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: April 21, 2015
UAE. Recent weaknesses in prices have now filtered into the rental market. We believe that the tenancy sector has entered into the period of softening for the medium term.
date:Posted: April 21, 2015
INTERNATIONAL. New World Bank report calls for accountability in public service delivery and identifies local success stories to inform and inspire reforms.
date:Posted: April 21, 2015
UAE. Positive market signals for the remainder of the year; Nine Middle East deals worth US$1.8 billion in Q1 2015; Middle Eastern M&A and Private Equity Forum will take place in Dubai on 4th May.
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