Gulf International Bank participates in two of the world's top project finance deals

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.

According to the journal, the global project finance market expanded by 15 per cent in the first half of the year with investors closing 289 deals worth US$ 129 billion, compared with 156 deals worth US$ 111 billion in the preceding six months.

The Middle East/Africa project finance market grew during the period by 21 per cent to US$ 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 $3.595bn Marafiq IWPP in Saudi Arabia and the $2.397bn 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 Co.

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," explained Dr. Al-Fayez.

In 2006 GIB was named as the "Best Project Finance Bank in the Middle East and Africa" by New York-based Global Finance magazine and as the "Best Project Finance House" in the region by UAE-based Banker Middle East magazine.