Big Gulf names join search for funds

摘要

Several Middle Eastern names have approached the loan market for funds, including UAE telecoms company etisalat, which is looking for a US$2bn financing. In the past few years, strong oil prices have enabled Gulf-based companies to access cheap funding, but lower prices have prompted fears of a liquidity squeeze. Governments in the region are meanwhile expected to follow the US Federal Reserve and raise interest rates in coming months. State oil company saudi aramco is in discussions with banks for a US$4.7bn loan and rabigh electricity company is in talks about a US$2bn project financing. These follow the closing of an US$6bn deal for Kuwaiti petrochemical company equate as well as the imminent closing of emirates global aluminium's US$4.9bn deal.