Saudi Binladin creditors have agreed to extend by two years a SAR4bn Islamic facility to pay for building work at the Grand Mosque in Mecca. The credit would be extended from the end of 2017 to the end of 2019. The loan will now have a similar timeframe to the completion of the mosque project, which has been delayed to allow the Saudi government to defer some spending plans. The facility will carry a profit rate of c7.5%. Dubai Islamic Bank was the lead bank on the facility, with the other banks mainly United Arab Emirates-based including Emirates NBD and Noor Bank.

Du. Isl. Bank (DU)   : AED5.54 as of 22 Mar. 2017, Rating: Neutral, TP: AED6.50/share, MCap: USD7,460mn, DIB UH/DISB.DU

Emirates NBD (DU): AED8.26 as of 22 Mar. 2017, Rating: Buy, TP: AED10.10/share, MCap: USD12,509mn, EMIRATES UH/ENBD.DU