UAE-based Phoenix Group raises $205m loan

Phoenix Group, a Dubai-based agricultural and food company, has secured a $205m borrowing base loan, it said in a statement.

The funding was provided by a group of seven institutions led by Standard Chartered in Singapore, including First Abu Dhabi Bank, BNP Paribas, RaboBank, ICICI Bank, Shinhan Bank and the OPEC Fund for International Development.

The company will use the financing to expand its rice business in India, Asia and Africa.

Phoenix Group was established in 2000 as a rice trading company in Singapore. It operates in 22 countries, generating revenues in excess of $2bn, according to its statement.

Registered in Dubai Multi Commodities Centre (DMCC), the company is now set to become the world’s largest rice business by volume and a major player in the global agri foods industry, with the group aiming to double its turnover in the next three to five years, added the statement.

Phoenix Group’s chairman, Gaurav Dhawan, said: “This heralds a new beginning in the financial structuring of Phoenix and would provide both liquidity as well as operative efficiency, which we hope to see translate to business competitiveness and increase of volumes and our market share.

“The successful closure demonstrates the continued confidence of our supporting institutions for which, we remain grateful.”