Al Jaber Group mandates Emirates Bank to arrange a USD 400 million syndication
Al Jaber Group has signed an agreement mandating Emirates Bank to raise a USD 400 million syndicated 5-year term loan.
Sunday, September 03 – 2006 — The loan proceeds would be used primarily to restructure existing short-term debt of the group and to support its growth.
Al Jaber Group is one of the largest diversified groups of companies in the UAE, established in 1970, with significant construction, logistics, manufacturing and trading capabilities. It specializes in EPC contracting, road construction & earth works, construction of residential and commercial complexes, transportation, heavy lifting, and shipping.
Mr. Mohamed Obaid Al Jaber, Group Financial Director of Al Jaber Group said,
‘We are delighted to announce that we have mandated Emirates Bank to raise a USD 400 million syndicated loan. This mandate reflects our confidence in Emirates Bank and the loan will strengthen our ability to meet the ever-increasing expansion of our activities as a result of the confidence given to us by our clients over the years’.
Al Jaber Group manufactures aluminum extrusions and composite panels, steel rebar coating, traffic signs, trailers, steel structures, iron castings, filters and concrete. The group activities cater to all sectors including the oil and gas, and the group is a market leader in most of the areas in which it operates.
Mr. Abdul Wahid Al Fahim, General Manager Corporate Banking at Emirates Bank said, ‘We are very pleased to be mandated for this financing. We are strategically positioning Emirates Bank to lead arrange numerous syndications and widen the scope of offering to corporate clientele. Our dedicated Structured Finance & Syndications Division has been set up to focus our efforts in this direction. We have fully underwritten this transaction which reflects our commitment to Al Jaber Group’.