Abu Dhabi/Kuwait City (August 24, 2011) - The National Bank of Abu Dhabi PJSC (NBAD) has been appointed lead advisor to the Partnerships Technical Bureau (PTB), an arm of the Kuwait Ministry of  Finance, for its ambitious development plans for Failaka Island, Kuwait.

The 43 square kilometre Al Failaka Island is located approximately 26 kilometers north east of Kuwait City. The Kuwait Government intends to develop the Island in accordance with its 'Vision 2035 Plan' that envisages developing Kuwait into a financial, commercial and leisure centre.

NBAD's Investment Banking Group is leading an international consortium comprised of technical, legal and financial advisors (including Pinsent Masons, EC Harris, Abu Dhabi National Properties and WSP Group), assisting the PTB to prepare a coherent development strategy for Al Failaka Island.  The Project will involve developing a concept for the island that is in line with the 2035 vision, advising on procurement methodology and the implementation and procurement of the Project.

As part of its role, NBAD would also advise the PTB on funding solutions to develop Failaka Island into a world class hospitality destination point targeting the Gulf Cooperation Council and the greater MENA markets.

" NBAD's  extensive experience as a project finance advisor, and our strong position in the global markets served as a key factor in NBAD winning this important role in one of Kuwait's most ambitious development projects," said Mark Yassin, the Senior General Manager of Corporate & Investment Banking Division of NBAD. "This is a role most suitable for NBAD given our experience in leading many key leisure and mixed use projects in the UAE and our understanding of and sensitivity to the unique Kuwaiti culture."

Nathan Weatherstone, the Head of Project Finance Advisory at NBAD's Investment Banking Group, said: "This mandate in Kuwait is well aligned with NBAD's strategy to build on its status as one of the leaders in the regional project finance arena. NBAD is particularly pleased to be at the forefront of the development of Kuwait's projects market as it represents one of the region's most exciting markets."

The President of the  PTB, Mr. Adel Al-Roumi  said  "We are keen on having best in class partners for our developments and are very pleased to have selected the NBAD consortium as our transaction advisors on this landmark project. The choice was based on the merit, relevant experience and reputation of the consortium members."

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About NBAD
The National Bank of Abu Dhabi (NBAD), The Number One Bank in UAE, was incorporated in 1968 and is listed on the Abu Dhabi Securities Exchange (ADX), under stock code (NBAD).

Ranked as one of the top 50 safest banks in the world, NBAD currently operates across 13 countries on four continents.

NBAD has a network of 113 branches and more than 450 ATMs to provide banking services to customers all over the UAE.

Besides brick & mortar branches, NBAD provides 24 hour internet banking access through NbadOnline and NbadDirect, the SMS-based payment service (Arrow) as well as account access and personalised customer support through its 24-hour Call Centre.

NBAD's overseas network stretches from Oman, Kuwait, and Bahrain in the G.C.C.; Egypt, Libya, and Sudan in Africa; UK, France, and Switzerland in Europe; Hong Kong and Jordan in Asia to Washington, D.C. in the U.S.A. Overall, NBAD has nearly 50 branches and 60 ATMs outside the UAE.
NBAD provides its customers with a wide variety of financial services targeting all segments of the consumer and corporate markets.

NBAD is rated senior long term/short term A+/A-1 by Standard and Poor's, Aa3/P1 by Moodys and AA-/F1+ by Fitch giving it one of the strongest combined rating of any Middle Eastern financial institution.

For further enquires, please contact:
Ehab Khairi
Media & PR Manager
National Bank of Abu Dhabi
Tel: +97126111190
Email: ehab.khairi@nbad.com
Web: www.nbad.com  

© Press Release 2011