Dubai Aluminium (Dubal) has raised a $1.8bn seven-year syndicated corporate loan to help fund its investment plans.

The firm is a wholly-owned subsidiary of Emirates Global Aluminium.

The facility was fully underwritten by the US’ Citi bank, the local Emirates NBD and French bank Societe Generale.

A further 12 banks committed to the facility and the loan was said to be oversubscribed.

The participating banks in the loan are:

  • Abu Dhabi Commercial Bank
  • Commercial Bank of Dubai
  • Credit Agricole Corporate and Investment Bank
  • Export Development Canada
  • First Gulf Bank
  • Intesa Sanpaolo (Dubai branch)
  • National Bank of Abu Dhabi
  • Natixis
  • Samba Financial Group
  • Sumitomo Mitsui Banking Corporation
  • Bank of Tokyo-Mitsubishi UFJ
  • Union National Bank

Emirates Global Aluminium is a jointly held company created by shareholders Mubadala Development Company in Abu Dhabi and the Investment Corporation of Dubai.

Dubal owns and operates one of the largest aluminium smelters in the world, based in Jebel Ali.