Oasis International Leasing Company (Oasis), the UAE’s leading big-ticket leasing company, has signed an agreement with eight banks for a $500 million corporate facility to finance the company’s growth and diversification plans.

The fully revolving facility will have a tenor of three years. The banks that have committed funds for this facility are the Abu Dhabi Commercial Bank (ADCB), Emirates Bank International (EBI), First Gulf Bank (FGB), National Bank of Abu Dhabi (NBAD), Gulf International Bank (GIB), HSBC, National Bank of Dubai (NBD) and The Saudi British Bank (SABB). National Bank of Abu Dhabi is acting as the Facility Agent, said an official spokesman.

"We are extremely happy and proud that renowned and leading local, regional and international banks have endorsed our vision for growth and diversification providing us with this fully revolving facility. This is a testimony of their confidence in the strategy and plan that Oasis is currently finalizing as part of its business restructuring," chairman of Oasis Hussein Al Nowais.

The facility will provide Oasis with the bridge required to acquire assets on a fast track basis to help achieve its aggressive growth plans. “Oasis is in a very strong financial position and we will use this facility as an additional source to acquire new assets in various business sectors. Our business plans are aimed at capitalizing on potential opportunities that will bring more value to the company's shareholders and the national economy,” Al Nowais added.

Oasis announced a restructuring plan early this year, which was approved at the annual general meeting in May. As part of the restructuring, Oasis will become “Waha Capital” under which four subsidiaries will be established: ‘Waha Leasing’, ‘Waha Land’, ‘Waha Maritime’ and ‘Waha Financial Investments’. – TradeArabia News Service