First Gulf Bank signs $323m deal with Mubadala

Dubai: First Gulf bank (FGB) has signed along with five other leading regional and international banks a $323 million (Dh1.18 billion) syndicated loan with Mubadala Development Company (Mubadala).

The 20-year loan will be used to finance the new campus of Paris Sorbonne University Abu Dhabi. FGB will act as the mandated lead arranger providing 25 per cent of the total project value, as well as the Onshore Security Agent and the Onshore Accounts Bank.

Joining First Gulf Bank as mandated lead arrangers are Bank of Tokyo-Mitsubishi UFJ Ltd, BNP Paribas, Calyon which is the Facility Agent and Offshore Security Agent, Royal Bank of Scotland and Sumitomo Mitsui Banking Corporation.

"His Highness Shaikh Khalifa Bin Zayed Al Nahyan, President of the UAE, and General Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, have urged the partnership of the private and public sectors in many initiatives now being implemented to position Abu Dhabi as a global hub for business, tourism and education, as well as increase the international standing of the UAE capital," said Abdul Hamid Saeed, FGB's managing director.