A syndicate of regional and international banks led by Bahrain-based Gulf International Bank (GIB) signed a $600 million Murabaha financing facility for a tenure of one year with Qatar-based Barwa Real Estate Company (BREC) with an option for BREC to have the loan extended annually for two years. The facility was initially launched at $500 million. Due to a very positive market, the deal was oversubscribed with commitments of $725 million being received. BREC has decided to retain a part of the oversubscription by increasing the size of the loan to $600 million, according to a press statement published today.
