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United Arab Emirates : AED1.4BN CREDIT AGREEMENT secured by ARKAN
Publish Date : 23-Jun-2012
Arkan, the UAE-based construction materials provider announced that it has been awarded an AED1.4bn (US$380m) credit agreement to refinance its existing debt.
Emirates NBD, First Gulf Bank and Union National Bank provided the 78-month term loan. The funds will be used to fund a pipeline of new projects in the Gulf state, added the company.
The credit line will “generate significant savings in interest cost over the repayment period,†added Arkan.
The Abu Dhabi-based firm also announced that is planning to launch three new business units over the period of next three years.
Al Ain Cement Factory, Arkan Lime Plan and Arkan Dry Mortar are the current pipeline of projects of Arkan.
