VOL. XLVI

No 28

14-July-2003

UAE

ENERGY FINANCE

Loan Agreement Worth $1.77Bn Signed For Umm Al-Nar Power/Desalination Project

The partners in the Umm Al-Nar electricity generation/water desalination project in Abu Dhabi signed an agreement on 2 July to secure financing worth $1.77bn, which is the largest power sector financing executed in the Middle East so far this year and the UAEs largest ever project financing. Of the $1.77bn in financing, $440mn is equity, $229mn is a conventional loan (equity...