Complex Made Simple

Mashreq expands mega project financing across Gulf

After the success of taking part in the consortium financing of a joint venture that was awarded the QR8.46bn contract by Qatar Railways Company, Mashreq has announced the signing of a Dhs392m syndicated contracting facility for the expansion of Midfield Terminal Complex (MTC) at Abu Dhabi’s International Airport, in partnership with Union National Bank (UNB). Ross Officer, Country Head, Mashreq Qatar predicts a rise in demand for credit facilities to finance government infrastructure and investment projects.

Ross commented, “We are very proud that Mashreq is supporting these major projects which have a direct impact on the economic and social development of this Region. Our recent success in Abu Dhabi has only cemented this. In Qatar, we support several large state-owned development projects including the Qatar Railways Company. As an international bank with a robust track record of over 40 years in the region, we have established long-term local relationships in every market, giving us unique insight to benefit the significant economics of such megaprojects.”

Mashreq acted as the exclusive Coordinator for the transaction that will finance the bonding and working capital requirements for Anel Elektrik Proje Taahhut ve Ticaret A.S, Turkey (Anel) and Anel Emirates General Contracting LLC, UAE (Anel Emirates) to carry out the Electrical Works (Subcontracting Works) being undertaken at the airport. The Midfield Terminal Building Project is the largest single contract awarded in the GCC in the first half of 2012. The terminal building will be the largest in Abu Dhabi comprising of 700,000 square meters and is destined to become the primary gateway for airlines operating out of Abu Dhabi.