(Sukuk.net - The Peninsula) Citibank N. A. recently arranged a seven-year $850m syndicated loan facility for Al Faisal Holding Company, a local diversified business group. The bank was the Sole Bookrunner for the transaction.

The syndicated multi-currency (USD, AED and QR) facility is the largest debt issue for Al Faisal Holding Company in terms of size and scope. Composed of both conventional and Islamic (Ijara and Murabaha) tranches, the facility will primarily be used to finance the company's diversification plans as well as meet its growth needs in the near future.

Other senior lenders in the transaction included al khaliji, Badr Al Islami, Commercialbank and Qatar Islamic Bank (QIB) who participated as Mandated Lead Arrangers, while Qatar International Islamic Bank (QIIB), Arab Bank and Doha Bank joined at the Lead Arranger level. The deal also included, United Bank Ltd (UBL) and Masraf Al Rayan.

"This facility underscores our resolve to achieve our vision of becoming one of the most diversified business groups in the region through focused expansion," said Sheikh Faisal bin Qassim Al Thani, Chairman and CEO of Al Faisal Holding. "Citi's global expertise and network met our aspirations for a truly global financial partner with the right distribution capabilities."

Tarek M Al Sayed, Chief Financial Officer of Al Faisal Holding Company and Vice-Chairman of Aamal Company, said: "The transaction heralds a big step forward for Al Faisal in fulfilling its growth needs and I thank all the banks who made commitments to our growth through this deal."

Farhan Mahmood, CEO of Citibank N A, Qatar, said: "Al Faisal and Citi have a shared goal of regional growth, and Citi is privileged to have led this transaction on Al Faisal's behalf. We also thank all syndicate banks who supported this deal."

David Proctor, al khaliji CEO, said: "al khaliji is delighted to support the growth ambitions of the Al Faisal Holding Company and the development of Qatar's economy."

Al Faisal Holding Company commands a well-diversified business base and is involved in a number of industries including real estate, trading, transportation and excavation, entertainment, education, services and the construction sector.

Citi has been present in the Arab World for nearly 50 years and continues to view the region as critical to its global franchise. It is currently present in ten Arab countries including Qatar, Egypt, UAE, Lebanon, Jordan, Tunisia, Morocco, Algeria, Bahrain and Kuwait.

On the occasion of the announcment, Citi organised a dinner party under the patronage of H E Sheikh Fahad bin Jassem Al Thani, Minister of Business and Trade with the attendance of the Qatar Central Bank Deputy Governor Sheikh Fahed bin Faisal Al Thani and officials of the participating banks.

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