9.42 PM Sunday, 3 December 2023
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 05:26 06:45 12:11 15:10 17:32 18:50
03 December 2023

FGB to raise $323m for Mubadala's Paris Sorbonne University project

FGB will act as the mandated lead arranger providing 25 per cent of the total project value. (CRAIG SCARR)

By Wam
First Gulf Bank (FGB) has signed, along with five other leading regional and international banks, a $323 million (Dh1.18bn) syndicated loan with Mubadala Development Company (Mubadala).

The 20-year loan will be used to finance the new campus of Paris Sorbonne University, Abu Dhabi.

FGB will act as the mandated lead arranger providing 25 per cent of the total project value, as well as the Onshore Security Agent and the Onshore Accounts Bank.

"The President His Highness Sheikh Khalifa bin Zayed Al Nahyan and General Sheikh Mohammad bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, have urged the partnership of the private and public sectors in many initiatives now being implemented to position Abu Dhabi as a global hub for business, tourism and education, as well as increase the international standing of the UAE capital. FGB is committed to expressing its support and is pleased to being a part of such initiatives," said FGB Managing Director Abdulhamid Saeed.

"FGB continues to take impressive strides to ensure its status as a fully fledged financial institution delivering world class financial services and products to our clients. Partnering with Mubadala for this prestigious project is yet another milestone," said FGB Chief Executive Officer Andr Sayegh.

Joining First Gulf Bank as mandated lead arrangers are Bank of Tokyo-Mitsubishi UFJ Ltd, BNP Paribas, Calyon which is the Facility Agent and Offshore Security Agent, Royal Bank of Scotland and Sumitomo Mitsui Banking Corporation.