National Bank arranges $245m loan for Fujairah port expansion

08 September 2008
National Bank of Fujairah (NBF) has arranged a AED900m ($245m) syndicated loan for the expansion of the Port of Fujairah.

NBF acted as initial lead arranger on the facility and underwrote the deal with Commercial Bank of Dubai. The deal was oversubscribed during syndication and increased in size as a result.

Another 13 banks joined the syndicate, including Abu Dhabi Commercial Bank, Arab Bank, Bank Muscat, Lloyds TSB, Union National Bank and First Gulf Bank.

This is the first time the port has raised debt to finance its activities. In the past it has relied on its internal cash flow to fund expansion since being established in 1984. The port is wholly owned by the government.

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