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: October 29, 2014
UAE. Total wealth in the GCC stood at US$ 1.7 tillion in 2014, up 4.75% from 2013; Total wealth in Saudi Arabia and UAE grew by 5%; Global household wealth up 8.3% to US$263 trillion, driven by the US and Europe, according to Credit Suisse Research Institute.
date:Posted: October 29, 2014
UAE. Significant increase in inflows of private capital into UAE in 2014; UAE seen as hub between Africa and Asia; Political stability remains a major factor driving flows; UAE clear winner in the region, as other GCC countries see net outflows of private capital.
date:Posted: October 28, 2014
INTERNATIONAL. Foreign policy is what a president wishes would happen; foreign affairs are what actually happen; the problem that Obama has, which has crippled his foreign policy, is that his principles have not been defined with enough rigor to provide definitive guidance in a crisis.
UAE. Total wealth in the GCC stood at US$ 1.7 tillion in 2014, up 4.75% from 2013; Total wealth in Saudi Arabia and UAE grew by 5%; Global household wealth up 8.3% to US$263 trillion, driven by the US and Europe, according to Credit Suisse Research Institute.
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