Business | Banking

ADCB okays Dh800m credit to Gulf Capital

Abu Dhabi Commercial Bank (ADCB) has approved a medium term revolving credit facility of Dh800 million to Gulf Capital, a leading private equity firm in the Gulf, to help fund its growing pipeline of private equity transactions.

  • Staff Report
  • Published: 00:02 May 26, 2008
  • Gulf News

Dubai: Abu Dhabi Commercial Bank (ADCB) has approved a medium term revolving credit facility of Dh800 million to Gulf Capital, a leading private equity firm in the Gulf, to help fund its growing pipeline of private equity transactions.

Gulf Capital is a leading alternative asset manager focused primarily on private equity investments and buyouts in the Gulf Cooperation Council (GCC).

It is one of the highest capitalised investment companies in the UAE with an initial paid-up capital of $330 million.

Gulf Capital has a widely diversified shareholding base comprising over 250 of the most prestigious institutional and individual shareholders in the Gulf region. With a view to enhancing returns on its shareholder equity, Gulf Capital has sought funding to leverage its current debt-free balance sheet.

ADCB chief executive Eirvin Knox said, "The bank won the transaction amidst competition from multinational banks. ADCB had enjoyed a strong relationship with Gulf Capital since its inception two years ago and this helped us to achieve a better understanding of the client's needs and the risks associated with the transaction."

Gulf Capital CEO Dr Karim Al Solh said, "The speed of response of ADCB and the innovation and flexibility embedded in the current acquisition financing facility made ADCB the clear choice for Gulf Capital. The medium-term revolving structure permits us to draw down the loan facility when we find suitable investments and allows us to boost Gulf Capital's overall return on equity."

  • Rate this article
  • Average reader rating (0 votes) 0 Stars
Tools

Emailing an article to friend is a simple way to share a news item. Your friend will receive an email with your name and email address as well any personal message you choose to send.

The information you provide on this page will not be used to send unsolicited emails.

This service is not intended to encourage spam, and action may be taken against individuals who maliciously enter personal details of another individual.

Share this article

More from Banking

  1. HSBC underlying profits up sharply

  2. Laws are drawn from best practices

  3. DIFC committed to high standards

  4. Abu Dhabi Finance extends loan facility in RAK

All articles in Banking

More from Business

Gulf News
Popular in Business
Way to go this DSF
XPRESS

Way to go this DSF

A fun-filled route to guide you to all the happening dos in town

Business Editor's choice