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

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: July 25, 2016
INTERNATIONAL. A "three step" Brexit solution, including an ambitious transitional arrangement, is key to meeting UK aspirations and reaching a mutually beneficial LT relationship with the EU.
date:Posted: July 25, 2016
INTERNATIONAL. European banks must initiate an overhaul in order to fend off new and varied challengers as the spectre of Brexit looms over the sector, according to a new report by PwC.
date:Posted: July 25, 2016
UAE. After 18 months of relatively stable conditions with the lack of demand growth being matched by minimal growth in supply, the market is now starting to show initial signs of declining performance, according to JLL
UAE. After 18 months of relatively stable conditions with the lack of demand growth being matched by minimal growth in supply, the market is now starting to show initial signs of declining performance, according to JLL
dhgate