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Arab Banking Corp inks $35.8m Kanoo deal

Manama, July 5, 2010

Bahrain-based Arab Banking Corporation (ABC) signed a $35.8 million loan deal with Yusuf bin Ahmed Kanoo Group of Companies for the financing of the Kanoo Tower in the Diplomatic Area of Manama.

This is in line with an MoU signed between the two last year.

'This signing reinforces the role played by financial institutions like ours in Bahrain in supporting and financing large corporates. It also displays our confidence in the future of the kingdom's economy,” said Sael Al Waary, group chief operating officer.

Saud Kanoo, deputy chairman property company - YBA Kanoo, said: 'We welcome this partnership between two large corporations - ABC and Kanoo - that have for decades been a driving force in Bahrain's economy.'

Arab Banking Corporation, known as ABC, is an international universal bank headquartered in Manama, with a network spread across 22 countries in the Mena, Europe, the Americas and Asia. Founded in 1980, it is listed on the Bahrain stock exchange.

The Kanoo Group of Companies is one of the largest independent, family owned group of companies in the Gulf. It was established in Bahrain in 1890 by Haji Yusuf Bin Ahmed Kanoo. – TradeArabia News Service




Tags: Bahrain | ABC | loan | Arab Banking | Kanoo Tower |

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