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The National Bank of Abu Dhabi (NBAD), has been recognised by prestigious international publications for a series of 2009 project financing deals that the bank played a leading role in facilitating and executing.
EuroMoney, a London-based publication that covers international capital markets, ranked the US$4.1 billion financing to Dolphin Energy as the Middle East Oil ’&’ Gas Deal of Year 2009. Another London-based publication, Global Trade Review, selected the same deal as one of the Best Deals of the Year 2009.
The Dolphin Energy financing provided financing for the construction of 364 km of pipelines to bring natural gas from Ras Laffan, Qatar, to Abu Dhabi, Dubai, Sharjah, Ras al Khaimah, Fujairah and Oman. NBAD is the largest provider and served as the facility agent in the execution of this package, which involved 25 banks.
In addition, the Zayed University PPP Project financing transaction was adjudged the Middle East PPP Deal of the Year 2009 and the Second Independent Sewage Treatment Plant financing transaction as the Middle East Waste Water Deal of the Year 2009 by EuroMoney The three projects brought together a variety of different funding options and financiers, such as mezzanine and Islamic financing. In addition to providing financing for these projects, NBAD played a significant role in providing interest rate hedging and agency requirements for the transactions.
"We are proud that NBAD, an integral part of the DNA of Abu Dhabi, is leading the efforts to support the development of Abu Dhabi and the wider nation. Each of these projects - construction of pipelines to bring natural gas to the UAE, supporting higher education and developing the country’s water management system - are steps in the right direction to lay the foundations to diversify the national economy," said Michael Tomalin, NBAD’s Group Chief Executive. "In addition to our strong financial position, our success in executing these transactions is also a result of having capable, motivated and exemplary bankers in all the divisions of NBAD." NBAD financing of these large projects in 2009, during the height of the global financial crisis, reflects its strength and commitment to the Emirate of Abu Dhabi and the UAE’s progress.
"Since its inception in 1968, NBAD remains committed to strengthening the UAE economy in cooperation with our distinguished business partners," said Mark Yassin, the Senior General Manager of NBAD’s Corporate ’&’ Investment Banking Division.
"NBAD offered financing for these mega projects during the peak of the global financial crisis reflecting its strong position even during the most troubled times for financial institutions. These accolades also confirm NBAD’s commitment to serving and building Abu Dhabi and the wider UAE nation by supporting milestones events and financing projects in different economic sectors to achieve Abu Dhabi Vision 2030," he added.
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