Kuwait News Agency (KUNA)) Kuwait's Gulf Bank is the senior arranger of a USD 5 billion syndicated loan to be offered to the Dubai World Corporation to provide financing for general corporate purposes including acquisitions and investments, the bank said in a statement on Wednesday.
The bank will provide USD 250 million to help finance the loan making it a senior arranger.
Other arrangers include the Royal Bank of Scotland, Credit Suisse International and Deutsche Bank AG.
The statement noted that the Gulf Bank was committed to taking part in major syndicated loan arrangements of this nature to diversify its investments and continue playing an effective role to support economic development and investment across the Gulf Cooperation Council (GCC).
The Dubai World loan will be one of the biggest the Bank has worked on thus far.
Gulf Bank's General Manager for International Banking, Khaled Al-Mutawa, led the bank's team in the loan deal.
"This is an important loan for the Gulf Bank to be involved with and we are delighted to be taking this role to support such a powerful Gulf-based global company like Dubai World," Al-Mutawa said.
Dubai World is now managing and supervising a diversified portfolio of investments that spans over 100 cities worldwide. It has total assets of USD 65 billion, total revenues of USD 9.4 billion and 50,000 employees all over the world.
The Corporation fully owns regional and international leading subsidiaries covering transport, real estate, ports and financial services.
"We are increasingly looking to diversify our investments and are delighted to have the ability to support the growing needs and demands of the flourishing GCC markets," Gulf Bank's Chief General Manager and CEO Louis Myers, commented on the loan.
The bank will provide USD 250 million to help finance the loan making it a senior arranger.
Other arrangers include the Royal Bank of Scotland, Credit Suisse International and Deutsche Bank AG.
The statement noted that the Gulf Bank was committed to taking part in major syndicated loan arrangements of this nature to diversify its investments and continue playing an effective role to support economic development and investment across the Gulf Cooperation Council (GCC).
The Dubai World loan will be one of the biggest the Bank has worked on thus far.
Gulf Bank's General Manager for International Banking, Khaled Al-Mutawa, led the bank's team in the loan deal.
"This is an important loan for the Gulf Bank to be involved with and we are delighted to be taking this role to support such a powerful Gulf-based global company like Dubai World," Al-Mutawa said.
Dubai World is now managing and supervising a diversified portfolio of investments that spans over 100 cities worldwide. It has total assets of USD 65 billion, total revenues of USD 9.4 billion and 50,000 employees all over the world.
The Corporation fully owns regional and international leading subsidiaries covering transport, real estate, ports and financial services.
"We are increasingly looking to diversify our investments and are delighted to have the ability to support the growing needs and demands of the flourishing GCC markets," Gulf Bank's Chief General Manager and CEO Louis Myers, commented on the loan.