The Commercial Bank of Dubai (CBD) will provide Siemens Energy with a AED 550 mn bilateral credit facility, according to a press release. The company will use the funds to support its UAE and Middle East project pipeline as well as invest in new opportunities in the region.

CBD has been actively financing expansionary projects in the UAE: The bank contributed to a USD 232.5 mn loan to global energy trader BGN to support its growth. It also arranged an AED 2 bn syndicated facility for Ras Al Khaimah Properties to fund its residential and hotel projects in Mina Al Arab. Additionally, CBD helped finance USD 1.5 bn to develop the UAE-Oman Hafeet Rail project and supported a USD 400 mn revolving credit line for Waha Capital to invest in emerging avenues of growth.

Siemens Energy has a strong presence in the UAE: The energy development firm, along with General Projects Company, developed an AED 500 mn 220 kV substation in Umm Fannin’s airport area in Sharjah. The company also partnered with the Energy and Infrastructure Ministry to boost sustainable development and expand grid infrastructure. Siemens Energy also teamed up with Elsewedy Power to develop an AED 1.1 bn, 829 MW power plant in Al Aweer in Dubai.

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