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23 February 2024

Dar Al Hai pays back Dh320m Marubeni debt

By Staff Writer

Jordan-based Dar Al Hai for General Trading and Investment said it had paid back the more than eight billion Japanese yen (Dh319.5m) credit facility extended by Japan's Marubeni Corporation in 2008.

Dar Al Hai had got the loan for the purpose of boosting the regional sales of Japanese heavy machinery.

Mustafa Odeh, Chairman and CEO of Dar Al Hai, said: "Dar Al Hai is one of the few companies in the region that can receive such a large volume of credit facility from a Japanese trading house – for a company to receive credit facilities from Japanese trading houses it has to meet stringent financial and business performance requirements."

Odeh added: "The fact that Dar Al Hai's annual financial reports since 2005 are audited by Ernst & Young was one of the factors that assisted Dar Al Hai to enjoy high credibility with Japanese trading houses."

Odeh said utilising credit facilities from Japanese trading houses has been part of Dar Al Hai's strategy to diversify.