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Islamic Finance Briefing - Categorized | Bonds (Sukuk), Finance, Market Moves more

Sorouh raises $640 mln to fund projects, pay bond

Posted on 02 July 2010

From Bloomberg: Sorouh Real Estate PJSC, Abu Dhabi’s second-biggest property developer, raised 2.35 billion dirhams ($640 million) in loans to repay Islamic bonds and finance projects in the United Arab Emirates’ capital.
The four-year loan, with a combination of term and revolving credit, has both conventional and Islamic portions, Sorouh said in a statement to the Abu Dhabi bourse today. The facility is secured by a portion of Sorouh’s lands, and was arranged by Abu Dhabi Commercial Bank PJSC, First Gulf Bank PJSC, National Bank of Abu Dhabi PJSC and Noor Islamic Bank……………………………………….Full Article: Source

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