DAMMAM, 11 December 2006 — International Methanol Company (IMC), an affiliate of Saudi International Petrochemical Company (Sipchem), signed final agreements with SABB, Banque Saudi Fransi and Riyad Bank on Saturday, to re-finance the existing commercial bank loan of SR535 million on the basis of an Islamic Ijara lease structure. According to Sipchem President Ahmad Al-Ohali the deal is in line with the company’s long-term goal of financing its projects Islamically to the extent possible. IMC was established in 2002 as a joint venture between Sipchem and Japan Arabia Methanol Company Ltd. to produce one million tons per annum (mtpa) of Methanol from its world scale plant located in the sprawling complex of Sipchem in Jubail.
Globalization of AGFUND Prize
JEDDAH, 11 December 2006 — AGFUND Prize has emphasized the prize globalization concept and partnership of nations in development matters. After the prize of the Arab Gulf Program for United Nations Development Organizations has gone around five countries during the last five years in Switzerland, France, India, Tunisia and South Africa, AGFUND now moves to celebrate its prize in Poland in the middle of Europe where Polish President Lech Kaczynski and AGFUND President Prince Talal will patronize the ceremony in Warsaw tomorrow to award the prize that was launched for the first time in 1999. Officials of winning projects, ambassadors of developing countries in Warsaw and media representatives, and those interested in development affairs will attend the ceremony. The prize amounts to $300,000 classified into three categories.
$1 Billion Syndicate Term Facility
MANAMA, 11 December 2006 — Arab Banking Corporation (BSC), the Bank of Tokyo-Mitsubishi UFJ Ltd., Citibank, N.A. London, Commerzbank AG, ING Bank N.V., and Raiffeisen Zentralbank Osterreich Aktiengesellschaft, together the underwriters and the initial mandated lead arrangers, have announced the successful close and signing of the $1 billion syndicated term facility for UAE-based Union National Bank (UNB). The closing was marked by a signing ceremony at the Emirates Palace Abu Dhabi yesterday attended by the senior management of UNB. The syndication achieved an outstanding oversubscriptions with commitments received in excess of 100 percent of the initial launch amount and UNB elected to increase the facility to $1billion.
Gulf Construction Directory Is Out
JEDDAH, 11 December 2006 — The Federation of GCC Chambers of Commerce and Industry recently published the third edition of its Gulf Construction Directory. According to Mohammed Al-Mulla, secretary-general of the federation, the directory is a vital source of information about construction and real estate companies in the Gulf region. The directory is arranged alphabetically in accordance with the activities of companies, he said, adding that most advanced classification and entry techniques have been applied in its preparation.