The contract documents were signed at a special ceremony held in Dubai at the Burj Al Arab attended by H.E. Sultan Ahmed Bin Sulayem, Executive Chairman of Dubai Ports, Customs and Free Zone Corporation and Executive Chairman of Nakheel, Hamed Kazim, Chief Financial Officer of Nakheel, Saad Abdul Razak, DIB's Deputy Chief Executive Officer, Sajjad Razvi, Citigroup's Country Officer and Managing Director, Paddy Padmanabhan, Chief Credit Officer of HSBC, and David Edwards, Regional General Manager, Middle East & South Asia for Standard Chartered.
Speaking at the signing ceremony, Bin Sulayem said: "Dubai Islamic Bank in its role as the arranger and lead manager together with co-arrangers Citigroup, Standard Chartered and HSBC have jointly confirmed a 10-year loan to Nakheel for US$350 million. This is the single largest Islamic financing deal to be concluded to date in the UAE. The Ijara syndication illustrates the strong confidence that the banking community has in Nakheel and in Dubai."
DIB is firmly established as the region's leading provider of Islamic finance and has emerged as a first-choice partner for the world's foremost financial institutions. Saad Abdul Razak said: "The signing of the Ijara syndication marks a watershed in the development of the bank and confirms our position as the first choice for even the biggest organisations when they look to raise capital. It is recognition of DIB's ability to form viable and effective partnerships with the very best financial institutions in the world.
"Our co-arrangers are three of the top international financial groups in the world. This is a partnership of strengths. It is a sign of the strengths of our organisation and of our position in the region."
Citigroup's Sajjad Razvi said: "We are proud to be associated with DIB and the other distinguished partners on this Ijara syndication. Our Islamic banking arm, the Citi Islamic Investment Bank (CIIB), has long experience in tailoring innovative finance structures that would further facilitate Dubai's world-class projects." CIIB's Managing Director Saad Zaman added: "This landmark deal will further promote Islamic finance as a viable alternative to conventional methods, locally as well as globally."
"Nakheel is playing a major part in the transformation of the emirate into one of the most talked about tourism destinations in the world," said Jonathan Morris, Head of Client Relationships, UAE and Oman, Standard Chartered Bank. "I would like to say how pleased Standard Chartered UAE is to be a part of this through our association with this financing exercise."
The syndication will provide a capital injection for Nakheel as it consolidates and builds on its extensive and rapidly expanding portfolio of developments which now include The World, The Palm - Jumeirah, The Palm - Jebel Ali, International City, Jumeirah Islands, Jumeirah Lake Towers, Discovery Gardens, The Gardens and The Gardens Shopping Mall. Bin Sulayem concluded: "Together, all these distinguished people have supported the philosophy that has defined Nakheel from the very start. As we embark on further ambitious and prestigious programmes for Dubai and the UAE they are together with us. When they offer us their signatures, what they are really doing is offering us their solid support."
Wasim Saifi, Senior Vice-President, Corporate Banking at DIB said: "Nakheel is among the most innovative property developers in the world. This is evident from developments such as The Palm and I believe that this quality is recognised across the globe. Today, Nakheel has shown that its ability to innovate does not stop with producing innovative developments but extends to how it finances its projects.
"Nakheel's decision to mandate DIB to lead manage the syndication is also a boost for Islamic finance. There can be no question now that Islamic finance provides a very real and desirable alternative for the funding needs of the region's most prominent businesses and that it can offer a degree of flexibility comparable to any other financial products on offer."
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DIB takes lead role for the UAE's biggest Ijara syndication
- United Arab Emirates: Sunday, August 08 - 2004 at 14:24
- PRESS RELEASE
Dubai Islamic Bank (DIB) has formally sealed its agreement with Nakheel to lead manage and arrange a record $350 million Ijara syndication -the biggest in the UAE with three of the world's leading financial institutions.
