First Gulf bank (FGB), one of the UAE’s leading financial institutions, has signed along with five other leading regional and international banks a $323 million syndicated loan with Mubadala Development Company (Mubadala). The twenty year loan will be used to finance the new campus of Paris Sorbonne University Abu Dhabi.
FGB will act as the mandated lead arranger providing 25% of the total project value, as well as the Onshore Security Agent and the Onshore Accounts Bank.
“His Highness Sheikh Khalifa Bin Zayed Al Nahyan, the UAE President and General Sheikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, have urged the partnership of the private and public sectors in many initiatives now being implemented to position Abu Dhabi as a global hub for business, tourism and education, as well as increase the international standing of the UAE capital. FGB is committed to expressing its support and is pleased to being a part of such initiatives,” said Abdulhamid Saeed, FGB’s Managing Director.
“FGB continues to take impressive strides to ensure its status as a fully fledged financial institution delivering world class financial services and products to our clients. Partnering with Mubadala for this prestigious project is yet another milestone,” said André Sayegh, FGB’s CEO.
“Education is the cornerstone of any country’s future. Having strong education infrastructure helps building generations of educated and knowledgeable youth. The development of our youth ensures the development of the UAE, which will ultimately be of benefit to all.” Sayegh added.
Joining First Gulf Bank as mandated lead arrangers are Bank of Tokyo-Mitsubishi UFJ Ltd, BNP Paribas, Calyon which is the Facility Agent and Offshore Security Agent, Royal Bank of Scotland and Sumitomo Mitsui Banking Corporation.
© 2009 Al Bawaba (www.albawaba.com)
