Business | Banking
Al Jaber Group closes $400 million dual-currency Ijara financing facility
Al Jaber Group, one of the leading business groups in the UAE with combined revenues of over $2.billion, announced on Saturday that it has successfully closed a $400 million (Dh1.47 billion) syndicated bank facility, which will support the ongoing growth of the group including the purchase of machinery and equipment.
- Staff Report
- Published: 15:59 April 19, 2008
Dubai: Al Jaber Group, one of the leading business groups in the UAE with combined revenues of over $2.billion, announced on Saturday that it has successfully closed a $400 million (Dh1.47 billion) syndicated bank facility, which will support the ongoing growth of the group including the purchase of machinery and equipment.
This five-year facility has been provided under a Sharia-compliant Ijara structure. BNP Paribas, Dubai Islamic Bank (through its investment banking arm, Millennium Capital Limited) First Gulf Bank, and National Bank of Abu Dhabi served as the underwriters and bookrunners for the transaction, which has been priced in both US dollar and UAE dirham.
The transaction attracted strong support from the market and is being provided by a regional and international syndicate of 11 banks. Demand was especially strong from the company's Middle Eastern, European and Asian investor base.
“The successful closure of this internationally backed facility provides us with increased flexibility to fund our ongoing organic growth, and we are grateful to all the participating banks for their support,'' said Obeid Al Jaber, Chairman, Al Jaber Group.
“Nearly four decades after the company was founded, we remain focused on the future, and this transaction will help ensure that we continue to expand and explore new horizons,'' he added.
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