UAE’s Senaat says unit raises $185 million mortgage

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A unit of Abu Dhabi’s Senaat has secured a $185 million mortgage from a consortium of Japanese and UAE banks, the economic conglomerate stated on Tuesday.

The mortgage will finance the manufacturing and sale of metal pipes for the oil and fuel sector by Al Gharbia Pipe Firm, which is fifty one-% owned by Senaat, it stated in a press release.

Japan Financial institution for Worldwide Cooperation offered $111 million of the mortgage, with Sumitomo Mitsui Banking Company, Mizuho Financial institution and Nationwide Financial institution of Abu Dhabi lending the rest.

Senaat didn’t disclose the mortgage’s pricing, however stated it represented one of many lowest financing prices it had ever achieved.

(Reuters)

Supply: Press Launch

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