Search Site

Trends banner

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

DAE closes $1.6 billion loan

The portfolio comprises next-gen aircraft.
  • The facility enabled DAE to tap the Islamic banking liquidity and consolidate its existing banking relationships in the Middle East, Asia, North America, and Europe, it said.
  • Proceeds from the facilities will support the future financing needs of the business and refinance a maturing credit facility.

Dubai, UAE — Dubai Aerospace Enterprise (DAE) has raised its largest ever loan of $1.6 billion with a group of 26 financiers.

The new multi-tranche financing is structured as a combination of revolving credit facilities and term financing facilities, each comprising of conventional and Islamic tranches with HSBC and J.P. Morgan acting as joint bookrunners and joint mandated lead arrangers.

DAE said that in the wake of significant demand, the transaction was upsized in syndication to more than twice the envisaged initial size.

The facility enabled DAE to tap the Islamic banking liquidity and consolidate its existing banking relationships in the Middle East, Asia, North America, and Europe, it said.

Proceeds from the facilities will support the future financing needs of the business and refinance a maturing credit facility.

Firoz Tarapore, Chief Executive Officer of DAE, said, “The closing of these Facilities, as well as the upsizing and oversubscription, underscores the support and confidence that banks have shown in DAE and its future growth prospects.”