Earlier, ICBC has extended a loan amounted to USD 400 million to Oryx Leasing for purchasing three Boeing 777-300 ER and one Boeing 777-200 LR. At present, the four planes have been delivered and leased to Qatar Airways. The loan is also the largest borrowing of Oryx Leasing this year.
Oryx Leasing is a wholly-owned company of the Qatar government for buying and leasing aircraft to Qatar Airways. The Arranger and finance bank of this loan are respectively ICBC (Middle East) Limited (registered in Dubai International Financial Center) and ICBC Doha Branch (located at Qatar Financial Center).
In 2008, ICBC opened ICBC Middle East in UAE's Dubai and Doha Branch in Qatar's capital. ICBC is the earliest Chinese banks entering the Middle East market, also the only Chinese bank in the region as of today. The new Abu Dhabi Branch opened on November 7, 2010 together with the two ICBC subsidiaries in Dubai and Doha underscore ICBC's footprint in the Middle East. Thanks to the "offshore" and "onshore" licenses issued to the ICBC's three subsidiaries, ICBC can now spread its wings in the region to achieve best possible premium.
Tian Zhiping, general manager of ICBC for Middle East region, said that ICBC maintains stable growth and enjoys growing influence in the region since its entry into Middle East market in 2008. ICBC begins to make its mark and becomes the mainstream commercial bank in the Middle East. During the process, ICBC seeks closer partnership with large airlines in the region such as Qatar Airways, Emirates Airlines. ICBC is establishing its strong presence in the local aviation market by offering professional, highly efficient financial services which are warmly received by the customer.
