17 July 2008
AMMAN (Petra) - A group of seven banks on Wednesday signed a JD110 million loan agreement to finance part of Al Abdali new business district (Al Abdali Boulevard). The loan, led and managed by the Arab Bank, will be used to finance part of the Boulevard Project, whose total cost is estimated at JD258 million. The Project's remaining costs, a total of JD148 million, will be covered by Al Abdali Boulevard Company - the owner of the project.
Abdul Hamid Shoman, Arab Bank chairman and director general, said the participation of local banks in this loan agreement, one of the largest syndicated loans in the local market, is a clear indicator of the power and willingness of the Jordanian banking system to meet the requirements of such projects. The project, a partnership between Mawared, a government-owned investment company, and Oger Jordan, a subsidiary of Saudi Oger, will include ten towers.The project is expected to conclude in 2010.
AMMAN (Petra) - A group of seven banks on Wednesday signed a JD110 million loan agreement to finance part of Al Abdali new business district (Al Abdali Boulevard). The loan, led and managed by the Arab Bank, will be used to finance part of the Boulevard Project, whose total cost is estimated at JD258 million. The Project's remaining costs, a total of JD148 million, will be covered by Al Abdali Boulevard Company - the owner of the project.
Abdul Hamid Shoman, Arab Bank chairman and director general, said the participation of local banks in this loan agreement, one of the largest syndicated loans in the local market, is a clear indicator of the power and willingness of the Jordanian banking system to meet the requirements of such projects. The project, a partnership between Mawared, a government-owned investment company, and Oger Jordan, a subsidiary of Saudi Oger, will include ten towers.The project is expected to conclude in 2010.
© Jordan Times 2008
