We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Sun 4 Jan 2009 12:45 PM

Font Size

- Aa +

First Gulf signs $323mn Sorbonne campus loan

UAE bank inks deal along with five others to finance new university facility in Abu Dhabi.

The UAE’s First Gulf Bank (FGB) has signed a $323 million syndicated loan with Mubadala Development Company (Mubadala) to finance the new campus of Paris Sorbonne University in Abu Dhabi, FGB revealed on Sunday.

FGB agreed the deal for the twenty year loan along with Bank of Tokyo-Mitsubishi UFJ Ltd, BNP Paribas, Calyon Royal Bank of Scotland and Sumitomo Mitsui Banking Corporation.

FGB will act as mandated lead arranger, providing 25 percent of the total project value, the bank said in a statement.

“Education is the cornerstone of any country’s future,” said André Sayegh, FGB’s chief executive officer.

“The development of our youth ensures the development of the UAE, which will ultimately be of benefit to all,” he said.

Arabian Business: why we're going behind a paywall

For all the latest education news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.