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Mon 5 Jul 2010 08:20 AM

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ABC signs $35.8m loan for Bahrain's Kanoo Tower

Bahraini lender signs loan with Yusuf bin Ahmed Kanoo for the financing of the tower.

ABC signs $35.8m loan for Bahrain's Kanoo Tower
LOAN DEAL: ABC has signed a $35.8m new committed bilateral term loan with Yusuf bin Ahmed Kanoo. (Getty Images)

Arab Banking Corporation (ABC) has signed a $35.8m new committed bilateral term loan with Yusuf bin Ahmed Kanoo for the financing of the Kanoo Tower in the Diplomatic Area of Manama, Bahrain.

This is in line with an MoU signed between the Yusuf bin Ahmed Kanoo and ABC late last year, the firms said in a joint statement.

"This signing reinforces the role played by financial institutions like ours in Bahrain in supporting and financing large corporates. It also displays our confidence in the future of the kingdom's economy,” said Sael Al Waary, ABC group chief operating officer.

ABC has a network spread across 22 countries in the Middle East and North Africa, Europe, the Americas and Asia, and has consolidated assets of $25.5bn with a shareholders' equity of $3.2bn.

The Kanoo Group of Companies is one of the largest independent, family owned group of companies in the Gulf. It was established in Bahrain in 1890 by Haji Yusuf Bin Ahmed Kanoo.

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