2 September 2002 – Umm al-Nar Power Company, a United Arab Emirates state power and water firm, is seeking a $1.4bn bank loan, bankers in Bahrain said on Sunday.
The company was tapping the market to build a new electricity and seawater desalination plant in Abu Dhabi, one of seven emirates that comprise the UAE federation.
“The company is seeking a $1.4bn syndicated loan from banks. The request has not been mandated yet,” one banker in Bahrain, the Gulf’s finance and banking hub, said without giving further details.
Umm Al Nar Power Company comprises of UAN East, UAN-West and Baniyas Power Stations, all of which together have a combined installed capacity of 1184 MW & 101.9 MGD of desalinated water.