Abu Dhabi-based company signs $420m deal
The Abu Dhabi-based company Zakher Marine International has signed a $420m deal through UAE-based banks to fund a new shipbuilding programme.
Abu Dhabi Islamic Bank was the sole bookrunner and initial mandated lead arranger on the syndicated loan. The facility was two-times oversubscribed with a number of banks joining the facility including Abu Dhabi Commercial Bank, Al-Hilal Bank, Mashreq, Ajman Bank, Arab Bank, National Bank of Fujairah and Noor Bank.
The funding will support the construction of 15 vessels through Quality Marine Services, one of Zakhers companies.
Abu Dhabi Islamic Bank has a particular focus on supporting the shipping industry after it set up a specialised financing unit last year to focus on structured shipping, marine and other asset finance classes.
You might also like...
TotalEnergies to acquire remaining 50% SapuraOMV stake
26 April 2024
Hyundai E&C breaks ground on Jafurah gas project
26 April 2024
Abu Dhabi signs air taxi deals
26 April 2024
Spanish developer to invest in Saudi housing
26 April 2024
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.