Facebook loan arranger4/3/2024 A series of oil production cuts and lower prices may lead the kingdom’s economy to contract this year. Saudi Arabia is in talks to raise the funds after its budget deficit widened in the second quarter as the government raised spending on social benefits and projects meant to diversify its economy. ICBC has this year jumped seven spots to eleventh in a table of bookrunners for Middle East loans, while BOC climbed four spots to 13th place, the data shows. The rankings of major Chinese banks such as Bank of China and ICBC have risen in league tables of loan arrangers every year since the pandemic, according to the data. It also highlights the increasing use of Chinese lenders in the Middle East. A representative for ICBC wasn’t immediately available to comment.Ī deal by the kingdom would boost EMEA’s syndicated loan market, which has suffered a 27% drop year-to-date, according to Bloomberg data. Many key bodies investing in Vision 2030 projects, including the Public Investment Fund and its subsidiaries developing the new city of Neom, have already borrowed tens of billions of dollars.Ī representative for the Ministry of Finance didn’t immediately respond to requests for comment outside of office hours on Friday. While part of that will be funded by oil revenue, the government also needs to attract foreign investment and borrow. It’s not immediately clear what the loan will be used for, although the kingdom has a slew of projects in the pipeline as part of a diversification drive championed by Crown Prince Mohammed bin Salman. They play one of these roles (in descending order of importance) depending on their financial contribution.ICBC, as the Chinese lender is known, has invited other banks to participate in the loan and has asked interested parties to respond before mid-October, the people said.
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