Standard Chartered Bank on 2 July became the first bank to announce the signing of a bilateral financing deal with Dubai Aluminium (Dubal) for the proposed Kestrel expansion project and other works.
Standard Chartered announced that it had signed a 10-year, $150 million debt package.
It is understood that Dubal is aiming to raise up to $1,100 million through a string of bilateral arrangements with regional and international banks. Other banks interested in participating are thought to include the following: National Bank of Abu Dhabi, National Bank of Dubai, Barclays Capital, Citibank, Credit Agricole Indosuezand HSBC Investment Bank (MEED 28:6:02).
Bankers say Dubal issued invitations for banks to provide 10-year loans priced at 50 basis points over Libor. Standard Chartered has not revealed the margin on its loan.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.