Sohar International successfully concludes $100mn syndication
EU states spent over $364bn on R&D in 2019
Member states of the European Union (EU) spent over 364.7bn on research and development (R&D) in 2019, according to data released on Friday.
The R&D expenditure to GDP ratio – known as R&D intensity – was 2.19 per cent in 2019, compared with 2.18 per cent in 2018, according to a report by Eurostat.
‘With respect to other major economies, R&D intensity in the EU was much lower than in South Korea (4.52 per cent in 2018), Japan (3.28 per cent in 2018) and the US (2.82 per cent in
2018), while it was at about the same level as in China (2.06 per cent in 2018),’ the report said.
Among EU states, the highest R&D intensity was seen in Sweden at 3.39 per cent, ahead of Austria and Germany at 3.19 per cent and 3.17 per cent, respectively.
Digital trade conference starts in China’s Wuhan
An international digital trade conference started on Saturday in central China’s Wuhan city to discuss innovation and development in the digital trade sector.
The 2020 Global Digital Trade Conference, the largest and the most comprehensive economic and trade event for Wuhan since the pandemic, has attracted envoys from 37 countries and representatives from hundreds of enterprises.
“The event will contribute to improving Wuhan’s business circulation advantages and accelerating the development of its digital trade industry,” said Lu Yong, vice chairman of the All-China Federation of Industry and Commerce.
Muscat - Sohar International has recently concluded a US$100mn syndication, which is considered a landmark transaction for the bank as it defied the odds of depressed market conditions, tight global liquidity, and a reduced market appetite, cementing the bank as a leading local bank by leveraging on its financial relationships with partner banks, locally, regionally, and internationally, to close a successful funding proposition at competitive pricing and favourable terms.
With this regard, Sohar International had mandated United Arab Emirates based Mashreqbank PSC, on its behalf, to lead and arrange the syndication, according to a press release.
Commenting on concluding the syndication, Ahmed al Musalmi, chief executive officer of Sohar International, said, “The new funding is a part of our concerted efforts to extend financing solutions for general corporate purposes. We are pleased to partner with Mashreqbank PSC in arranging this facility in order to pave the way for a broader range of future partnerships, with a diverse set of lenders. The fact that the syndicated facility has been closed during unprecedented economically challenging times, is testament to the reputation we have in the market and the strong relations with banks in the region as well as across the globe.”
The successful closure of the syndicated loan reflects the confidence of international banks in the sultanate and Sohar
International as a local leading financial institution. The syndication further provides an opportunity for the bank to diversify its funding sources across different currencies and create a window for entry into partnerships across the world.
Syndicated loans offer flexibility in structure and pricing. Borrowers have a variety of options in shaping their syndicated loan, including multi-currency options. Sohar International has created a unique position for itself in the syndication market by having successfully closed significant and complete deals considered large in scale.
With the vision to become a world-class Omani services company that helps customers, community and people to prosper and grow, Sohar International operates with a purpose to help people ‘win’ by delivering responsive banking for their ever-changing world, complementing their growth and prosperity with international standard service delivery.