| 15 May 2008 |
|
Tabreed signs AED One Billion Ijara syndication
- Text size
TabreedTabreed
, the region's award-winning district cooling pioneer, has formally sealed a landmark deal with HSBC AmanahHSBC Amanah
, which lead managed and arranged a 12 year Ijara (Islamic lease) facility for AED One Billion. The financing will be used to refinance existing facilities as well as support the on-going expansion of cooling projects.. HSBC AmanahHSBC Amanah
, acted as the Initial Mandated Lead Arranger and following general syndication was joined at the Mandated Lead Arranger level by Abu Dhabi Commercial BankAbu Dhabi Commercial Bank
, Dubai Islamic BankDubai Islamic Bank
, National Bank of Abu DhabiNational Bank of Abu Dhabi
PJSC, and Standard Chartered BankStandard Chartered Bank
. First Gulf BankFirst Gulf Bank
participated at the Lead Arranger Level, while Abu Dhabi Investment CompanyAbu Dhabi Investment Company
, Badr Al-IslamiBadr Al-Islami
(the Islamic banking division of Mashreqbank) and BBKBBK
all acted Arrangers, with United Arab BankUnited Arab Bank
as a Participant.
"District cooling is a capital intensive business and requires huge fund inflows. As one of the leading financial institutions with a global footing and a strong Islamic finance base. HSBC along with other esteemed patrtners on this Ijara syndication are the top international financial groups in the world with a proven track record. We believe our dedicated efforts combined with undeterred support from our key financers shall further facilitate our expansion plans," said Abdulla Matar Al Muhairi, Chief Financial Officer, TabreedTabreed
.
"This mammoth Ijara syndication is significant as it also reflects the enormous confidence of the banks on us."
HSBC AmanahHSBC Amanah
is the global Islamic banking division of the HSBC Group, and was established in 1998 and has become one of the leading providers of Islamic financial services worldwide. With more than 150 professionals serving the Middle East, Asia Pacific, Europe and the Americas, HSBC AmanahHSBC Amanah
represents the largest Islamic banking team of any international bank."This Ijara syndication represents a significant accomplishment as it was arranged in a challenging and increasingly volatile market environment. It confirms the confidence that financial institutions have in the TabreedTabreed
credit story and its management team. We are privileged to have lead arranged this Islamic syndication for TabreedTabreed
. This confirms our status as a leading provider of Islamic financial solutions to the company, following on from TabreedTabreed
debut rated US$200m Sukuk issue in 2006 which HSBC AmanahHSBC Amanah
joint lead arranged and book ran", commented Mohammed Dawood, Director, Global Capital Markets, HSBC AmanahHSBC Amanah
.
TabreedTabreed
pioneered the use of district cooling in the Middle East in 1998 and since then the company has undertaken projects in various other countries in the Middle East including all GCC nations as well as Jordan in the Levant. TabreedTabreed
pioneers energy efficient gas-fired and electric-powered district cooling solutions in the UAE and across the region. The company offers customers the highest quality service through an integrated energy system devised to help them optimize their energy usage and reduce power and maintenance costs.-Ends-
TabreedTabreed
is one of the leading suppliers of district cooling services in the United Arab Emirates. TabreedTabreed
designs, engineers, finances, constructs and operates district cooling facilities that supply chilled water for air conditioning. In addition, TabreedTabreed
has expanded its district cooling operations by establishing subsidiaries and associate companies in Qatar, Bahrain, Jordan, Oman, Saudi Arabia and Kuwait. TabreedTabreed
has also developed a number of subsidiary companies which service the district cooling and air conditioning industry.
TabreedTabreed
currently operates 31 district cooling plants (of which it wholly owns 22) in the UAE from which it sells chilled water air conditioning services to customers that are connected to the relevant distribution network. TabreedTabreed
and its subsidiaries own 227 Kton of capacity in the GCC region, of which 220 Kton is in the UAE and 7 Kton is in Bahrain. It operates further 97 Kton through associates, of which 67 Kton is in the UAE and 30 Kton is in Qatar.
has in the GCC region a 722 Kton pipeline of projects under construction/development and a 473 Kton pipeline of potential new projects, expected to be installed by the end of 2010. The UAE Armed Forces has been TabreedTabreed
's major customer to date, accounting for, in the fiscal year ended 31 December 2007, approximately 47 per cent. of installed capacity owned (directly and through subsidiaries) (53 per cent of installed capacity operated) and 67 per cent. of its district cooling revenues.TabreedTabreed
's current authorised and issued share capital is AED 1.213 billion. TabreedTabreed
is listed on the Dubai Financial Market ("DFM") and has a wide shareholder base. Its shareholders include government bodies and investment institutions, private offices of high net worth individuals, overseas investors and the public.
About HSBC AmanahHSBC Amanah
HSBC AmanahHSBC Amanah
is the global Islamic financial services division of the HSBC Group. It was established in 1998 with the aim of making HSBC the leading provider of Islamic financial services worldwide. With more than 150 professionals serving the Middle East, Asia-Pacific, Europe and the Americas, HSBC AmanahHSBC Amanah
represents the largest Islamic financial services team of any international bank.
With the global resources of the HSBC Group at its disposal and the largest Islamic finance team of any international bank, HSBC AmanahHSBC Amanah
is uniquely positioned to understand, structure, and distribute financial services that are compatible with the requirements of Shariah (Islamic Law).
For further information:
Rita Chahoud, PR and Communications Manager,
TabreedTabreed
.
Tel: +971 4 3404422;
Fax: +971 4 340;
Email: rchahoud@tabreed.com.
© Press Release 2008
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer







Loading ...
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.