Banks have agreed in principle to Saudi Binladin Group’s (SBG) request for a two-year extension on a SAR10bn (USD2.7bn) Islamic facility used to pay for delayed building work at the Grand Mosque in Mecca. SBG has asked a syndicate of banks for the credit to be extended beyond its maturity at the end of 2017 to the end of 2019. According to a source the deal will be financially rewarding for the creditors as SBG will continue to pay interest throughout the period of the extension. The loan will now have a similar timeframe for the completion of the mosque project, which has been delayed to allow the Saudi government to defer some of its spending plans. Dubai Islamic Bank was the lead bank on the facility, with the other banks including Emirates NBD and Noor Bank. Ajman Bank, Union National Bank and Mashreq were also reportedly involved. (Reuters)   Du. Isl. Bank: AED6.20 as of 9 Feb, Rating: Neutral, TP: AED5.60/share, MCap: USD8,349mn, DIB UH/DISB.DU Emirates NBD: AED8.65 as of 9 Feb, Rating: Buy, TP: AED9.80/share, MCap: USD13,100mn, EMIRATES UH/ENBD.DU Union Natl. Bank: AED4.40 as of 9 Feb., Rating: Neutral, TP: AED4.50/share, MCap: USD3,299mn, UNB UH/UNB.AD