Dubai - UAE - Leading financial institution, Mashreqbank psc (Mashreq) has announced successful coordination of a BHD 107 Million (AED 1,050 Million) contracting facility for financing the bonding and working capital requirements of the Arabtec Construction LLC (Arabtec) and TAV Tepe Akfen Yatirim Insaat ve Isletme A.S. (TAV) joint venture (JV) in support of the JV's main works contract for the Bahrain International Airport Modernization Program (the Project) being undertaken in the Kingdom of Bahrain. Mashreq and Arab Bank have previously supported Arabtec, a leading construction and engineering group out of UAE, and TAV, world's largest airport contractor, on several other projects in the region.
Mashreq acted as the exclusive book runner and coordinator for the facility, while Arab Bank plc was the joint lead arranger under the facility.
The Arabtec-TAV JV received the award worth BHD 382.9 Million (AED 3,750 Million) for this strategic project in March 2016, making it the largest construction project won by a joint venture involving a Turkish company in Bahrain. Boasting a built up area of 220,000 sq. meters, the new state of the art terminal will increase the current yearly capacity from 4 million to 14 million passengers. The terminal is planned to be completed in 51 months.
John Iossifidis, Head of Corporate & Investment Banking Group, Mashreq commented, "As one of UAE's leading financial institutions, we have always supported the nation's, in fact the region's, development vision. Arabtec and TAV are leading players in the contracting world and we are honored to have them as key clients, whom we have supported in a multitude of projects across the region. In this regard, we are proud to support the Arabtec-TAV JV on the modernization of the Bahrain International Airport by being the sole book runner for the facility on this Project. This transaction re-iterates Mashreq's continued commitment to its key clients and the regional economy, which has helped cement our position as a leading bank in contracting finance in the region. We are also pleased to be working with Arab Bank, as our close banking partner, who have been instrumental in arranging this and other significant transactions."
Mohamed Assem, Bahrain Country Manager, Arab Bank commented, "We are proud to be involved in supporting a key infrastructure project for Kingdom of Bahrain that will certainly enhance the landscape of the transportation industry. Arabtec and TAV are leading construction and engineering companies which have been assuming a number of high scale projects in the Middle East. Arab Bank financing of such a strategic project is consistent with the Bank's strategy and long track record in financing other large infrastructural projects across the MENA Region. Our strong capabilities and large network provide strong foundations to support the growth plans of regional and international contractors."
Eng. Saeed Mohamed Al Mehairbi, Acting CEO of Arabtec Holding stated: "We are delighted to have received this award from the Ministry of Transportation and Telecommunication affairs in the Kingdom of Bahrain. We look forward to delivering this landmark project with the help of our JV partner, TAV Group, and the backing of our long-standing and supportive banking group, including Mashreq and Arab Bank. Arabtec has extensive experience in airport projects and is currently executing the construction of Abu Dhabi's Midfield Terminal. Such major projects have a strategic importance for the development of the region's capabilities and the continuing growth of the GCC, a cause Arabtec is grateful to play its part in."
TAV Group President & CEO Sani Şener stated: "In the past 16 years, we have built a total of 16 airports in the Middle East and North Africa region -seven of them are the gateways of the capital cities of their respective countries. We are proud to add Bahrain Airport to our portfolio, which includes ongoing projects in the UAE, Oman and the KSA. TAV Construction has been named at the top of the airport construction ranking globally by Engineering News Record for the last two consecutive years. We'll employ our extensive expertise at the Bahrain Airport project and continue contributing to the development of the GCC region."
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About Mashreq
Mashreq is the oldest bank in the U.A.E. with an extensive branch network across the Emirates. Mashreq is also present in Qatar, Bahrain, Kuwait and Egypt and has 26 overseas offices in 12 countries spread across Europe, USA, Asia and Africa, thereby providing a comprehensive range of international financial services. Established in 1967, Mashreq has established itself as a market leader by delivering award-winning customer experiences and innovative thinking across its financial products and services. Mashreq's various banking divisions cater to unique specialisms and expertise and include: Corporate Banking, Retail Banking, International Banking, and Innovative Treasury Services. The bank also provides Sharia'h compliant financial banking solutions. As a leading financial institution, Mashreq is committed to supporting every community it serves. In the U.A.E., the bank pays particular attention to recruiting, training, and developing U.A.E. National employees. Mashreq is the only financial institution in the U.A.E. to have been awarded the CSR Label by Dubai Chamber for five years in a row. Mashreq is the recipient of prestigious industry honors, including the "Best Regional Debt Bank in the Middle East 2015", "Best Investment Bank in the U.A.E. 2015" awards by the New York based Global Finance, "Best Investment Bank in the Middle East" and "Best Loan House in the UAE" as part of the Middle East Banking Awards 2015 held by the EMEA Finance.
About Arab Bank
Established in 1930, Arab Bank headquartered in Amman, Jordan is the largest global Arab banking network with over 600 branches spanning five continents. Arab Bank is also present in key financial markets and centers such as London, Dubai, Singapore, Geneva, Paris, Frankfurt, Sydney and Bahrain. The Bank provides a wide range of financial products and services for individuals, corporations and other financial institutions. Its main business lines cover Consumer Banking, Corporate and Institutional Banking and Treasury services. Arab Bank has received several awards & recognitions from leading international parties, most notably the award of Best Bank in the Middle East 2016 from Global Finance magazine.
© Press Release 2016
