A state investment fund in the Emirates capital Abu Dhabi says it has raised $5 billion in loans, a sign that banks remain willing to lend to the oil-rich Arab Gulf despite the global slump.
International Petroleum Investment Company says the financing package will primarily cover its purchase of Canadian plastics producer Nova Chemicals, a minority stake in Spanish oil company Compañia Española de Petroleos, and the refinancing of a 975 million euro ($1.37 billion) existing loan.
IPIC Managing Director Khadem al-Qubaisi says the response from the company's 16 lenders is gratifying, given "what are still very difficult credit markets."
IPIC took the rare step among Gulf state funds in seeking credit ratings in April.
