Overview

China Construction Bank contributes to a $300 million USD loan to Dubai Aerospace Enterprise for its future financing needs (Linked to Record ID#95204)

Commitments (Constant USD, 2023)$154,760,073

Commitment Year•2020Country of Activity•United Arab EmiratesDirect Recipient Country of Incorporation•United Arab EmiratesOverseas Jurisdiction•United Arab EmiratesSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 20, 2020

Last repayment (originally scheduled): Jan 19, 2024

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

China Construction Bank Corporation (CCB)

Cofinancing agencies

State-owned Commercial Banks

China Construction Bank (Asia) Corporation Limited (CCB (Asia))

Receiving agencies

State-owned companies

Dubai Aerospace Enterprise (DAE) Ltd.

Loan description

2020 syndicated $300 million USD loan from CCB and CCB (Asia) to Dubai Aerospace Enterprise for its future financing needs in the UAE

Interest type•UnknownMaturity•4 years

Narrative

Full Description

Project narrative

On January 20, 2020, it was announced that the DIFC Branch of China Construction Bank Corporation (CCB) and China Construction Bank (Asia) Corporation Limited had signed a $300 million USD (AED 1.1 billion) unsecured term loan agreement with Dubai Aerospace Enterprise (DAE) Ltd., a Dubai-headquartered aerospace corporation and aircraft leasing company. This loan carried a maturity period of four years and an option to extend the commitment to $500 million USD. The proceeds of this loan were intended to be used by the borrower to support its future financing needs. Record ID#95203 captures CCB's contribution. Record ID#95204 captures CCB (Asia)'s contribution.

Staff comments

1. DAE is 100% indirectly owned by Investment Corporation of Dubai (ICD), the Government of Dubai's principal investment arm. 2. The breakdown of contributions between CCB and CCB (Asia) to this $300 million USD loan is unknown. For now, AidData has assumed that each bank contributed equally ($150,000,000 USD) to the syndicated loan.