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Dubai - UAE: Mashreq Al Islami, the Islamic banking arm of Mashreq, one of the leading financial institutions in the UAE & Region has successfully closed a 5 year USD 500 million senior secured syndicated facility for Ezdan Holding Group Company Q.S.C. ("Ezdan" or the "Company"), the largest private sector real estate developer in Qatar.
Mashreq Al Islami UAE acted as Mandated Lead Arranger, Sole Book Runner and Facility Agent for the facility. Other banks that participated in the financing included Abu Dhabi Islamic bank, Ahli United Bank, Emirates NBD, Gulf International Bank, HSBC Bank Middle East as Mandated Lead Arrangers, Sharjah Islamic bank, Warba Bank as Lead Arrangers and QIIB as asset custodian.
Throughout its wide spread distribution platform, Mashreq Al Islami endeavored to meet Ezdan's specific financing needs and diversify its funding sources to GCC and international banks outside the home market of Qatar. The transaction received an overwhelming response from the market and was over-subscribed by more than 2.5 times the initial facility size.
The Facility proceeds will be utilized to support the Company's expansion and developmental plans in its core market.
Nabeel Waheed, Head of International Banking Group, at Mashreq, UAE stated, "The successful closure of this transaction is clear evidence of the growing acceptance of reputable Qatari corporates in the regional and international markets". He emphasized the growing importance of the country in the Middle East and how Mashreq in the UAE, in conjunction with its other key partner banks have been instrumental in successfully closing a 100% Sharia'h compliant structured Facility of this magnitude for Ezdan.
Waheed added, "This Facility once again called for a bank with tried and tested structuring and distribution capabilities, which Mashreq has successfully proved yet again. Qatar has always been an essential strategic market for Mashreq and we remain committed to working alongside our core relationship clients such as Ezdan, to continuously explore innovative products to support their complex capital requirements."
Ali Al Obaidli, Group CEO of Ezdan Holding Group, said "Ezdan has once again successfully secured a 100% Sharia'h compliant structured debt instrument as part of the Group's on-going strategic capital raising program, to support its intensive plans to grow and evolve into one of the largest corporates in the Middle Eastern market. This syndication reiterates the Group's access to avail international liquidity, with the same success it has accomplished with Qatar based financial institutions. We would like to show our gratitude to Mashreq and the participating banks for the successful closure of this deal."
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About Mashreq
Since its inception in 1967, Mashreq has differentiated itself through innovative financial solutions. As the oldest bank in the UAE, Mashreq has more firsts than any other bank and a proven track record in innovation. With an extensive branch network across the UAE, Mashreq is also present in Qatar, Bahrain, Kuwait and Egypt and 26 overseas offices in 12 countries spread across Europe, USA, Asia and Africa providing a comprehensive range of international financial services. Locally and regionally, Mashreq has established itself as a market leader by delivering award-winning customer experiences and innovative thinking across its financial products and services. Key recent initiatives include the UAE's first Tap'n'Go contactless technology, Cardless Cash, Snapp Mobile Banking, Selfie credit card, and eforms amongst others. The bank's Islamic Window Mashreq Al Islamic takes a highly technological approach to banking, allowing customers to experience Sharia'h Compliant financial banking solutions online.
In 2014, the bank celebrated a historic year as it posted 33% in Net Profit and won more than 45 local, regional and international awards, including Best Local Bank in the UAE, Best Local and Regional Retail Bank, Best Islamic Window, Best Corporate, Best Consumer Internet Bank Qatar, SME Bank of the Year, Super Brands, Best Regional Investment Bank and Best UAE Loan House from prominent awards organizers.
Each banking division offers its own unique specialisms and expertise to set industry standards, whilst working collaboratively to achieve excellence for all Mashreq customers and partners.
- Corporate Banking Group's mission is to drive relationship banking through customer centricity, ensuring that it is the primary bank of corporate clients, and the efforts continued in the quarter. Corporate Banking Group delivered world class Investment Banking Services to the clients, especially in the fields of Corporate Finance, Real Estate, Investment Services, Cash& Trade Management Solutions. Recently the business group booked two key transactions for TECOM INVESTMENTS LLC and Port & Freezone World FZE (PFZW) and closed a 4-month Short term Bridge facility for USD 86 MM for Abraaj Holdings.
- Retail Banking Group has been at the forefront of innovation with various financial solutions such as Instant Banking, the first ATM Card, Travelers cheque amongst others. The retail business focuses on leading the UAE banking industry through world class service and comprehensive financial products for Personal Banking, Islamic Banking, Private Banking, Business Banking, Affluent Banking, and Payments. It continues to launch groundbreaking contactless technologies and launching the region's first fully automated branch initiative 'imashreq'.
- International Banking Group's network of Branches and Rep Offices spans twelve countries across US, Europe, Asia and the Far East. The bank leverages this footprint by supporting franchise client needs internationally and international client needs in our franchise. International Banking Group (IBG) provides commercial banking services to customers outside the UAE. The Financial Institutions Division, which is a part of IBG, provides full range of correspondent banking services including payments, trade finance and capital markets products to financial institutions in select markets."
- Treasury And Capital Markets Group is a leading provider of value added and innovative treasury services and products. Operating round the clock our experienced dealers provide continuous coverage of global markets to clients. The traditional areas of foreign exchange, interest rates, fixed income, commodities, global futures, UAE (local) and international equities, are supplemented by customized structured multi-currency hedging, yield enhancing strategies, equity derivatives and specialized asset management services.
As a leading financial institution, Mashreq is committed to supporting every community it serves. In the UAE, the bank pays particular attention to recruiting, training, and developing UAE National employees. Mashreq is the only financial institution to receive the Gallup Great Workplace Award for two consecutive years in 2014 and 2015 and is a four times receiver of the CSR Label by Dubai Chamber of Commerce and Industry in recognition of its global standards in social responsibility.
For media enquiries, please contact:
Huda Ismail Nssrin Khalil
Public Relations, Mashreq Public Relations, Mashreq
Tel: 04 -6083629 Tel: 04 - 6083836
Email: HudaI@mashreq.com Email: NssrinK@mashreq.com
© Press Release 2015
