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Dubai's Emicool signs USD216m Islamic loan


21 Oct 2012 04:26 GMT   التعليقات ()       إضافة تعليق       طباعة       إرسال لصديق


DUBAI, Oct 21 (Reuters) - Dubai-based Emirates District Cooling (Emicool), a joint venture between Dubai Investments

DUBAI, Oct 21 (Reuters) - Dubai-based Emirates District Cooling (Emicool), a joint venture between Dubai Investments

and Union Properties , signed a 793 million dirham ($216 million) Islamic loan guaranteed by both parents, a statement said on Sunday.

Structured in a sharia-compliant manner, the facility runs for ten years, according to the statement from Mashreq

, one of the banks providing finance.

The cash will be used to refinance a 668 million dirham bridge loan and other facilities raised with banks on an individual basis, which funded construction of cooling plants in the Motor City and Dubai Investment Park areas of the emirate.

The facility will "help realise our long-term expansion goals such as investing in infrastructure", Abdul Aziz Bin Yagub Alserkal, chairman of Emicool, said in the statement.

The seven banks which participated in the original bridge loan signed up to the new transaction, the Mashreq statement said, although it didn't name the other banks.

Dubai's district cooling companies provide air conditioning using a central production point to feed chilled air into areas and buildings, as opposed to using separate conditioning units in individual rooms, which would be much more expensive. ($1 = 3.6730 UAE dirhams)

(Reporting by David French; Editing by Andrew Torchia)

((davidj.french@thomsonreuters.com)(+971 4 362 5864)(Reuters Messaging: davidj.french.thomsonreuters.com@reuters.net))

Keywords: EMIRATES EMICOOL/LOAN

and Union Properties , signed a 793 million dirham ($216 million) Islamic loan guaranteed by both parents, a statement said on Sunday.

Structured in a sharia-compliant manner, the facility runs for ten years, according to the statement from Mashreq

, one of the banks providing finance.

The cash will be used to refinance a 668 million dirham bridge loan and other facilities raised with banks on an individual basis, which funded construction of cooling plants in the Motor City and Dubai Investment Park areas of the emirate.

The facility will "help realise our long-term expansion goals such as investing in infrastructure", Abdul Aziz Bin Yagub Alserkal, chairman of Emicool, said in the statement.

The seven banks which participated in the original bridge loan signed up to the new transaction, the Mashreq statement said, although it didn't name the other banks.

Dubai's district cooling companies provide air conditioning using a central production point to feed chilled air into areas and buildings, as opposed to using separate conditioning units in individual rooms, which would be much more expensive. ($1 = 3.6730 UAE dirhams)

(Reporting by David French; Editing by Andrew Torchia)

((davidj.french@thomsonreuters.com)(+971 4 362 5864)(Reuters Messaging: davidj.french.thomsonreuters.com@reuters.net))

Keywords: EMIRATES EMICOOL/LOAN

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