Emirates National Oil Company honored with deal of the year, best syndicated loan awards

The Emirates National Oil Company (ENOC) was recently awarded Deal of the Year in the corporate finance category in Dubai by the Islamic Finance News and 2015 Best Syndicated Loan in the Middle East at the EMEA Finance awards.

The ENOC won Deal of the Year award for its nine-year, $1.5 billion dual currency syndicated debt transaction completed last year. The deal involved two tranches, or currency, which were conventional and Islamic. Numerous financial establishments, including Dubai Islamic Bank, Abu Dhabi Islamic Bank, Noor Bank, Mashreq Bank, Emirates NBD, Commercial Bank of Dubai and Standard Chartered, were involved in underwriting the deal. 

"Through expansions into the upstream sector, the development of our marketing business among numerous other milestones, 2015 was a remarkable year for ENOC," ENOC Chief Financial Officer Petri Pentti  said.

Dubai is currently in the process of making itself a hub for aviation, retail, hospitality, real estate and financial services, as well as many other sectors, Pentti said. With the demand for energy increasing, the ENOC has developed deals like the 2015 loan facility to reach its goals, he said.