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...
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