UAE: The Dubai department of finance has completed a dual-currency financing worth US$675 million, which will be used to complete phase one of the construction of the Al Sufouh tram project.
The financing comprises a 13-year US$401 million loan, which will amortize over 10 years starting in 2015, and is guaranteed by the official government export credit agencies of Belgium (The Office National du Ducroire) and France’s Coface.
The second portion is a six-year US$274 million Ijarah facility, split equally into US dollars and UAE dirhams, and amortizing over three years from 2015.
Citibank, Deutsche Bank and HSBC served as the mandated lead arrangers and underwriters for the financing.