Abu Dhabi – Mubasher: Al Gharbia Pipe Company, a subsidiary to Senaat, has signed a loan agreement worth $185 million with Japanese – Emeriti alliance, the pipe company said.
The pipe company will use this loan to establish a specialized company in manufacturing high-quality sour grade steel pipes, planning to raise its productive capacity to 240,000 tonnes yearly.
Japan Bank for International cooperation (JBIC) will cover $111 million of total value of the agreement, while Sumitomo Mitsui Banking Corporation (SMBC), Mizuho Bank (Mizuho) and National Bank of Abu Dhabi (NBAD) will provide the rest amount.
This deal is considered the first time for JBIC to directly fund a project in Abu Dhabi.
