Mubadala in talks with banks on $2bn syndicated loan deal

The loan will be one of the first for a Gulf-based company since Dubai shocked world markets requesting a standstill on Dubai World's $26bn of debt.

LONDON // Mubadala Development, the strategic investment arm of the Abu Dhabi Government, is in talks with banks to refinance a US$2 billion (Dh7.34bn) syndicated loan that matures in April, banking sources close to the deal say. The loan will be one of the first for a Gulf-based company since Dubai shocked world markets on November 25 when it requested a standstill on $26bn of debt owed by the state-owned conglomerate Dubai World.

Mubadala is 100 per cent Government-owned and can call on its close relationship with banks to agree a new deal, the bankers said. "Mubadala is doing the rounds and looking for a refinancing plus a potential increase - it will be largely self-arranged, with Mubadala dictating pricing," one of the bankers said. Talks are centred around the issue of pricing, which will set a new benchmark for syndicated loans in the Gulf region, another banker said.

The original deal was a $2bn, three-year club loan signed in April 2007 with 21 banks involved. It paid a margin of 17.5 basis points over the London interbank offered rate, Reuters data show. * Reuters

Indian construction workers stranded in Ajman with unpaid dues
Indian construction workers stranded in Ajman with unpaid dues
Indian construction workers stranded in Ajman with unpaid dues
Indian construction workers stranded in Ajman with unpaid dues
Indian construction workers stranded in Ajman with unpaid dues
Indian construction workers stranded in Ajman with unpaid dues
Indian construction workers stranded in Ajman with unpaid dues
Indian construction workers stranded in Ajman with unpaid dues
Indian construction workers stranded in Ajman with unpaid dues
Indian construction workers stranded in Ajman with unpaid dues
Indian construction workers stranded in Ajman with unpaid dues
Indian construction workers stranded in Ajman with unpaid dues
Indian construction workers stranded in Ajman with unpaid dues
Indian construction workers stranded in Ajman with unpaid dues
Indian construction workers stranded in Ajman with unpaid dues
Indian construction workers stranded in Ajman with unpaid dues

Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
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Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis

Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis

Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis

Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis

Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis

Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis

Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis

Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis

Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis

Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis

Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis

Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis

Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis

Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis

Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis

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Rafia Zakaria
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Rafia Zakaria
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Rafia Zakaria
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Veil (Object Lessons)
Rafia Zakaria
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Rafia Zakaria
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Rafia Zakaria
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Rafia Zakaria
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Rafia Zakaria
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Veil (Object Lessons)
Rafia Zakaria
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Veil (Object Lessons)
Rafia Zakaria
​​​​​​​Bloomsbury Academic

Veil (Object Lessons)
Rafia Zakaria
​​​​​​​Bloomsbury Academic