7.10 PM Sunday, 14 April 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:38 05:54 12:22 15:49 18:44 20:01
14 April 2024

Shuaa unit raises Dh500 million loan

By Reuters

Gulf Finance Corporation (GFC), a unit of Shuaa Capital, has raised a Dh500 million ($136.1 million) loan which will be used to fund its growth in the UAE and Saudi Arabia, it said in a statement on Tuesday.

The new 42-month facility was funded by Abu Dhabi Commercial Bank, National Bank of Oman, United Arab Bank, National Bank of Fujairah, Blom Bank France and Bank of Baroda, the statement said, without revealing the pricing of the transaction.

The facility "provides a stable long term source of funding for Gulf Finance to meet its objectives", said Sheikh Maktoum Hasher Al Maktoum, chairman of GFC.

The firm, which finances small and medium-sized businesses, said the facility included an unfunded Dh50 million standby letter of credit.