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Dubai: Tabreed, a district cooling company, has said it has raised Dh1 billion in an ijara or Islamic finance facility. The money will be used to refinance existing loans as well as support expansion of cooling projects.
"This mammoth ijara syndication reflects the enormous confidence banks have in us," said Abdullah Mattar Al Muhairi, chief financial officer, Tabreed. He noted that "district cooling is a capital intensive business and requires huge fund inflows".
HSBC Amanah lead managed and arranged the 12-year ijara facility.
Mohammad Dawood, director of Global Capital Markets at HSBC Amanah, said: "This ijara syndication represents a significant accomplishment as it was arranged in a challenging and increasingly volatile market environment.
Abu Dhabi Commercial Bank, Dubai Islamic Bank, National Bank of Abu Dhabi, Standard Chartered Bank, First Gulf Bank, Abu Dhabi Investment Company, Badr Al Islami, BBK and United Arab Bank also participated in the syndication.
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