Dubai Neighbor Sharjah Seeks Debut Yuan Loan as China Ties Grow

A local government from the United Arab Emirates is close to securing its first-ever Chinese yuan-denominated syndicated loan, as Middle Eastern entities increasingly turn to Asian banks for funding.

The Government of Sharjah’s Finance Department is in the market for a Chinese yuan-denominated syndicated loan of as much as $400 million-equivalent, according to people familiar with the matter. The facility comes amid the borrower’s second panda bond offering of 2 billion yuan.