Veolia to take over at Ajman
- From: Vol 7, Issue 2 (February 2006)
- Category: General
- Region: Middle East
- Country: United Arab Emirates
- Related Companies: Bayerische Landesbank, Besix, HypoVereinsbank, Mashreqbank, RWE/Thames (Water), Six Construct, United Arab Bank and Veolia
The project is being restructured and refinanced to enable it to move ahead.
Ajman is undergoing a refinancing and change of shareholder that will enable the project to be fully funded and construction to be completed.
It was originally financed with a 14- year, $77.5 million loan arranged by HypoVereinsbank, Bayerische Landesbank, Mashreqbank and United Arab Bank. The developers provided a further $38 million of equity while the balance of approximately $24 ...
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