Citibank UAE signs Dh734 million loan facility with Dubal
Citibank United Arab Emirates (UAE), a member of Citigroup, has signed a term loan facility with Dubal for 734 million Emirati dirhams ($200 million), to support its Kestrel upgrade project.
Besides securing the largest share of the loan arrangements for the Kestrel project, Citibank UAE is also involved in an electronic payment system, for making supplier payments through their system which is integrated with Dubal’s ERP system.
Global financial services company Citigroup, with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management.
Major brand names under Citigroup’s trademark include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers.
State-owned Dubal commenced operations in October 1979. The plant is built on a 480-hectare site, approximately 35 kilometers South of Dubai in the United Arab Emirates. Dubal operates one of the largest and lowest cost primary aluminum smelters in the world. At present Dubal produces about 536,000 tons a year of primary aluminum. — (menareport.com) — (menareport.com)
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