Standard Chartered Lead Arranger in USD 100 million syndicated loan

As the original Mandated Lead Arranger and Book runner, Standard Chartered successfully syndicated the facility initially launched at USD 75 million and extended to USD 100 million after being substantially oversubscribed.

David Proctor, Chief Executive, Standard Chartered UAE congratulated the company saying,

"The realisation of this deal is clearly a demonstration of the strong confidence in the management of the company and their further growth ambitions."

The international financing syndicate comprised 10 local and international banks. Mandated Lead Arrangers were Standard Chartered, National Bank of Dubai & Union National Bank. Commercial Bank of Qatar, First Gulf Bank and National Bank of Abu Dubai were Lead arrangers. Emirates Bank International and Hua Nan Commercial Bank, Ltd. Offshore Banking Branch acted as Arrangers. National Bank of Fujairah and The Shanghai Commercial and Savings Bank Ltd. Offshore Banking Branch were Lead Managers.

Proctor thanked the participating banks for their contribution in making this successful syndication and added, "It is testament to the banking community's strong belief in the UAE government's efforts to promote sustained economic growth in the country and we, as original Mandated Lead Arrangers are proud of our role in making it happen."

Established in 1973, Gulf General Investment Company is a public shareholding company which specializes in various activities including establishing industrial projects, all forms of investment activities including trading in stock, participating in establishing enterprises and investment in real estate for commercial, residential and recreational purposes.

GGIC generated a profit of AED 621 Million for the year ending 31 December, 2005. Total assets were AED 3,082 million with shareholders equity of AED 1,658 million.