UAE banks award $50 million to Sudanese automaker Giad
The United Arab Emirates (UAE)’ National Bank of Abu Dhabi and the Dubai Islamic Bank will award Sudan’s Giad Automotive Industry Company 185 million Emirati dirhams ($50 million) for production expansion. French and Spanish banks have also contributed funds to the state-owned car manufacturer, which is located in the Giad Industrial City.
Giad Automotive Industry Company assembles vehicles for Man, Nissan, Hyundai, Massey Fergusson and Renault and exports them to African markets. Its plant produces heavy and medium trucks, pick ups, light trucks, tractors and agricultural equipment.
Giad Industrial City is the biggest industrial complex in Sudan. The industrial zone produces metallics, automotives and provides administrative services. — (menareport.com)
© 2002 Mena Report (www.menareport.com)