The Dubai Aluminium Company (Dubal) has signed a loan agreement for $100 million with HSBC. The ten-year loan supports the financing of a major upgrade and retrofit project being carried out by Dubal.
The project, known as Kestrel, comprises a number of significant contracts being placed with Dubai's private sector. The project will increase Dubal's production by an additional 174,000 tons per annum, bringing total capacity to 710,000 tons per annum by 2006. The investment includes further energy efficient combined cycle power generation which will substantially improve Dubal's environmental performance.
HSBC is one of Dubal's main relationship banks that are participating through bilateral loan agreements in the financing of the project. HSBC Bank Middle East is the largest and most widely represented international bank in the Middle East with 30 branches throughout the United Arab Emirates, Oman, Bahrain, Qatar, Jordan, Lebanon, and the Palestinian Autonomous Area including an offshore banking unit in Bahrain.
The bank’s regional coverage is strengthened by another member of the HSBC Group, HSBC Bank Egypt, and by its associate companies, The Saudi British Bank and the British Arab Commercial Bank. In addition to its Middle Eastern network, the Bank has a branch in London, the United Kingdom and a representative office in Iran.
Dubal commenced operations in 1979. It has a primary aluminum production capacity of 536,000 tons per annum, incorporating a power generating capability exceeding 1,400 megawatts and seawater desalination plant capable of providing up to 25 million gallons of potable water daily. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
