UAE's Tabreed gets $68 million bank loan
ABU DHABI, (Reuters) - UAE's Tabreed signed a deal with several banks on Wednesday, May 23, for a 250-million dirham ($68 million) loan to finance refrigeration projects, the United Arab Emirates news agency WAM reported.
It said Union National Bank (UNB) and Dubai Islamic Bank led several banks arranging the credit, half of it offered under Islamic banking terms which ban the payment of interest.
WAM did not give interest figures for the loan.
The credit will help finance projects to be carried out by Tabreed for the UAE armed forces, and other projects in the emirates of Dubai, Ras al-Khaimah and Sharjah and the city of al-Ain in Abu Dhabi emirate, the agency said.
Tabreed, a joint stock company listed on the Dubai Financial Market, has been building a central cooling system for Zaid Military City in Abu Dhabi under a $409 million contract to build, operate and maintain the facility.
UNB is listed on the Abu Dhabi Securities Market.
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