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Zamil Signs Murahba Contract with NCB
January 27, 2010 – Eastern District Cooling Co. Ltd., a wholly-owned subsidiary of Zamil Group Holding (Zamil), has signed a 13.5-year Murabaha finance agreement worth $54.9 million (SR206 million) with the National Commercial Bank (NCB) for a district cooling project. Energy Central Co. will develop the project, while Gulf International is the advisor. Zamil will build the project along with Drake & Scull International, and Zamil Cool Care will be the operator of the various facilities. The agreement with NCB represents the first non-recourse project finance in the region for a district cooling project and NCB is the sole mandated lead arranger for the Murabaha. In November 2007, Zamil signed a 22-year Energy Performance contract with Saudi Basic Industries Corporation (SABIC) for the complete outsourcing of process and comfort cooling, including building a central cooling plant to supply 20,000 tons of refrigeration within Saudi Iron and Steel Company in Jubail Industrial City. The project, valued at approximately $80 million (SR300 million), is expected to go on stream later this year.
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