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Warba Bank successfully arranged a $155 million syndicated facility for an oil services company

July 7, 2014

Warba Bank has announced that they successfully arranged a $155 million syndicated financing facility for a UAE based leading oil services company incorporated in 2006. Warba Bank participated with a stake of $25 million in this transaction along with Noor Bank and Qatar Islamic Bank.

The obligor is an oilfield services company serving the entire Middle East North Africa (MENA) region. The company offers a complete range of oilfield services and has appropriate infrastructure to cater to multinational oil and gas exploration and drilling companies (MNOCs).

The syndicated financing facility agreements have been signed in Dubai in an event attended by the CEO of the Company, the Deputy CEO Investment & Treasury of Warba Bank, CEO of Noor Bank and Wholesale Banking - General Manager of Qatar Islamic Bank.

Mr. Shaheen Al Ghanem, the Deputy CEO of Warba Bank commented, "We are indeed very excited about this transaction; this is one of the many deals that Warba expects to bring to the market in this calendar year. We very much value our strategic relationship with Noor Bank and Qatar Islamic Bank, pre-eminent leaders in the regional financial markets."

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Source: CPI Financial

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