Dubai: Dubai Aerospace Enterprise (DAE) announced on Monday that it has signed a US$300 million (Dh1.1 billion) four-year unsecured term loan with China Construction Bank DIFC Branch, and China Construction Bank (Asia) Corporation Limited.
The principal amount of the loan can be increased to $500 million.
The loan will support the future financing needs of the business.
Commenting on the announcement, Firoz Tarapore, chief executive officer of DAE, said, “We are delighted to start the new year 2020 with a meaningful and sizeable transaction with the DIFC branch of one of the world’s leading banking organisations. We look forward to deepening our relationship with CCB in the future.”
Yuan Shengrui, senior executive officer at China Construction Bank DIFC Branch said, “CCB DIFC Branch is delighted to have been given the opportunity to co-lead this successful transaction. It is a privilege to assist DAE in their financing requirements and we look forward to further collaborations in future.”
“This syndication is the first financing which CCB Group arranged for DAE, and we are pleased to have the opportunity to be involved with closing such a successful deal,” he added. “It demonstrates that DAE is a well-established borrower, which commands significant interest in both Asia and Middle East banking market. We look forward to continuously leveraging on CCB’s overseas network and resources to deepen our partnership with DAE and promote closer business collaboration in the future.”