Manama, Bahrain: Arab Banking Corporation (ABC) signed a US$35.8 million new committed bilateral term loan with Yusuf bin Ahmed Kanoo WLL (“Kanoo Group of Companies”), for the financing of the Kanoo Tower in the Diplomatic Area of Manama, Bahrain.
This is in line with an MoU signed between the Yusuf bin Ahmed Kanoo WLL and ABC late last year.
Speaking on behalf of ABC, Mr. Sael Al Waary, Group Chief Operating Officer commented, “This signing reinforces the role played by financial institutions like ours in Bahrain in supporting and financing large corporates. It also displays our confidence in the future of the kingdom’s economy.”
Mr. Saud Kanoo, Deputy Chairman Property Company – YBA Kanoo said, “We welcome this partnership between two large corporations – ABC and Kanoo – that have for decades been a driving force in Bahrain’s economy.”
About the parties involved
Arab Banking Corporation, known as ABC, is an international universal bank headquartered in Manama, Kingdom of Bahrain, with a network spread across 22 countries in the MENA, Europe, the Americas and Asia. ABC has consolidated assets of US$25.5 billion with a shareholders’ equity of US$3.2 billion.
Founded in 1980, it is listed on the Bahrain stock exchange and its major shareholders are the Central Bank of Libya, Kuwait Investment Authority and Abu Dhabi Investment Authority.
The Kanoo Group of Companies is one of the largest independent, family owned group of companies in the Gulf. It was established in Bahrain in 1890 by Haji Yusuf Bin Ahmed Kanoo.
The Kanoo Group of Companies is a diversified business conglomerate with activities across the world's most dynamic industries from Shipping, Travel, Holidays, Machinery, Oil & Gas, Power & Industrial Projects to Exhibition services, Courier Services, Logistics, Property, Specialty Chemicals and Business Centers and other retail and commercial activities.