News Column

Warba Bank arranges USD 155 mln co-financing for UAE oil company

July 8, 2014

KUWAIT, July 7 (KUNA) -- Warba Bank announced on Monday that it had arranged a syndicated financing worth USD 155 million for a leading UAE oil services company.

Warba's share in the facility hits USD 25 million, the Bank said in a statement. Noor Bank and Qatar Islamic Bank are participating in the syndicated financing.

The statement added that the UAE oil services company is a world-class one operating in the Middle East and North Africa, enjoying a strong market position and a stable base of customers.

Warba stressed keenness on developing and supporting innovative financing solutions, in line with the Islamic Sharia, through well-studied risks, then offering them to clients.

The Bank stressed that the step is part of its strategy to expand in promising developing markets. (end) fnk.abd.msa

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Source: Kuwait News Agency

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