Noor Bank Leads $175m Syndicated Finance Facility for Emirates Motor Company, a Subsidiary of Al Fahim Group

Noor Bank Leads $175m Syndicated Finance Facility for Emirates Motor Company, a Subsidiary of Al Fahim Group

Dubai-UAE: 21 July, 2015 – Noor Bank PJSC, a leading Shari’a compliant bank in the UAE, announced the successful closure of a USD 175 million syndicated structured finance facility for the Abu Dhabi based Emirates Motor Company, (EMC), the authorised distributor for Mercedes-Benz in Abu Dhabi and Al Ain, and a subsidiary of Al Fahim Group.

Noor Bank acted as the sole Initial Mandated Lead Arranger and Bookrunner for the dual tranche structured finance facility. Al Khalij Commercial Bank (Al Khaliji) Q.S.C., ABC Islamic Bank (E.C.) and National Bank of Oman also participated in the facility.

Hussain Al Qemzi, CEO of Noor Bank, said: “We are very pleased to have lead managed this debut syndication for Al Fahim Group. Having successfully closed over US$ 15 billion worth of syndications and capital market mandates in the past 12 months, this deal will go a long way to strengthen our leadership position in the Islamic capital markets space. We thank Emirates Motor Company for the trust and confidence shown in the Noor Bank team.”

Mr. Ahmed A J Al Fahim, the Chairman of Al Fahim Group, said, “We appreciate the professional and competent manner in which this transaction was handled by Noor Bank and achieved all the financing objectives of the Company including pricing, structure and the distribution diversity. We are very pleased at the response from our bankers, who have demonstrated their strong support for our business growth plans.”