Bahrain-based Star Cement, a part of the ETA/Star Group, has signed a $104m term loan facility agreement with a syndicate of banks led by the mandated lead arrangers Abu Dhabi Commercial Bank and the Gulf International Bank.

The term loan will be used by the company to establish a 2.15Mta clinker manufacturing plant in Ras Al Khaimah.

The other banks include Ahli United Bank, First Gulf Bank, National Bank of Abu Dhabi, British Arab Commercial Bank, United Arab Bank, Ahli Bank of Qatar, Commercial Bank of Abu Dhabi and State Bank of India.
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