Standard Chartered opens dedicated Abu Dhabi Project Finance office

The move follows the news that Standard Chartered was associated with four out of the top 10 worldwide project-finance deals for 2007.

"Standard Chartered is an active player in the region and has a long standing and productive relationship with major international, regional and domestic banks,"

said Jeremy Parrish, CEO of Standard Chartered, Abu Dhabi and Al Ain.

He added, "We have been and are presently involved in leading roles in several Project Finance transactions in the Middle East, UAE and Abu Dhabi including a recent Dhs700m Tabreed District Cooling deal and a $4bn Emirates Aluminium deal. The opening of this centre will further build on our established presence and provide both existing and potential Abu Dhabi based clients with the focus and attention they command."

As per Dealogic Global Project Finance, Standard Chartered is ranked as 4th largest Mandated Lead Arranger for the Middle-East and African deals for 2007. PFI Project Finance Loans additionally ranked the Bank as 4th largest among GCC Mandated Lead Arrangers for Project Finance transactions.

Ravi Suri, Head of Project Finance Export at Standard Chartered Bank said:

"The new office will serve Abu Dhabi based clients with project finance requirements; in a total UAE market that is expected to exceed $100bn in the coming few years with Abu Dhabi to account for a major share of this. Abu Dhabi is an attractive growth market for investment and this development will allow us to build closer ties with the corporate segment of the emirate. Standard Chartered Bank will leverage its in-depth understanding of the market and provide global and regional expertise to local projects in the market."

The opening of the Project Finance office demonstrates the continued commitment and innovation that Standard Chartered is bringing to Abu Dhabi with dedicated resources on the ground.