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| ADIB inks Emirates Steel finance deal - 07 Sep, 2010 | ||
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Abu Dhabi Islamic Bank has arranged AED 4 billion Islamic finance facility the largest project finance deal in the UAE for Emirates Steel Industries to help its expansion project. ADIB said that it had anchored the facility with an AED 920 million funding the largest participation. The steel giant had sought the facility to expand its production capacity and diversify its product offering as part of a strategic plan to become one of the largest integrated steel manufacturers in the region in line with Abu Dhabi’s vision 2030. ESI has an output capacity of 2 million tonnes per annum which is expected to reach 3 million tonnes in 2011 as part of its ambitious expansion plan. A top official said that ADIB played a pivotal role in the facility acting as Islamic Arranger and Islamic Documentation and Coordinating Bank in addition to the Islamic Facility Agent. Mr Tirad Mahmoud CEO of ADIB said that with this deal, ADIB has acted on its mandate to contribute to the UAE’s growth and development by ensuring that the financing needs of UAE corporations and other entities are met. Mr Mahmoud said that there are various reasons this is a very important deal for the UAE, the key one being that it is for the expansion of a strategic project of national importance. It will create additional employment opportunities and revenue sources for the UAE. In addition, this deal signals that the financing environment in Abu Dhabi is improving and could grow this year. He said that this also shows ADIB’s unique capabilities to structure and arrange large and complex financing for major projects such as Emirates Steel Industries’ expansion with co participation of Islamic and Conventional financiers to achieve an optimal outcome for the client. Mr Stephen Pope CFO of Emirates Steel Industries said that "ADIB impressed us with their innovation and flexibility in structuring this large financing agreement. They were initially chosen due to their robust financial strength, commitment and experience in customizing financing for many UAE companies." He said that we are pleased to note that their efforts and capabilities that involved structuring this complex agreement with eight other banks in a dual-tranche Islamic and Conventional Facility have justified our confidence in them. (Sourced from Trade Arabia) | ||
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