UAE Union Cement Secures loan

UAE Union Cement Secures loan
Published: 27 June 2005

UAE Ras al-Khaimah cement manufacturer Union Cement has secured a $100m loan to be extended by Jordan-based Arab Bank and a number of regional banks, it was reported on June 27, 2005.  The loan is to be repaid over seven years and will be used to partly finance the company’s $145m project for a new clinker facility. The new facility is expected to produce some 3Mta of clinker. At present, Union Cement has the capacity to produce a total 1.35Mta of clinker and 1.65Mta of cement.   The Government of Ras al-Khaimah owns 45 per cent of Union Cement, while 20 per cent is held by the state-run Abu Dhabi Investment Authority (ADIA).