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Bahrain : Nogaholding signs $570 million Murabahah financing facility.

The investment and business development arm of BahrainsNational Oil and Gas Authority (NOGA), nogaholding, hosted a dinner at the Al Ghazal Ballroom, Ritz Carlton Hotel, Bahrain, to commemorate the successful signing of the $570 million Murabahah finance facility.

This event was organised under the patronage of His Excellency Dr. Abdul Hussain bin Ali Mirza, Minister of Energy and Chairman of nogaholding. It was attended by nearly 40 representatives from the management of the participating banks along with senior management of nogaholding.

His Excellency Dr. Abdul Hussain bin Ali Mirza said, I would like to thank and congratulate all the lenders for their valuable support in bringing this facility to a successful conclusion.

On the success of the Murabahahh financing facility, Shaikh Mohamed bin Khalifa Al Khalifa, CEO of nogaholding said, I would like to extend my sincere thanks to His Excellency, Dr. Abdul Hussain bin Ali Mirza, Minister of Energy for gracing us at this event and greatly appreciate his continued support and guidance. At nogaholding, our ongoing strategy is to invest and grow the oil and gas assets in the Kingdom of Bahrain and position the country as a key international player.

Furthermore, I would also like to thank the banks for attending this dinner to celebrate this important milestone in our corporate history. The $570 million Murabahahh facility was our first foray into the syndicated credit markets. Despite challenging market conditions, we received significant oversubscription which is a definite endorsement of the trust and confidence in nogaholdings track record, financial position and growth prospects, of which we are proud.

The ten local, regional and international banks which took part in nogaholdings Shariah-compliant finance facility are Arab Banking Corporation (ABC), Ahli United Bank (AUB), Arab Petroleum Investments Corporation (APICORP), Gulf International Bank (GIB), and National Bank of Bahrain (NBB), Qatar Islamic Bank (QIB), Kuwait Finance House (KFH), The Bank of Tokyo-Mitsubishi UFJ (MUFG), BNP Paribas, and HSBC.

nogaholdings first syndicated debt facility comes with a term of five years, to be used to address general purpose financing requirements of the Group. This facility will allow nogaholding to invest in various profitable projects in Bahrain which include three key developments: the BAPCO Modernisation Programme, the LNG Import Terminal, and the Bahrain Gas Plant Project (part of Bahrain National Gas Expansion Company).

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Publication:Mena Report
Geographic Code:7BAHR
Date:May 20, 2016
Words:394
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