based Al-Jaber Group has successfully closed a $400 million (AED1.47 billion) syndicated bank facility for its expansion plans, including the purchase of machinery and equipment. In a statement on Saturday the company said the five-year facility has been provided under a Shariah-compliant Ijara structure. BNP Paribas, Dubai Islamic Bank (through its investment banking arm, Millennium Capital Limited), First Gulf Bank, and National Bank of Abu Dhabi served as the underwriters and bookrunners for the transaction, which has been priced in both US dollars and UAE dirhams. The transaction attracted strong support from the market and is being provided by a regional and international syndicate of 11 banks, confirming the strength of Al-Jaber's breadth of support among the global financial services community. Demand was especially strong from the company's Middle Eastern, European and Asian investor base. The markets were very receptive to the appeal of the private sector in Abu Dhabi, in general, and to the strength of Al-Jaber's credit, in particular. The overall strong security package and innovative dual-currency Islamic structure of the transaction provided additional incentives. “The successful closure of this internationally backed facility provides us with increased flexibility to fund our ongoing organic growth, and we are grateful to all the participating banks for their support,” said Obeid Al-Jaber, chairman, Al
