Monday 21 January 2019

UNB, Ducab review progress on financing

DUBAI, September 27, 2016

Senior officials from Union National Bank (UNB) visited Ducab senior management and facilities to review progress on the Dh350 million ($95 million) loaned to Ducab group under a long-standing Islamic financing partnership.

 Financial commitments from UNB have been to Dubai Cable (Ducab), Ducab HV, and the upcoming Ducab Aluminium Company.

Officials from both companies met at Ducab’s Jebel Ali plant, and the meeting was officiated by Mohammad Nasr Abdeen CEO, UNB, and Andrew Shaw, managing director, Ducab.

“We are proud to be Islamic Financing partners to Ducab’s strategic investments, which will further elevate the position of the UAE as a regional manufacturing powerhouse. A company with the legacy and breadth of Ducab is an asset to the regional and global industry, and we are happy to work closely with them and to help structure their growth plans,” said Abdeen.

 “Through our products, our R&D, and even our financial structuring, we focus on safety and value for all our partners. UNB is a key partner that has truly understood our vision and is willing to back our growth and expansion plans. Ducab have made it a priority to secure competitive Islamic Financing wherever possible and we are delighted to be working with UNB who have customised their solution for our needs,” said Shaw. – TradeArabia News Service

Tags: Islamic Finance | loan | Ducab | UNB |

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