Noor Bank raises $175m loan for Emirates Motor Company - Emirates24|7

Noor Bank raises $175m loan for Emirates Motor Company

(Supplied)

Shariah-compliant Noor Bank has raised $175 million syndicated structured finance facility for the Abu Dhabi based Emirates Motor Company, (EMC), the distributor for Mercedes-Benz in Abu Dhabi and Al Ain, and a subsidiary of Al Fahim Group.

Noor Bank acted as the sole initial mandated lead arranger and bookrunner for the dual tranche structured finance facility.

Al Khalij Commercial Bank, ABC Islamic Bank and National Bank of Oman also participated in the facility.

Hussain Al Qemzi, CEO of Noor Bank, said the bank has closed over $15 billion worth of syndications and capital market mandates in the past 12 months.

Ahmed Al Fahim, Chairman of Al Fahim Group, said, the bank achieved all the financing objectives of the company including pricing, structure and the distribution diversity.

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