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Tue 13 Jan 2015 01:38 PM

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Shuaa unit raises $136.1m loan to fund UAE, Saudi growth

Gulf Finance Corporation, which finances small and medium-sized businesses, secures 42-month facility

Shuaa unit raises $136.1m loan to fund UAE, Saudi growth

Gulf Finance Corporation (GFC), a unit of SHUAA Capital, has raised a 500 million dirham ($136.1 million) loan which will be used to fund its growth in the United Arab Emirates and Saudi Arabia, it said in a statement on Tuesday.

The new 42-month facility was funded by Abu Dhabi Commercial Bank, National Bank of Oman, United Arab Bank, National Bank of Fujairah, Blom Bank France and Bank of Baroda, the statement said, without revealing the pricing of the transaction.

The facility "provides a stable long term source of funding for Gulf Finance to meet its objectives", said Sheikh Maktoum Hasher Al Maktoum, chairman of GFC.

The firm, which finances small and medium-sized businesses, said the facility included an unfunded 50 million dirham Standby Letter of Credit.

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