Middle East Economic Survey
Emirates Steel Signs $1.1Bn Project Financing Agreement
Emirates Steel Industries (ESI) signed a $1.1bn project financing agreement on 24 August with a consortium of seven conventional banks and two Islamic finance institutions. The financing will partly fund an ongoing $2.45bn expansion and upgrading program that will raise ESIs steel production capacity from 2mn tons/year now to 3mn t/y in 2011. Official news agency WAM reported that...