ENBD Lead Manages Transaction for Al Arrab Contracting Company (Al Rajhi Group), Pearl Qatar Project

Emirates NBD (ENBD) has been mandated as MLA, Underwriter and Bookrunner for a transaction in Qatar.  The USD 550 Mn. transaction is lead jointly by ENBD, Qatar National Bank (QNB), and Arab Bank to partially finance Al Arrab Contracting Company Ltd (ACC) (part of Al Rajhi group of Saudi Arabia) project  for constructing 10 towers located on the prestigious Pearl Qatar Project.

This landmark deal marks ENBD's foray in lead managing and bookrunning a transaction outside UAE.

The facility was signed by Eng. Ahmad Suliman Al-Rajhi, Chairman of the Board of ACC, and Senior Management from the three banks in Riyadh , Kingdom of Saudi Arabia.

Standing L to R: Osama Gargash (ENBD), Mr.Saeed Abu Gharbieh (Arab Bank), Mr. Abdullah Al Khalifa (QNB), Eng. Ahmed S Al Rajhi (Borrower), Eng Said Bahjat Said (Borrower) and Mr. Ayman Nabhan(Borrower)

Al Arrab Contracting Company (ACC),  established in 1983, is a general contracting company with Head offices in Riyadh, Saudi Arabia and activities across the region. ACC's core business sectors are Construction and construction related manufacturing. The company is now Saudi Arabia's third largest contractor by "Value of Contracts Won" in 2007.

Mr. Said Bahjat Mohamed Said, President of ACC, stated: "The financing marks the fortification of the relationship between ACC and these 3 banks from the region who clearly share our vision."

Mr.Osama Gargash, Asst. Vice-President, Corporate Banking ENBD said:

"We are pleased to join QNB and Arab Bank in this transaction which confirms ENBD's commitment to the GCC market.  We are also pleased to support Al-Arrab Contracting in their project."

The facility has been launched for general syndication by ENBD, Arab Bank and QNB (joint bookrunners), with road shows held recently in Doha and Dubai.

L to R:Mr.Sudev Sarkar (Arab Bank), Ayman Nabhan (Borrower), Dr. Mohammed AL Khail
(Borrower), Mr. Abdul Wahed Al Sayyah (ENBD), Mr. Said Bahjat Said ( Borrower), Mr. Samer Arafa( Borrower),Mr. Enrico Grino (QNB), Mr. Rajan Khetarpal (ENBD)

Mr. Rajan Khetarpal, Deputy General Manager and Head, Global Debt Capital Markets and Overseas Corporates, ENBD, said: "ENBD is strategically positioning itself as a frontrunner in debt capital markets in the region. The deal strengthens our relationship with the Group and we are honoured to have been selected to co-lead manage the transaction.

Qatar's real estate sector has been witnessing an accelerated rate of growth in the least few years. The Pearl, a man made island 350 metres offshore at Doha was created by United Development Company through reclamation of 4.1 million sqm of land in the Arabian Gulf. It is envisaged that the Pearl will eventually house more than 41,000 residents in an up-scale, multi-cultural residential community

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Reported by : Corporate comunications
Reported on : 16/06/2008

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