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Mumtalakat secures $250m loan

Bahrain Mumtalakat Holding has secured a $250m revolving credit facility from a group of local and regional banks, Gulf Daily News has reported. Proceeds from the facility have been utilised to repay the remainder of an existing $500m syndicated facility, which matured at the end of last month. "The new revolving credit facility is part of Mumtalakat's overall financing and funding strategy, which utilises a balanced mix of local, regional and international banks, as well as key pools of liquidity in global capital markets," said Mumtalakat chief executive, Mahmood Al Kooheji.