter for earnings with the coronavirus outbreak, as deals and lending activity come to a near standstill ahead of a lull that starts with the fasting month of Ramadan in April and extends into summer.
Several deals - such as the initial public offering (IPO) of Saudi Arabia’s Amlak International for Real Estate Finance and a sukuk, or Islamic bond, issuance by Dubai Islamic Bank - have been called off, sources close to the deals told Reuters.
Amlak and DIB did not respond to requests for comment.
“On the origination side, things have slowed down to a standstill. Nothing new is coming across,” said a Dubai-based banker who declined to be named.
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