Moody's and IPFA to hold joint seminar on Infrastructure Investment in Middle East

The purpose of the event is to bring together experts from the Middle-East-focused infrastructure sector to discuss and explore the prospects of and challenges facing this rapidly growing sector.

The key underlying trigger for this event is Moody's and IPFA's expectation of high levels of investment in infrastructure in the Middle East, with industry sources predicting projects worth in excess of $1,000bn over the next 5 - 10 years. Moody's expects some of these deals to be financed on a corporate basis, others using project finance debt.

Moody's has so far assigned a large number of corporate ratings in the Middle East and anticipates a continued expansion in regional bond issuance, a significant proportion of which is likely to relate to infrastructure investment. "Although the issuance of project finance bonds has so far been limited, Moody's has assigned ratings to a number of key precedent projects including Ras Laffan and Nakilat in Qatar, and Emirates Aluminium and Ajman Sewerage in the UAE," says Andrew Davison, Vice President - Senior Credit Officer and Team Leader of Moody's EMEA Project Finance group.

IPFA launched its Middle East Forum in April this year to focus on challenges facing project finance in the region and maintain an open dialogue with key market participants. "IPFA's Middle East Forum is delighted to be working with Moody's in order to tackle some of the key
financing issues facing the industry and to ensure that both the short- and long-term project pipeline continues to grow," says Rachel Dawes, Head of Global Operations and Services at IPFA.

The joint Moody's/IPFA afternoon seminar will be introduced by Tom Keller, Group Managing Director and Global Head of Moody's Project and
Infrastructure Finance group, and be followed by presentations from a range of experts who will focus on the following topics:

- "GCC Sovereign Risk Overview" by Pierre Cailleteau, Managing Director & Head of Sovereign Risk Unit, Moody's Investors Service.

- "Emirates Aluminium - Case Study" by Matthew Holland, Director, Infrastructure and Energy Finance, Citibank.

- "Recycling Project Finance Debt Capacity" by Mark Gordon, Head of Securitisation, SMBC.

The presentations will be followed by a panel discussion and Q&A chaired by Mr Davison. The seminar will conclude with a cocktail reception.