ENBD and DIB to provide financing of USD1.5bn for Dubai metro link
The Roads and Transport Authority is in discussions with Emirates NBD and Dubai Islamic Bank to borrow USD1.5bn to finance the construction of Route 2020 metro link. Export credit agencies will arrange a second tranche of about USD1.5bn. The local tranche will have a 28 year tenor. (Bloomberg) Emirates NBD: AED8.20 as of 24 August, Rating: Buy, FV: AED10.00 per share, MCap: USD12,418mn, EMIRATES UH / ENBD.DU Dubai Islamic Bank: AED5.48 as of 24 August, Rating: Neutral, FV: AED5.80 per share, MCap: USD7,380mn, DIB UH / DISB.DU
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