Dubai - UAE, 6th July 2015: Mashreq, National Bank of Fujairah (NBF), Noor Bank, Standard Chartered Bank (SCB) and Union National Bank (UNB) have jointly closed a USD 135 million dual tranche senior unsecured facility (the Facility) for Future Pipe Industries Group (FPIG), the worldwide leader in engineered, performance-based, fiberglass pipe systems.

FPIG will use the facility proceeds to settle existing indebtedness early and to finance its capital expenditures.

Mashreq acted as the Mandated Lead Arranger and Bookrunner as well as Coordinating Bank for the Facility. NBF, Noor Bank, SCB and UNB acted as Mandated Lead Arrangers for the Facility. 

Dr Omar Ashur, CFO of FPIG commented: "This transaction will facilitate FPIG's further growth and strengthen FPIG's ability to support its customers.  We are pleased that the transaction was executed efficiently due to the strength of FPIG's relationship with the banks and commitment of the working group." 

John Iossifidis, Head of Corporate Banking and Investment Banking said: "This successful transaction demonstrates the strong relationship that FPIG has with its banking partners. With its innovative product offering and its business development strategy, FPIG has been able to maintain and enhance its position in several existing markets, while penetrating new markets. The partnership between FPIG and its banks has been growing over the years and this landmark transaction is yet another important milestone that further enhances it. Mashreq is delighted to have been associated with this success."

Building on more than 40 years of experience and its advanced proprietary technology, FPIG is considered one of the world leaders in the design and manufacture of large diameter composite fiberglass pipe systems. The organization has established a strong reputation for providing its customers with a combination of superior product performance, high product quality and exceptional service at competitive prices, in order to deliver water and energy in the most efficient way.

About FPIGL
FPIGL is the worldwide leader in engineered, performance-based, fiberglass pipes, having built a solid reputation for designing, manufacturing and installing bespoke pipe solutions for leading companies in the fields of infrastructure, oil and gas, industrial, water and marine.  FPIGL offers the largest portfolio of high-temperature, high-pressure, anti-corrosive, composite large-diameter fibreglass pipes in the world, as well as a comprehensive range of products and services including engineering, project management, technical support and on-site training.  FPIGL is active throughout the Middle East, Africa, Europe, North America and Asia, operating 12 factories in the UAE, Oman, Qatar, KSA, Egypt, The Netherlands, Spain, USA, India and Indonesia, and working from 20 offices in 17 countries.  In total, FPIGL has a workforce of over 3,300 members of staff around the world.

For media enquiries, please contact: 
Nadine Sleiman                                                                    
Tel: 04 -3896116                                           
Email:N.Sleiman@futurepipe.com
 
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.

© Press Release 2015