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Mubadala Development Company announced it has closed an oversubscribed $1bn non-recourse financing of the Zayed University public-private partnership (PPP) project.
The project, a PPP between Mubadala and Abu Dhabi Education Council (ADEC), is a strategic priority for the Abu Dhabi Government and a core component of ADEC’s strategic plan to improve and sustain the Emirate of Abu Dhabi higher education system.
The new Zayed University Abu Dhabi campus is currently under construction on a 75 hectare lot located in the New Capital District of Abu Dhabi, near Abu Dhabi International Airport.
The new campus is designed to accommodate 6,000 undergraduate and graduate students together with faculty and support staff. Construction is scheduled to be complete in Q3 2011.
Eleven international and regional banks are providing the multi tranched debt package with a 10 year tenor to the campus project.
The transaction successfully closed oversubscribed through mandated lead arrangers ADCB, Al Hilal Bank, BIIS, BTMU, Calyon, FGB, Natixis, NBAD, RBS, SG and UBS.
"The new Zayed University campus is a major part of Abu Dhabi Government’s strategy to create a world class education system for the people of the UAE," said HE Khaldoon Al Mubarak, CEO of Mubadala. "The closing of this finance package is an important milestone for the project and a mark of confidence the regional and international finance community has in the infrastructure projects Mubadala is developing for Abu Dhabi." HE Dr. Mugheer Khamis Al Khaili, Director General, Abu Dhabi Education Council, said, "Today is another demonstration of the effective Public Private Partnership model Abu Dhabi is implementing to develop its education system. The PPP model brings valuable private sector expertise to the education system and ensures we maintain excellent teaching and an effective learning environment that exceeds international standards." The Public Private Partnership model is being utilized for strategic infrastructure projects that support Abu Dhabi’s Economic Vision 2030.
The Zayed University campus PPP is the second major project Mubadala is developing with Abu Dhabi Education Council.
In December 2008 they announced the closing of a $327m debt package with a 20 year tenor for the Paris-Sorbonne University PPP project on Reem Island.
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