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Mon 14 May 2007 02:25 PM

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Zubair Corporation inks $100m loan deal

The Omani company signs a corporate loan with banks including National Bank of Abu Dhabi.

Oman's Zubair Corporation has signed a $100 million corporate loan deal with a consortium of local and regional banks, according to a Times of Oman report.

The consortium of banks include National Bank of Abu Dhabi, Bahrain's Arab Bank, Oman's Bank Muscat, Gulf International Bank and Arab Banking Corporation.

Each bank is set to contribute $20 million. Oman Arab Bank is acting as the on-shore security agent.

According to Times of Oman, the move will put the family-owned business into the syndicated loan market.

It will benefit Zubair's expansion plans - the company has a number of large deals in the pipeline - as the deal will help to open up banking relationships in the region.

The deal comes after of the conclusion of a $146 million term loan refinancing for Zubair Corporation's joint venture project - Barr Al Jissah Resort Co. SAOC - with the government of Oman.

On the manufacturing side, Zubair Corporation is working with India's construction giant Larsen & Toubro to set up a modular fabrication yard within the Sohar Port development.

The project is the third joint venture between the two in Oman.

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