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A Consortium Of Banks including Al Hilal Bank, First Gulf Bank, Union National Bank and Arab Bank coordinated by Mashreq Announces the Successful Closing of a AED 4 Billion Syndicated Contractor Financing Facility with TAV, CCC & Arabtec JV for the Construction of Midfield Terminal Building at Abu Dhabi Airport
Midfield Terminal Building Project is the largest single contract awarded in the GCC in the first half of 2012 (Source: MEED)
United Arab Emirates, Abu Dhabi 1st October 2012: A consortium of Banks including Al Hilal Bank, First Gulf Bank, Mashreq, Union National Bank and Arab Bank have announced the signing of the AED 4 Billion syndicated contracting facility with the joint venture (JV) between TAV-CCC-Arabtec for the construction of Midfield Terminal Building at Abu Dhabi’s International Airport. The Joint Mandated Lead Arrangers, Al Hilal Bank, First Gulf Bank, Mashreq and Union National Bank co-led the financing coordinated by Mashreq and Arab Bank participated in the deal as a Lead Arranger.
The Midfield Terminal Complex which is the centerpiece of ADAC’s multibillion-dollar investment program was awarded to the joint venture of TAV, CCC and Arabtec for AED 10.8 billion on 27 June 2012 and is expected to go live in the first half of 2017. The MTC building will be the largest in Abu Dhabi comprising of 700,000 meters squared and is destined to become the primary gateway for airlines operating to Abu Dhabi and will also home the national carrier of the UAE, Etihad Airways.
TAV Group President & CEO M Sani Sener said: “Abu Dhabi is investing billions of dollars in infrastructure, real estate and tourism projects as it moves to diversify its economy away from oil. As TAV Construction -the fourth largest company globally in the field of airport construction according to ENR-, we’re proud to contribute to this key project in Abu Dhabi’s future as its contractor. The TAV Group will be transferring the know-how it gained through a number of projects around the world, to Abu Dhabi with this eminent project. We’ll provide unparalleled infrastructure to ensure best-quality services in this new terminal, bringing together the latest technology and impressive design.”
The Midfield Terminal Complex will be a benchmark in airport construction worldwide featuring an undulating roof, inclined facade, 52 meter of processor ceiling height and the use of advanced technology. Approximately 84,000 tons of steel will be used for the construction and the midfield terminal building will have a roof area of 225,000 meter squares and a total facade area of 200,000 meter squares. Once completed, The Terminal will be capable of handling 27 million passengers per year from all around the world.
Julio De Quesada, Head of Corporate Banking Group, Mashreq commented, “As a UAE National financial institution joining hands with the leading banks of UAE and the Middle East on this financing, we are proud to be part of this massive and strategically important project in Abu Dhabi, which is the largest single contract awarded in GCC in the first half of 2012. The Project will have a great impact on the country’s development and underlines the commitment of banks to lend in support of similar key infrastructure projects. We are constantly supporting National projects that contribute to the overall economy and are aimed at achieving the vision of the UAE.”
Sarie A. Arar, Head of Wholesale Banking Group at Al Hilal Bank commented: “This transaction is very close to the heart of Al Hilal Bank as it touches upon the very essence of the establishment of our bank which is to help support and promote major infrastructure projects within the United Arab Emirates with a special emphasis on the Emirate of Abu Dhabi. We are delighted to be partners with such respectable companies and banks for this flagship transaction and do hope it will enable the Emirate of Abu Dhabi to continue to be at the forefront of many more ambitious projects in the coming years.”
“First Gulf Bank’s participation in this financing is in line with our strategy to support infrastructure development projects in the UAE, and particularly in the Emirate of Abu Dhabi. The new Midfield Terminal Complex will aid in supporting the economy of Abu Dhabi through creating new job opportunities, in addition to enhancing its transport sector. It will work towards consolidating Abu Dhabi’s position as a travel and business hub, meeting the vision of our leaders,” George Abraham, Group Head of Corporate Banking, FGB said.
Mr. Mohammed Nasr Abdeen, Chief Executive Officer, UNB, expressed his delight over UNB’s participation in this landmark transaction for a strategically important project in Abu Dhabi. The construction of the new Midfield Terminal Complex will help significantly boost the economy of the country and help in getting more visitors to the country as well as providing greater convenience to residents of the UAE. Mr. Abdeen added that UNB is strongly committed to support the key development projects in the UAE and contribute to the successful achievement of the Abu Dhabi 2030 Vision.
-ENDS-
About Mashreq
Mashreq began life as the Bank of Oman, based in Dubai, in 1967. Celebrating its 40th birthday in 2007, Mashreq has grown to its current position as one of the leading financial institutions in the United Arab Emirates (UAE).
Mashreq has participated in closing major deals locally and regionally in the field of contracting finance. The bank’s Corporate and Investment Banking Group has continuously had a positive impact in the biggest projects that the country has witnessed.
