Oman said to seek $2 billion bridge loan

Oman said to seek  $2 billion bridge loan
Oman is more vulnerable to oil price swings than neighbors. (Shutterstock)
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Updated 04 July 2020

Oman said to seek $2 billion bridge loan

Oman said to seek  $2 billion bridge loan

DUBAI: Oman is seeking a $2 billion bridge loan from international and regional banks, a source familiar with the matter said on Friday, confirming a report by LPC, a fixed income news service owned by Refinitiv.

The Gulf state was in talks with banks earlier this year about funding options, including a loan of about $2 billion, but discussions were put on hold due to the coronavirus crisis and plunging oil prices, sources previously said.

Discussions had now resumed, sources said on Friday.

Oman sent a request for proposals to banks in June for a $2 billion loan with a one-year maturity, which would be replaced by a bond issue, one source familiar with the matter said, confirming the LPC report.

Banks were expected to submit proposals this week, the source added.

A second source said that loan talks had resumed without giving details.

Oman’s Finance Ministry did not immediately respond to a Reuters request for comment. 

Oman, a relatively small crude producer and burdened by high levels of debt, is more vulnerable to oil price swings than most of its wealthier Gulf neighbors. 

It was downgraded in June by Moody’s further into junk territory to Ba3 from Ba2, with the ratings agency citing risks related to Oman’s financing needs and its diminishing buffers.


Saudi-Yemeni collaboration aims to support housing, education and employment sectors

Princess Lamia bint Majed and ambassador Mohammed bin Saeed Al-Jaber. (Supplied)
Princess Lamia bint Majed and ambassador Mohammed bin Saeed Al-Jaber. (Supplied)
Updated 24 min 16 sec ago

Saudi-Yemeni collaboration aims to support housing, education and employment sectors

Princess Lamia bint Majed and ambassador Mohammed bin Saeed Al-Jaber. (Supplied)
  • Initiative will offer more than 200 unemployed youth vocational training opportunities, while 1,600 new job opportunities will be created

RIYADH: The Saudi Development and Reconstruction Program for Yemen (SDRPY) has signed a number of agreements with Alwaleed Philanthropies, the charitable organization set up by Prince Alwaleed bin Talal Al-Saud, to address the housing and education needs of 4,860 Yemeni people.

The first memorandum of cooperation (MoC) is with UN-Habitat, represented by the program’s executive director Maimunah M. Sharif, to launch the Adequate Housing Project.

Coordinated with the Yemeni government, the housing project is restoring 600 housing units for low-income households in Aden and surrounding areas. The project is expected to directly benefit up to 4,200 people, as well as improving the general social and economic conditions of the surrounding neighbourhoods.

Moreover, the initiative will offer more than 200 unemployed youth vocational training opportunities, while 1,600 new job opportunities will be created during the project.

The second MoC is with Education for Employment (EFE) and will focus on a project entitled Building the Future for Yemeni Youth.

SDRPY’s Supervisor, Ambassador Mohammed bin Saeed Al-Jaber, said: “The initiatives are part of our efforts to assist the government in Yemen by restoring housing, offering placement programs, job training, and self-employment opportunities to youth, under the directives of King Salman and Crown Prince Mohammed bin Salman.”

Secretary General of Alwaleed Philanthropies Princess Lamia bint Majed Al Saud, said: “Adequate housing and proper job placements are vital in economic, social, and civic development. If addressed properly, a myriad of socio-economic benefits can be reaped and business opportunities will grow.”

She added: “Today’s agreements with the SDRPY, UN-Habitat and Education for Employment demonstrate our continuous efforts towards providing long-term solutions and achieving sustainable impact in a way that supports the most vulnerable segments of society. We are delighted to have partnered with institutions that share both our core values and ethos for creating real change within societies.”

Founded in 1980, Alwaleed Philanthropies has spent more than $4 billion in support of more than 1000 social initiatives in nearly 190 countries.