Dubai – Mubasher: Noor Bank announced on Monday the successful closure of a $175-million syndicated structured finance facility for Abu Dhabi-based Emirates Motor Company (EMC), a subsidiary of Al Fahim Group.

The bank which is a leading Sharia-compliant bank in the UAE acted as the sole initial mandated lead arranger and bookrunner for the dual tranche-structured financing facility for EMC, the authorised distributor for Mercedes-Benz in Abu Dhabi and Al Ain.

Al Khalij Commercial Bank, ABC Islamic Bank and the National Bank of Oman (NBO) also participated in the facility, Noor Bank revealed in a statement. 

“Having successfully closed over $15 billion worth of syndications and capital market mandates in the past 12 months, this deal will go a long way to strengthen [Noor Bank’s] leadership position in the Islamic capital markets space,” said the bank’s CEO Hussain Al Qemzi.