United Arab Emirates’ SHUAA secures a $300m facility from TAEF and NBF to strengthen marine portfolio and drive OSV growth.
Dubai-based asset management and investment banking platform SHUAA Capital psc announced Thursday the execution of a new financing facility for its OSV operations under Stanford Marine Group and Allianz Marine and Logistics Services Holding Limited (Allianz) that are held via a SHUAA-managed fund.
The fund, referred to as the “SHUAA-managed fund,” is managed by SHUAA GMC Limited, a wholly owned FSRA-regulated subsidiary of SHUAA.
The business executed a seven-year finance facility of up to USD 300 million from National Bank of Fujairah (NBF) and The Arab Energy Fund (TAEF), formerly known as APICORP.
SHUAA said that the financing facility is one of the largest secured overnight funding rate (SOFR) based facilities for the OSV sector in the region.
It also said that the deal is expected to be completed in the coming days subject to closing procedures.
“As a single facility across the Stanford and Allianz OSV operations, acquired by the SHUAA-managed fund in 2020 and 2022 respectively, it further integrates the two units and provides support for continued growth of the businesses,” SHUAA added in its statement on Thursday.
