Gulf Finance Corp secures AED500mn

Gulf Finance Corp secures AED500mn

Published: January 13, 2015

SHUAA Capital subsidiary will put proceeds towards Saudi, UAE businesses.

Gulf Finance Corporation (GFC), an SME-focused subsidiary of Dubai-based financial services provider SHUAA Capital, has secured a AED500mn (US$136.1mn) syndicated loan.

The 42-month facility includes an unfunded AED50mn standby letter of credit and will go towards growing the company’s business in the UAE and Saudi Arabia. Abu Dhabi Commercial Bank acted as mandated lead arranger and bookrunner, with National Bank of Oman acting as mandated lead arranger. United Arab Bank, National Bank of Fujairah, Blom Bank France and Bank of Baroda were additional arrangers.

Sheikh Maktoum Hasher Al Maktoum, executive chairman of SHUAA Capital and chairman of GFC said of the loan: “The AED500mn facility provides a stable long term source of funding for Gulf micro businesses. It reflects the improved financial position of GFC, one of the longest established lenders to the SME sector in the UAE, and the SHUAA Group overall.”