MENAdrill Investment Company (MIC) has signed an agreement to obtain a USD 130mn three-year limited recourse Islamic financing facility Murabaha, Gulf Daily News reported. Bahrain's Gulf International Bank (GIB) was the mandated lead arranger and investment agent for the Murabaha facility with GIB and FEB as joint participants in the financing. MIC is an oil and gas drilling services unit launched by Bahrain-based Islamic investment firm First Energy Bank (FEB) and incorporated in the Cayman Islands. The company will use the proceeds to partially finance its first rig MENAdrill I, which has been in operation in the Gulf of Mexico since May 2011 under a contract with Mexican state-owned oil and gas company PEMEX. |
Bahrain Middle East Bank made a USD 13mn full repayment of a loan obligation including a USD 1.4mn interest payment taking total repayments by the troubled lender to USD 43mn, the bank said in ... more
National Bank of Abu Dhabi (NBAD), the UAE's largest lender by market value, initiated a USD 17mn fifteen-year Uridashi bond, MENA's first ever, allowing the bank to directly access Japanese ... more
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