7th APRIL 2015 - Vol.XXXVIII No.018
Business News

Kanoo group signs $35.8m loan agreement with ABC

MANAMA: Bahrain-based Arab Banking Corporation (ABC) signed a $35.8 million loan deal with the Yusuf bin Ahmed Kanoo Group of Companies for financing of the Kanoo Tower in the Diplomatic Area.

This is in line with an agreement signed between the two last year.

"This signing of the new committed bilateral term loan reinforces the role played by financial institutions like ours in Bahrain in supporting and financing large corporates," said ABC group chief operating officer Sael Al Waary.

"It also displays our confidence in the future of the kingdom's economy."

"We welcome this partnership between two large corporations that have for decades been a driving force in Bahrain's economy," said Kanoo property company deputy chairman Saud Kanoo.

The Kanoo Group of Companies is one of the largest independent, family-owned group in the Gulf. It was established in Bahrain in 1890 by Haji Yusuf bin Ahmed Kanoo.

click on image to view the digital edition