29 May 2008
Al Arrab Contracting Company Ltd. (ACC), part of Al Rajhi group of Saudi Arabia, signed a term-loan agreement jointly with Qatar National Bank (QNB), Emirates NBD Bank (ENBD) and Arab Bank, the mandated lead arrangers and joint underwriters, for $550 million. Funds will be used to partially finance construction of 10 towers located in the prestigious Pearl of Qatar Project.
The facility will be launched for general syndication in due course, and the three banks will be bookrunners. The loan agreement was signed by Ahmad Suliman Al Rajhi, ACC chairman of the board, and top executives from the three banks.
ACC was established 25 years ago as a general contracting company headquartered in Riyadh, Saudi Arabia, with activities spanning across the region. The company's core business sectors are construction and manufacturing-related construction.
ACC is now Saudi Arabia's third largest contractor by "value of contracts won" last year. Company president Said Bahjat Mohamed Said noted: "The financing underlines enhanced ties between the company and these three key regional banks that obviously share our vision."
Qatar's real-estate sector has been witnessing an accelerated rate of growth in the past few years.
The Pearl, a manmade island located 350 metres off shore from Doha, was created by United Development Company through reclamation of 4.1 million square metres of land in the Arabian Gulf.
It is envisaged that the Pearl will eventually house more than 41,000 residents in an upscale, multicultural residential community. Rajan Khetarpal, deputy general manager and head, global debt capital markets and overseas corporates, ENBD, said: "Our bank is strategically positioning itself as a frontrunner in debt-capital markets in the region.
"The deal strengthens our relationship with the group, and we are honoured to have been selected to co-lead and manage the transaction. Abdulla Mubarak Al-Khalifa of QNB said: "Our bank has been a strong ally in the real-estate sector, not just in Qatar but also in other countries of Middle East and North Africa.
QNB has been playing an important role in financing real estate development projects in Qatar." Saeed Abu Gharbieh, country manager of Arab Bank, plc, Qatar, said: "As always, our bank continues to play a key role in the growth of Middle East-North Africa region economies, providing its accumulative experiences over the past 78 years to join forces with those entrepreneurs who add value. Our bank is pleased to co-lead this transaction and is looking to enhance its relationship with Al Rajhi group".
Al Arrab Contracting Company Ltd. (ACC), part of Al Rajhi group of Saudi Arabia, signed a term-loan agreement jointly with Qatar National Bank (QNB), Emirates NBD Bank (ENBD) and Arab Bank, the mandated lead arrangers and joint underwriters, for $550 million. Funds will be used to partially finance construction of 10 towers located in the prestigious Pearl of Qatar Project.
The facility will be launched for general syndication in due course, and the three banks will be bookrunners. The loan agreement was signed by Ahmad Suliman Al Rajhi, ACC chairman of the board, and top executives from the three banks.
ACC was established 25 years ago as a general contracting company headquartered in Riyadh, Saudi Arabia, with activities spanning across the region. The company's core business sectors are construction and manufacturing-related construction.
ACC is now Saudi Arabia's third largest contractor by "value of contracts won" last year. Company president Said Bahjat Mohamed Said noted: "The financing underlines enhanced ties between the company and these three key regional banks that obviously share our vision."
Qatar's real-estate sector has been witnessing an accelerated rate of growth in the past few years.
The Pearl, a manmade island located 350 metres off shore from Doha, was created by United Development Company through reclamation of 4.1 million square metres of land in the Arabian Gulf.
It is envisaged that the Pearl will eventually house more than 41,000 residents in an upscale, multicultural residential community. Rajan Khetarpal, deputy general manager and head, global debt capital markets and overseas corporates, ENBD, said: "Our bank is strategically positioning itself as a frontrunner in debt-capital markets in the region.
"The deal strengthens our relationship with the group, and we are honoured to have been selected to co-lead and manage the transaction. Abdulla Mubarak Al-Khalifa of QNB said: "Our bank has been a strong ally in the real-estate sector, not just in Qatar but also in other countries of Middle East and North Africa.
QNB has been playing an important role in financing real estate development projects in Qatar." Saeed Abu Gharbieh, country manager of Arab Bank, plc, Qatar, said: "As always, our bank continues to play a key role in the growth of Middle East-North Africa region economies, providing its accumulative experiences over the past 78 years to join forces with those entrepreneurs who add value. Our bank is pleased to co-lead this transaction and is looking to enhance its relationship with Al Rajhi group".
© Bahrain Tribune 2008
