(Sukuk.net - Khaleej Times) Enoc Supply and Trading LLC (ESTC) has closed a $500 million (Dh1.84 billion) syndicated Islamic facility. According to a Press statement issued here yesterday, the facility involved participation of leading regional and international financial institutions. Emirates NBD and Noor Islamic Bank PJSC acted as the initial mandated lead arrangers and bookrunners.

The one-year dual currency (UAE dirham and US dollar) facility, provided under a Shariah-compliant structure, will be used to fund ESTC's working capital requirements.

"The successful closure of this facility in a short time frame further demonstrates the confidence that regional and international financial institutions place in the Enoc Group," said Saeed Khoory, Group Chief Executive, Enoc Group.

Mahdi Kazim, General Manager, Large Corporate Unit, Emirates NBD said, "This is a landmark transaction for us. We are pleased to partner with Enoc that has successful strategic growth plans in place."

Hussain Al Qemzi, CEO, Noor Islamic Bank, said: "We are very pleased to successfully close this important mandate from one of the leading players in the oil and gas sector."



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