MESC subsidiary secures AED 120M credit facility from FAB

16/07/2025 Argaam
Logo ofMiddle East Specialized Cables Co. (MESC)

Logo of Middle East Specialized Cables Co. (MESC)

Middle East Specialized Cables Co. (MESC) said that its subsidiary MESC Ras Al Khaimah signed a Shariah-compliant agreement to obtain AED 120 million ($33 million or SAR 122.6 million) facilities from First Abu Dhabi Bank (FAB) in the UAE.

 

In a statement to Tadawul, MESC said the financing will mature on May 31, 2026, backed by a promissory note worth AED 120 million, an assignment of insurance proceeds, and a pledge of its plant and machinery as collateral.

 

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The facilities will support working capital needs, the issuance of performance and advance payment guarantees, and capital expenditures for the plant and equipment.

 

MESC added that the agreement was signed on June 11, 2025, but took effect on July 16, 2025.

 

There are no related parties to the deal, the statement added.

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