UAE's Phoenix Group raises Dh752m
Dubai - The UAE-based $2-billion Phoenix Group, a global agricultural and food company engaged in the production, procurement, processing, merchandising, distribution, announced today the setting up of a $205 million (Dh752.35 million) borrowing base facility to expand its rice business in India, Asia and Africa.
The seven-bank consortium is led by Standard Chartered Bank, Singapore including First Abu Dhabi Bank.
Dubai MultiCommodities Centre (DMCC) registered Group is now set to become the world's largest rice business and a major player in the global agri foods business that will allow the group to double its turnover in the next 3-5 years. Already amongst the top three global rice trading companies, Phoenix Group is on track to become the world's largest rice business by volume.
Today, Phoenix Group operates 10 business verticals in 22 countries, employing over 2,500 people with its central operations in Dubai.
Gaurav Dhawan, chairman, The Phoenix Group said, "I am pleased to announce the successful closure of a $205 million borrowing base facility for the Phoenix Group arranged by Standard Chartered Bank, Singapore along with 6 other banks including our home grown First Abu Dhabi Bank. The Facility was principally over-subscribed and was supported by Opec Fund for International. Development Vienna, BNP Paribas, RaboBank, First Abu Dhabi Bank, ICICI Bank and Shinhan Bank."
The facility is targeted today at Mozambique, Benin and Ivory Coast as destinations and India as origin but can be expanded very easily across geographies (both origins and destinations) as well as other agricultural products and we will look to upsize the facility aligning with our growth."