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Mashreq, UNB ink $107m Anel loan deal

Dubai, October 2, 2013

Leading UAE lenders Mashreq and Union National Bank have signed a syndicated contracting facility to provide Dh392 million ($107 million) loan to Anel Emirates, a subisidiary of Turkish MEP contractor Anel Elektrik, for a major project in Abu Dhabi.

The Midfield Terminal Building Project, the largest single contract awarded in the GCC in the first half of 2012, is a centerpiece of Abu Dhabi Airport Company’s multibillion-dollar investment program.

The MTC was awarded to the joint venture of TAV, CCC and Arabtec for Dh10.8 billion, for which the electrical works have been awarded to Anel Emirates for Dh941 million.

The MTC building will be the largest in Abu Dhabi comprising 700,000 sq m and is destined to become the primary gateway for airlines operating to and from Abu Dhabi and will also be home to country’s national carrier Etihad Airways.

Mashreq said it has acted as the exclusive co-ordinator for this transaction.

John Iossifidis, the head of International Banking Group, Mashreq said: “As one of the UAE's leading financial institutions, we have always nurtured our ambitions keeping in mind the nation’s vision. We are proud to join hands with UNB to support the development of this strategically important mega project in Abu Dhabi, which will contribute substantially towards the growth of our country."

"This transaction re-iterates our continued commitment to support projects of national importance and together will help achieve the vision of UAE," he added.

Bülent Batukan, the board member, Anel Electrik underlined the fact that Anel was exporting Turkish engineering.

"We as a Turkish company are very proud to be a part of the international arena through these successful projects. As with previous undertakings, we aim to successfully conclude the Abu Dhabi International Airport project with our promise of world-class service quality," he noted.

Anel Elektrik has undertaken numerous projects ranging from large scale residential projects to hospitals, from technology centers to international airports, each requiring a different set of engineering ability.

Mona Zein Eldin SVP, the head of Financial Institution at UNB expressed her delight over the bank's participation in the key transaction.

"We are strongly committed to support the key development project in the UAE with the goal to contribute to the successful achievement of the Abu Dhabi 2030 Vision," he added.-TradeArabia News Service




Tags: Mashreq | Turkey | loan | UNB |

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