Saudi Hollandi Bank has closed an Islamic financing facility worth US$195 million for Arabian Amines, a new joint venture between Al-Zamil Group and petrochemical manufacturer, Huntsman. The Murabahah and Ijarah-structured transaction has been approved by the bankÕs Shariah board.
Saudi Hollandi acted as the lead sole arranger and underwriter for the facility. Allen & Overy was the legal adviser on behalf of the bank, while Clifford Chance acted as the sponsorsÕ legal adviser.
The development and financing of the ethylene amines plant and associated utilities in the Jubail Industrial City in Saudi under Arabian Amines is worth US$289 million. The company strives to be one of the main petrochemicals companies in the region.