This landmark loan agreement was signed today with DUBAL's Chief Executive Officer John S. Boardman and Chief Financial Officer Tony Sole by Shehzad Naqvi, Regional Head of Citibank, Middle East, and Pravin Advani, Corporate Bank Head, UAE. Shehzad Naqvi said: "DUBAL is a proven performer with an exciting future. Citibank is delighted to have this opportunity to demonstrate its support of local business and to be a partner in the ambitions of local business for sustained growth."
DUBAL's CEO John S. Boardman said: "Our continued success demands a sound financial base and solid banking relationships. Citibank's support, together with the efforts of our other banking partners in the Kestrel project, provides an ideal platform for growth."
Besides securing the largest share of the loan arrangements for the Kestrel project, Citibank UAE is also involved in an electronic payment system, for making supplier payments through their system which is integrated with DUBAL's ERP system.
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Citibank UAE signs AED 734 million (USD200 million) loan facility with DUBAL
- United Arab Emirates: Wednesday, July 24 - 2002 at 11:47
- PRESS RELEASE
Citibank UAE, a member of Citigroup, has signed a Term Loan Facility with DUBAL for AED 734 million (USD200 million), to support its ambitious Kestrel upgrade project.
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For more information, please contact:Stephen Worsley/Rami Halawani
TEAM/Young & Rubicam
Tel: (+9714) 3344404
Fax: (+9714) 3344410
Pravin Advani
Citibank Corporate Bank Head
Tel: (+9714) 3113324
Fax: (+9714) 3247210
Citigroup (NYSE: C), the pre-eminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management.
Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers. Additional information is available at www.citigroup.com.
Citibank e-Business provides solutions that empower corporations and financial institutions globally to connect to the web, transform their business using internet-related technologies, and extend their reach to new markets. Citibank e-Business solutions support customers as they integrate their internet-based exchanges, software solutions, logistics, and financial services with existing end-to-end, liquidity management, investment, cash management and trade finance processes. For more details, visit www.e-business.citibank.com
Posted by Anne-Birte Stensgaard, News EditorWednesday, July 24 - 2002 at 11:47 UAE local time (GMT+4)
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This article was updated on Mon Feb 21 2005.
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