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Dr. Ahmed Al Janahi, Deputy Group CEO, Noor Investment Group and Tom Volpe, Group CEO, Dubai Group |
Dubai Group, the leading diversified financial services company of Dubai Holding, has successfully closed the largest ever multicurrency syndicated commodity Murabaha transaction in the UAE. The $1.5 billion facility was arranged for Dubai Financial Group, the financial holding company of Dubai Group, to explore new growth opportunities, support current investments and refinance existing debt.
With Noor Islamic Bank in the lead to arrange the underwriting group, Dubai Financial Group mandated Al Hilal Bank, Al Khaliji, First Gulf Bank, The Royal Bank of Scotland, Standard Bank and Noor Islamic Bank to arrange and syndicate the 3 year commodity Murabaha facility.
The transaction was launched at $1,500,000,000 and achieved a solid oversubscription at close. A total of 24 banks from across the Middle East, Europe and Asia participated in the multicurrency syndication. The profit rate for the transaction is 200 basis points per annum over the applicable benchmark with a 3-year maturity period. Noor Islamic Bank also acted as the sole Shariah advisor and investment agent for the Facility.
