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.
- Frozen: Arab Spring economies barely trading with one another
- China-Pakistan economic corridor: a game-changer for the Middle East?
- Suspended tax transfers pushed Palestinian economy to the brink
- Egypt passed the economic conference with flying colours, but what's next?
- Why the GCC really needs a VAT tax
- ADIB leads Islamic tranche of the AED 4.0 Billion project finance facility for Emirates Steel Industries expansion project
- al hilal bank term arranger in Emirates Steel US$1.1bn project finance deal
- General Holding Corporation and Emirates Steel secure us$2.2 billion financing to cover Emirates Steel’s expansion projects
- Emirates Islamic Bank leads US$30.5 million syndicated financing agreement for Iranian steel firm