Qatar National Bank has secured a $2.5 billion syndicated loan led mainly by Asian lenders, according to people familiar with the matter, signaling continued appetite to finance Gulf borrowers despite the regional war.
The five-year facility was increased from an initial $2 billion and drew interest from more than 20 lenders, the people said, asking not to be identified discussing private information. QNB is the Middle East’s biggest lender with about $395 billion in assets.
DBS Bank Ltd., HSBC Holdings Plc, Industrial and Commercial Bank of China Ltd., Mizuho Bank and Standard Chartered Plc are the mandated lead arrangers and bookrunners, Bloomberg News has previously reported. The loan is priced at 75 basis points over the Secured Overnight Financing Rate, with proceeds earmarked to refinance a $2 billion three-year facility signed in October 2023.
Representatives for QNB declined to comment.
The financing comes days after state-backed QatarEnergy secured a $3 billion loan from Chinese banks, indicating Asian lenders are returning to the Gulf after an initial pullback amid the war.
Read More: Asian Banks Cautiously Restart Gulf Lending Despite Iran Risks
The Middle East had been seen by many Asian lenders as a key growth market for 2026 before the conflict prompted them to reassess their exposure. Syndicated loan volumes to the Gulf Cooperation Council, which includes Qatar, have fallen to about $82 billion so far this year, the lowest in five years, according to data compiled by Bloomberg.
Qatar’s role as an intermediary between in the US and Iran conflict hasn’t insulated it from attacks, and its main source of government revenue – LNG exports – have been severely disrupted by the war.
An Iranian strike in March disabled roughly 17% of the country’s export capacity, causing about $20 billion in damage that could take at least three years to repair. Shipments have partially resumed, but remain well below earlier levels as security concerns continue to constrain traffic through the Strait of Hormuz.
Beyond syndicated loans, Qatari state-linked issuers have raised billions through private and public bond markets since the conflict began in late February. The government and QNB have raised $6 billion and $3.4 billion respectively through various issuances and QatarEnergy placed a $3.5 billion bond in June, according to data compiled by Bloomberg.