Middle East Economic Survey

VOL. XLVIII

No 17

25-April-2005

UAE

ABC And ADCB Underwrite $26Mn Sukuk To Finance VLCC

Arab Banking Corporation (ABC) and Abu Dhabi Commercial Bank (ADCB) announced on 17 April that they would jointly underwrite a $26mn corporate Sukuk issue by Al Safeena I to finance the Venus Glory, a very large crude carrier (VLCC). The funding also includes a $50mn commercial tranche led by ABC and its banking partners and the financing combination is the first of its kind for a...