Emirates Aluminium said to seek US$300 million from Kexim
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Mon July 9, 2012 2:05 pm
china wholesale market

UAE. Emirates Aluminium Co., an Abu Dhabi- based smelter, is in talks with Export-Import Bank of Korea for a loan of as much as $300 million to help finance its expansion, according to two people familiar with the matter.

The lender, known as Kexim, supports projects in which Korean companies are involved and is considering a loan of US$200 million to US$300 million, the people said, declining to be identified because the discussions are private. The bank conducted the first due diligence on the project last week, said one of the people, an official at the Seoul-based state bank.

Emirates Aluminium plans to spend US$4.5 billion to boost annual output to 1.3 million metric tons by 2014 from 800,000 tons. The company, also known as Emal, expects to close financing by the end of the year, Chief Executive Officer Saeed al-Mazrooei said in an interview last month.

Mubadala Development Co. and Dubai Aluminium Co., Emirates Aluminium’s owners, want to arrange financing from export credit agencies before they seek commercial funding, a third person familiar with the project said.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: January 26, 2015
UAE. Employers need to create a long-term culture, focusing on professionals looking to establish their careers here rather than expatriates who stop by in the Gulf to avail themselves of tax benefits.
date:Posted: January 26, 2015
QATAR. The IMF expects the slowdown to continue; This will add to the deflationary pressures that are threatening the global economic recovery
date:Posted: January 26, 2015
UAE. Broadcast rights deals push entire Premier League into world's 40 highest earning clubs; Middle Eastern commercial partnerships contribute to significant commercial increases at both Manchester City and Paris Saint-Germain.
UAE. Broadcast rights deals push entire Premier League into world's 40 highest earning clubs; Middle Eastern commercial partnerships contribute to significant commercial increases at both Manchester City and Paris Saint-Germain.
dhgate