Gulf Finance Corporation (GFC), a unit of Shuaa Capital, has raised a Dh500 million ($136.1 million) loan which will be used to fund its growth in the UAE and Saudi Arabia, it said in a statement on Tuesday.

The new 42-month facility was funded by Abu Dhabi Commercial Bank, National Bank of Oman, United Arab Bank , National Bank of Fujairah, Blom Bank France and Bank of Baroda, the statement said, without revealing the pricing of the transaction.

The facility "provides a stable long term source of funding for Gulf Finance to meet its objectives", said Sheikh Maktoum Hasher Al Maktoum, chairman of GFC.

The firm, which finances small and medium-sized businesses, said the facility included an unfunded Dh50 million Standby Letter of Credit.  - Reuters