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Temperatures could be as low as 28ºC in Abu Dhabi and 29ºC in Dubai and 24ºC in internal areas
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Ma'aden seeks $2.6b loan
DUBAI — Saudi Arabian Mining Company Ma'aden hired seven banks to raise an Islamic loan of as much as $2.6 billion to finance a phosphate plant.
Arrangers led by Al-Rajhi Bank, Banque Saudi Fransi, Calyon, Mizuho Financial Group Inc., Riyad Bank, Samba Financial Group and Standard Chartered Plc may provide half the 16-year loan themselves, seeking $1.3 billion from other lenders at meetings in Dubai and London next month, said a banker with direct knowledge of the deal.
Ma'aden may get an additional $800 million from South Korean export credit agencies, said the banker, who asked not to be identified as the discussions are private.
Ma'aden is building the plant with Saudi Basic Industries Corporation and the companies plan to mine phosphate in northern Saudi Arabia.
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