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Warba Bank arranges $155m co-financial for UAE firm

KUWAIT CITY, July 8, (KUNA): Warba Bank announced on Monday that it had arranged a syndicated financing worth $155 million for a leading UAE oil services company. Warba’s share in the facility hits $25 million, the Bank said in a statement. Noor Bank and Qatar Islamic Bank are participating in the syndicated financing.

The statement added that the UAE oil services company is a world-class one operating in the Middle East and North Africa, enjoying a strong market position and a stable base of customers. Warba stressed keenness on developing and supporting innovative financing solutions, in line with the Islamic Sharia, through well-studied risks, then offering them to clients. The Bank stressed that the step is part of its strategy to expand in promising developing markets.

 

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