{"id":93388,"date":"2024-07-01T00:00:00","date_gmt":"2024-07-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adnoc-and-local-uae-banks-in-the-spotlight\/"},"modified":"2024-07-01T00:00:00","modified_gmt":"2024-07-01T00:00:00","slug":"adnoc-and-local-uae-banks-in-the-spotlight","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/07\/01\/adnoc-and-local-uae-banks-in-the-spotlight\/","title":{"rendered":"Adnoc and local UAE banks in the spotlight"},"content":{"rendered":"

Adnoc\u2019s transformation from a \u201csleepy state company\u201d to a global energy giant with USD <\/strong>150 bn budget got a lengthy feature<\/strong> in Bloomberg<\/a> after the firm revised upwards its offer for German chemical company Covestro<\/a>, following lengthy negotiations. The transaction, if closed, would cement Adnoc\u2019s credibility as an investor and provide impetus for more cross-border transactions, sources told the business information service.<\/p>\n

Also gaining more and more credibility: local banks.<\/strong> With \u201cample liquidity on their balance sheets,\u201d local banks are stepping up their involvement in financing local transactions in the Middle East, S&P analyst Puneet Tuli told Bloomberg<\/a>. Local lenders are offering competitive terms that rival those of global financial giants \u2014 in addition to leveraging close ties with local businesses.<\/p>\n

The most recent example: <\/strong>Four Emirati lenders \u2014 our friends at Mashreq and First Abu Dhabi Bank, as well as Abu Dhabi Commercial Bank and Dubai Islamic Bank, according to Bloomberg \u2014 took the leading role in financing a USD 3.25 bn loan<\/a> for Gems Education, facilitating asset manager Brookefield\u2019s acquisition of a majority stake in the Dubai-based school operator. <\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS: Local banks are stepping up their involvement in financing local transactions in the Middle East<\/p>\n","protected":false},"author":1,"featured_media":93389,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1551],"tags":[1306,57,159,7,65,288,41],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-93388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uae-in-the-news","tag-abu-dhabi-national-oil-company","tag-adnoc","tag-banking","tag-enterpriseam-uae","tag-first-abu-dhabi-bank","tag-mashreq","tag-uae-in-the-news","wpautop","entry"],"acf":{"mongo_id":"5989200d-5728-4196-a6b9-b58eb3a72695","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/163.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Adnoc and local UAE banks in the spotlight","related_issue":[93374],"teaser":"PLUS: Local banks are stepping up their involvement in financing local transactions in the Middle East","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.f6c7b241-630c-4f6c-a179-2c7e91b2848e.mp3"},"yoast_head":"\nAdnoc and local UAE banks in the spotlight - 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