Banks are understood to have oversubscribed to the deal, opening the possibility of increasing the size of the financing.

The deal, which is being led by BNP Paribas, is structured as a three-year term loan. Kipco Asset Management Company (Kamco), focuses on local asset management and financial services, including brokerage, IPO advisory, and international fund management.

Kipco has investments in Burgan Bank, Gulf Insurance Company, United Gulf Bank and the Showtime television network in the UAE.