Dubai's Empower secures $408 mln syndicated loan - Southern Business Review


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Tuesday, February 5, 2019

Dubai's Empower secures $408 mln syndicated loan

DUBAI, Feb 5 (Reuters) - Dubai district cooling company Empower said on Tuesday it had secured a $1.5 billion dirham ($408 million) syndicated loan that it would use to finance capacity expansion and infrastructure.

The loan was secured from Citibank, Emirates NBD , Standard Chartered, Mashreq Bank and Samba Financial Group, Empower said in a statement.

Empower is a joint venture between Dubai Electricity and Water Authority and Dubai Holding subsidiary TECOM Group, according to Dubai Holding’s website. ($1 = 3.6729 UAE dirham) (Reporting by Alexander Cornwell; Editing by Dale Hudson)