Emirates Motor Company closes $175m Islamic loan
Mercedes-Benz distributor and Al Fahim Group subsidiary concludes loan deal with Al Noor Bank
Emirates Motor Company (EMC) - the authoried distributor for Mercedes-Benz in Abu Dhabi and Al Ain and a subsidiary of Al Fahim Group, has closed a $175m dual tranche loan deal.
Noor Bank was the initial lead arranger for the syndicated structured facility and was joined by Al Khalij Commercial Bank, ABC Islamic Bank and National Bank of Oman in the loan deal.
Hussain Al Qemzi, CEO of Noor Bank, said: “Having successfully closed over $15bn worth of syndications and capital market mandates in the past 12 months, this deal will go a long way towards strengthening our leadership position in the Islamic capital markets space."
“We appreciate the professional and competent manner in which this transaction was handled by Noor Bank to achieve all the financing objectives of the company, including in the pricing, structure and the distribution diversity,” added Ahmed Abdul Jalil Al Fahim, chairman of Al Fahim Group.
In June, EMC restructured and split into two separate business units: EMC Mercedes-Benz Passenger Cars, led by Kamal Rafih, and EMC Daimler Commercial Vehicles, now to be run by Bilal Al Ribi.
EMC sold 5,010 passenger cars last year, a 25% increase on 2013, and sold about 1,000 commercial vehicles across lorries, vans and buses – double the number sold in 2011.