Middle East-focused alternative asset manager Gulf Capital has signed a debt financing agreement to support Egypt-based petrochemicals holding company Carbon Holdings. Gulf Capital will provide an AED92 million (approximately US$25 million) convertible, five-year loan facility to finance the development and expansion of three of Carbon Holdings’ petrochemical projects: a mining grade ammonium nitrate plant, a polypropylene production plant and a greenfield olefins production complex. The transaction will be structured through Gulf Capital’s credit fund, GC Credit Opportunities Fund I.