MEED reported that Kuwait based Gulf Investment Corporation will start building its Sulb steel project in Bahrain by the end of 2009.
Bankers said that the project is on track for the USD 750 million debts financing to be in place by November.
A source involved in the project’s development said that the award of a construction contract will be made at about the same time.
A banker funding the deal said that “Things have been moving slowly on the Sulb project over Ramadan but now we plan to have the financing in place so that construction can begin before the end of the year.”
The deal is being financed by Jordan’s Arab Bank, France’s Societe Generale, Saudi Arabia’s Banque Saudi Fransi, Mizuho and Sumitomo Mitsui Banking Corporation both Japanese.
(Sourced from http://www.steelguru.com)
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