Search Site

Trends banner

TikTok US future uncertain

It must find non-Chinese owner to avoid ban.

Tesla Q1 sales sink 13 percent

The dip occurred amid lower production during factory upgrades.

AD Ports Group 2024 revenue $4.70bn

The Group's EBITDA increased by 69 percent YOY.

Tesla sales tumble in Europe in Q1

The company suffered from boycotts against the policies of Elon Musk.

Ford’s US Q1 auto sales dip

But its Q1 figures exceed a forecast by Edmunds

$44.92m EDB, FAB loan for Lamprell

Lamprell Energy Ltd is a leading provider of services to the international energy sector.
  • The bespoke credit facility additionally benefited from the comprehensive trade credit solutions provided by Etihad Credit Insurance (ECI).
  • The facility will be utilized to support Lamprell in delivering two new build jack-up rigs for IMI which are currently under construction.

Emirates Development Bank (EDB) on Monday announced the closure of an AED165 million ($44.92 million) revolving credit facility, co-arranged with First Abu Dhabi Bank (FAB) to Lamprell Energy Ltd, a provider of services to the international energy sector, media reports said.

The bespoke credit facility additionally benefited from the comprehensive trade credit solutions provided by Etihad Credit Insurance (ECI), the UAE Federal export credit company, the reports said.

The facility is in line with EDB’s strategy to support large corporates operating in priority sectors and enhance their contribution to the UAE’s industrial sector.

The loan will be utilized to support Lamprell in delivering two new build jack-up rigs for IMI which are currently under construction at the Group’s Hamriyah Free Zone, Sharjah yard.

Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, commented, “This transaction with First Abu Dhabi Bank and Lamprell demonstrates our commitment to offer revolving trade finance facilities to large multinational corporates in the UAE”.

Christopher McDonald, Chief Executive Officer of Lamprell, said, “We are delighted to sign initial working capital facilities for the two IMI rigs and are proud of the support from our key relationship banks, and ECI in the current volatile macro environment.”