Arkan gets Dh1.04b syndicated term loan

Dubai: Union National Bank (UNB) led six local and regional banks in a Dh1.04 billion syndicated term loan deal for Arkan Building Materials Company to fund the construction of a fully integrated cement manufacturing complex in Al Ain.

UNB acted as the mandated lead arranger, facility agent and security agent for the project finance deal.

The six banks were: First Gulf Bank, National Bank of Abu Dhabi, Arab African International Bank, Doha Bank, National Bank of Dubai and Commercial Bank International.

Nasr Abdeen, chief executive of UNB, said: "We are committed to supporting the UAE's industrialisation process and are keen to provide finance assistance to projects that contribute to economic growth and diversification. We are delighted to support Arkan in their venture."

The cement factory is being constructed by China National Building Materials Company on a turnkey basis. The construction is expected to be completed by end 2009. It will have production capacity of 3.1 million tonnes per year of clinker and milling capacity of 4.5 million tonnes per year.