Mashreq has received numerous international awards such as Best Regional Retail Bank Award 2012 at Banker Middle East Industry Awards, Best Islamic Window awarded to Mashreq Al Islami for 2nd consecutive year Best Call Centre Strategically Aligned Award 2011, the Lipper Fund Awards
Mashreq always looks forward for a constant journey towards service excellence, developing innovative new products and financial solutions
About First Gulf Bank
As one of the leading banks in the UAE, First Gulf Bank (FGB) has Shareholder Equity of AED 27 billion as of Q2 2012 making it one of the largest equity based banks in the UAE. Established in 1979 and headquartered in the UAE capital, Abu Dhabi, the bank provides financial services in various business and industrial areas with a wide network of branches across the Emirates; in addition to the bank’s branches in Singapore and Qatar, a representative office in India and a subsidiary in Libya.
Today, FGB is recognized as a world-class organization committed to maximizing shareholders, customers and employees’ value as it focuses on delivering banking products and services that meet the Clients’ requirements as well as the dynamic economy, perpetuate progress in the UAE. In line with its commitment to excellence the bank also continues to improve service standards, while simultaneously investing in HR, IT, and communication systems.
About Al Hilal Bank
Al Hilal Bank is owned in full by the Abu Dhabi Investment Council, which is the investment authority of the Government of Abu Dhabi. The bank is working with an authorized capital of AED 4 billion, and is authorized to operate as an Islamic trading bank. Al Hilal Bank aims to become the leading financial institution in the region and to increase the growth of Islamic banking with a new direction, towards new technologies and special services. Al Hilal Bank has 22 branches strategically located across the United Arab Emirates as well as 3 other branches in major cities of Kazakhstan.
About Union National Bank:
Union National Bank (UNB) is a public joint stock company incorporated under the laws of the UAE in 1982. UNB is the only bank in the UAE with significant shareholdings by the Governments of both Abu Dhabi (50%) and Dubai (10%).
UNB is the fifth largest commercial bank in UAE and operates through a wide network of branches and ATMs throughout the UAE. UNB’s regional and International presence includes UNB Egypt, a branch in Qatar and a representative office in Shanghai China. UNB has also received a license to operate in Kuwait and has completed the process of setting up the branch and the branch will be operational shortly.
UNB has been consistently playing a major role in local and regional major strategic deals.
UNB won the coveted 2011 Mohammed Bin Rashid Al Maktoum (MRM) Business Award in the Finance Category for the second time, having earlier received this honor for the 2008 cycle.
About Arab Bank
Established in 1930, Arab Bank, the first private sector financial institution in the Arab world, is headquartered in Amman, Jordan. Arab Bank provides a wide range of financial products and services for individuals, corporations, government agencies and other financial institutions. The Bank’s products and services are divided into three main divisions: Consumer Banking, Corporate and Institutional Banking and Treasury services.
In the first half of 2012, Arab Bank Group achieved net profits of USD 360.3 million; total assets equaled to USD 45.6 billion, while shareholders' equity reached USD 7.7 billion. Arab Bank has a global network of over 600 branches in 30 countries spanning five continents and locations in key financial markets and centers such as London, New York, Dubai, Singapore, Zurich, Paris, Frankfurt, Sydney and Bahrain.
About ARABTEC
Arabtec, established in the United Arab Emirates in 1975, has completed numerous prestigious High-Rise Developments including the tallest building in the world The Burj Khalifa, Major Airport Developments, Hotels, Residential Communities, Educational projects, Infrastructure, Oil and Gas Installations and Marine works.
Arabtec has diversified geographically outside the UAE and is now working in 11 different countries.
With a current workforce of over 40,000 people and a backlog in excess of $4.6 Billion (17 Billion UAE Dirhams) in booked work, Arabtec is clearly the leading contracting company in the UAE, and one of the top in the GCC.
About TAV Construction
Established in 2003 under TAV Group, TAV Construction is a leading company in its sector, experienced in construction of airports, passenger terminals and intelligent buildings. Having its signature under important projects, TAV Construction has completed İstanbul Atatürk, Ankara Esenboğa, İzmir Adnan Menderes, Antalya Gazipaşa Airports in Turkey, Skopje in Macedonia, Tbilisi and Batumi in Georgia, Cairo in Egypt, Enfidha Airports in Tunisia and currently realizing airport projects at İzmir (Turkey), Doha (Quatar), Muscat (Oman), Jeddah and Medinah (Saudi Arabia) and Abu Dhabi (UAE). TAV Construction has distinguished itself by its excellence, superior quality, high-caliber work, enthusiasm, ambition and completion of projects in record time.For further information:
About Consolidated Contractors Company (CCC)
Consolidated Contractors Company (CCC) is a contracting company formed in 1952 and incorporated under the laws of Lebanon. The largest Engineering, Procurement and Construction Company in the Middle East, CCC is currently ranked by ENR magazine as 17th among International Construction Companies and 2nd in the Middle East. Its personnel are in excess of 110,000 in 40 countries.
Drawing on its 60 years of experience, CCC provides project management, engineering, procurement and construction services for oil & gas and petrochemical works, pipelines, building & civil engineering works and marine works.
CCC’s impressive project portfolio includes among others, the construction of the largest GTL Project in the world and completion of more than 32% of the world’s LNG Plants and LNG Trains, and the Dubai Mall, the largest shopping mall in the world. We believe that our success emanates from our responsible approach towards all our operations, employees, clients, suppliers, local communities, the environment and society as a whole.
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