Warba arranges $155m loan for UAE oil firm
Kuwait, July 7, 2014
Kuwait-based Warba Bank has arranged for a $155 million syndicated financing facility for a leading oil services company in UAE.
The bank took park with a stake of $25 million in this transaction along with Noor Bank and Qatar Islamic Bank, said a statement.
The obligor oilfield service company serves entire Mena region, offering a complete range of oilfield services and has appropriate infrastructure to cater to multi-national oil and gas exploration and drilling companies (MNOCs).
It has also concluded a number of acquisitions to create foray in other regional and international markets and is actively in pursuit of penetrating the Saudi Arabian market in due course.
The syndicated financing facility agreements were signed in Dubai at an event attended by the CEO of the company, the deputy CEO – Investment and Treasury of Warba Bank, CEO of Noor Bank and wholesale banking GM of Qatar Islamic Bank.
Shaheen Al Ghanem, deputy CEO of Warba Bank, said: “We are indeed very excited about this transaction; this is one of the many deals that Warba expects to bring to the market in this calendar year. We very much value our strategic relationship with Noor Bank and Qatar Islamic Bank, pre-eminent leaders in the regional financial markets." - TradeArabia News Service