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Home arrow News arrow Daily news from Lebanon arrow Lebanon's BLOM signs $101 mln loan to Jordan firm
Lebanon's BLOM signs $101 mln loan to Jordan firm PDF Print E-mail

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Written by News Editor   
Wednesday, 09 January 2008
AMMAN, Jan 9 (Reuters) - BLOM bank (BLBD.BY: Quote, Profile, Research), one of Lebanon's top two banks, said on Wednesday it extended a $101 million loan to Jordan's Abdali Investment and Development firm to finance a major property project in the capital's downtown area.

They said the bank, which has expanded its presence in the kingdom with five branches across the country since it began operations in 2004, had extended a five-year facility to the Amman-based real-estate firm.

"The loan will be used in the construction of the Abdali project and its infrastructure," Adnan al-Araj, general manager of BLOM Bank's Jordanian operations, told Reuters.

Abdali Investment and Development PSC, which is undertaking the project, is a 50-50 joint venture between Jordan's largest property investment firm, state-owned Mawared, and Saudi-based Oger group, which is owned by the family of late Lebanese Prime Minister Rafik al-Hariri.

The Abdali project is the Hariri family's first major property venture outside Lebanon since they founded Soldiere real estate in 1994 to rebuild the old commercial centre of Beirut, devastated during a 15 year civil war.

The $3 billion Amman real estate development project, the largest ever in the Jordanian capital, is scheduled for completion by 2009.

(Writing by Suleiman al-Khalidi; Editing by Quentin Bryar)

(( This e-mail address is being protected from spam bots, you need JavaScript enabled to view it ; Amman newsroom +9626 4623776)) Keywords: BLOM JORDAN/LOAN

(C) Reuters 2008. All rights reserved. Republication or redistribution ofReuters content, including by caching, framing or similar means, is expresslyprohibited without the prior written consent of Reuters. Reuters and the Reuterssphere logo are registered trademarks and trademarks of the Reuters group ofcompanies around the world.

 



 

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