Gulf International Bank remains the Middle East's top provider of project finance services

Dealogic ProjectWare, a global database covering project finance deals, has recently announced that GIB topped the global mandated arranger and provider table in the MENA region for 2003, surpassing all other major local, regional and international banks active in this region.

According to Dealogic, the volume of project finance in the MENA region increased in 2003 to US$ 10.87 billion, compared with US$ 4 billion in 2002, the highest regional year-on-year increase in the project finance market. This also accounted for 10% of the $108bn global volume, the highest portion of global project project finance ever for the region. The number of transactions also went up from 8 to 14.

"Our leading position in regional project finance is attributable to both our skills and regional market knowledge," explained GIB's Chief Executive Officer, Dr. Khaled M. Al-Fayez. "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."

Dr. Al-Fayez added that "GIB is proud to be a significant contributor to the economic development of the region. It 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."

GIB has been at the top of the Middle East project finance league tables for the third consecutive year, as rated by trade publications such as Project Finance International, Euromoney and MEED.

Gulf International Bank (GIB) is a leading merchant bank in the Middle East with its principal focus on the Gulf Cooperation Council (GCC) states. The six GCC governments, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, own 72.5 per cent of the bank, while the Saudi Arabian Monetary Agency (SAMA) and J. P. Morgan Overseas Capital Corporation own 22.2 per cent and 5.3 per cent respectively. In addition to its main subsidiary Gulf International Bank (UK) Ltd., the Bank has branches in London, New York and Riyadh, in addition to representative offices in Beirut and Abu Dhabi.