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About Dubai Islamic BankEstablished on 1975, Dubai Islamic Bank is considered to be the first Islamic bank in the world that has implemented the principles of Islam in all its practices. It was founded with the active assistance of the UAE Government, the Central Bank and the people of the UAE. The economic and business philosophy of Islam encourages generation and sharing of profits. However, it forbids giving or taking of interest. Leveraging the strengths of Islamic business and economic concepts on one hand and state-of-the-art banking technology on the other, DIB creates partnerships with its customers to generate profits, which are then shared with them. DIB has created a vast array of Islamic banking and finance products to suit every conceivable need of its customer.
Citigroup
Citigroup (NYSE: C), the preeminent global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity.
For more information on Citigroup, please contact:
Karim Seifeddine
Public Affairs Officer
Citigroup
Tel: ++971 4 311 4392
HSBC Amanah
HSBC Amanah is the Islamic financial services division for the HSBC Group responsible for the development of Islamic financial products for distribution to customers of the HSBC Group. Its mission is to ensure that HSBC is the leading provider of value added Islamic financial product and services. Headquartered in Dubai with regional representations in Bangladesh, Brunei, Indonesia, Malaysia, Saudi Arabia, Singapore, UAE, UK and US, HSBC Amanah is uniquely positioned to understand, structure and deliver financial solutions that are compatible with the requirements of Shariah (Islamic law).
HSBC Holdings plc
With about 10,000 offices in 76 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa and assets of US$ 1,154 billion at 30 June 2004, the HSBC Group is one of the world's largest banking and financial services organisations.
For more information on HSBC, please contact:
Steve Martin
Regional Manager Corporate Affairs HSBC Bank Middle East Limited
Tel:++971 4 390 6631
Mob: 050 4564854
Standard Chartered - leading the way in Asia, Africa and the Middle East
Standard Chartered employs 30,000 people in over 500 locations in more than 50 countries in the Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and the Americas. It is one of the world's most international banks, with a management team comprising 70 nationalities.
Standard Chartered is listed on both the London Stock Exchange and the Stock Exchange of Hong Kong and is in the top 25 FTSE-100 companies, by market capitalisation.
It serves both Consumer and Wholesale Banking customers. Consumer Banking provides credit cards, personal loans, mortgages, deposit taking and wealth management services to individuals and small to medium sized enterprises. Wholesale Banking provides corporate and institutional clients with services in trade finance, cash management, lending, security services, foreign exchange, debt capital markets and corporate finance.
Standard Chartered is well established in growth markets and aims to be the right partner for its customers. The Bank combines deep local knowledge with global capability.
The Bank is trusted across its network for its standard of governance and its commitment to making a difference in the communities in which it operates.
Standard Chartered in the Middle East and South Asia
One of the leading international banks in the region, Standard Chartered has a branch network of 76 branches in 12 countries.
The UAE is the Bank's fourth largest market globally, and Standard Chartered has a commanding share in its chosen market segments. In the UAE, Standard Chartered has a network comprising eight branches and 22 automated teller machines (ATMs). A leader in investment services, credit cards, and personal loans, Standard Chartered is also the leading provider of cash management trade finance, and treasury products and services in the UAE.
Overall, the Middle East and South Asia region contributed over 11% of the Group's revenues in 2003, clearly demonstrating the Bank's strong network and expertise in the region.
For further information on Standard Chartered, contact:
Niall McLoughlin
Head of Corporate Affairs, Standard Chartered Bank
Tel: +971 (0) 4 5070467
Fax: +971 (0) 4 3594174
Mobile: +971 (0) 50 6251329
For further information, please contact:
Sameh Hamtini/ Daniel Camara
ASDA'A Public Relations
Dubai, UAE
Tel: +971-4-3344550
Fax: +971-4-3344556
Posted by Christine H. Andersen, Assistant News EditorSunday, August 08 - 2004 at 14:24 UAE local time (GMT+4)
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This article was updated on Fri Feb 09 2007.
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