Emirates Steel signs US$ 1.1 billion project financing agreement
Emirates Steel, the largest integrated steel producer in the UAE, yesterday signed a US$ 1.1 billion, seven-year project financing agreement with a consortium of seven conventional banks and two Islamic finance institutions. Emirates Steel is a subsidiary of the Abu Dhabi Basic Industries Corporation (ADBIC), which is wholly-owned by General Holding Corporation (GHC), an Abu Dhabi Government-owned company.
The project finance debt was raised through a US$ 367 million Islamic facility and a US$ 733 million conventional facility, each of seven-year tenor. The conventional banks consortium consists of the National Bank of Abu Dhabi, Union National Bank, First Gulf Bank, Bank of Baroda, Arab Banking Corporation, Al Khaliji France and Al Khalij Commercial Bank (Al Khaliji). The two Islamic finance institutions are the Abu Dhabi Islamic Bank and Al Hilal Bank. Natixis has acted as financial advisor and Denton Wilde Sapte as legal counsel on this transaction.
- What can the GCC learn from China's economic model?
- A blessing in disguise? The Lebanese respond to economic crunch with small cars
- Abu Dhabi as the Star Wars' set: the region's superstar?
- What will the effect of losing the World Cup be on Qatar? 'Very small' says study
- 'This is Lebanon': why water taps are drying out
- al hilal bank term arranger in Emirates Steel US$1.1bn project finance deal
- Financing package put together for Thuraya
- ADIB leads Islamic tranche of the AED 4.0 Billion project finance facility for Emirates Steel Industries expansion project
- UWEC receives $950 million from International consortium
- Emirates Islamic Bank leads US$30.5 million syndicated financing agreement for Iranian steel firm