Middle East Economic Survey

VOL. LIII

No 33

16-Aug-2010

UAE

SACE Guarantees $500Mn Loan For Emirates Steel Project

Italian export credit agency (ECA) SACE has guaranteed a $500mn loan granted to General Holding Corporation, owned by the Abu Dhabi government. The loan will be used for the $3.5bn project to expand the existing steel-making plant owned by Emirates Steel Industries, in the Mussafah industrial area. As part of the project, Italys Danieli Group will supply a 1mn tons/year heavy section...