Oct 01 2007 |
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Project finance market rises 15%
The global project finance market expanded by 15 per cent in the first-half of this year with investors closing 289 deals worth $129 billion, compared with 156 deals worth $ 111 billion in the preceding six months.Bahrain-based Gulf International Bank ( GIB ) participated in nine major project finance transactions in the first-half of 2007, two of which were listed in the world's top 10 deals for this period.
A list of the world's largest project finance deals has lately been published by UK-based Infrastructure Journal, which provides dedicated data for the global infrastructure investment market. The Middle East and Africa (MEA) project finance market grew during the period by 21 per cent to $ 21.2 billion.
GIB acted as mandated lead arranger in most of the region's major deals, especially the largest two that made it in the top 10 list--the $ 3.595 billion Marafiq IWPP in Saudi Arabia and the $ 2.397 billion Mesaieed A IPP in Qatar.
The seven other deals GIB has participated in during the first six months of the year are: Shuqaiq IWPP, National Industrial Gases and Advanced Polypropylene Company in Saudi Arabia; Kuwait Paraxylene Production Company ; Baraka 2 IWPP in Oman; Qatalum ( Qatar Aluminium ) and Qatar Chemical Company . GIB 's Chief Executive Officer, Dr. Khaled M. Al-Fayez, said: "We are pleased with our leading market position in the project finance market in the Middle East. The bank has been for many years the region's primary provider of project and structured finance services."
He added: "Our leading position in regional project finance is attributable to both our skills and regional market knowledge. Over the years, GIB has continued to develop its in-house skills and extend its network of relationships with international banks, multinational corporations, investors, export credit agencies and local sponsors."
The bank's expertise encompasses underwriting and arranging limited-recourse term financing, in addition to a complete range of debt finance products such as syndicated debt finance, Islamic finance and export credit agencies.
"We are also proud to be a significant contributor to the economic development of the region. GIB has been playing a pivotal role in arranging, underwriting and lead-managing major transactions in the oil and gas, electric power generation, petrochemical and manufacturing sectors across the GCC," said Dr. Al-Fayez.
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