GCC Report
GCC Report 2006
Welcome to the first joint Project Finance International (PFI) and International Financing Review (IFR) GCC Report, a review of the GCC capital markets published by Thomson Financial, the parent company of PFI and IFR.
Corporate finance blooms
The corporate finance markets in the GCC are going through an unprecedented boom. International banks and investors are keen participants. Business and political concerns are near the surface, however. By Rod Morrison.
PE – A new confidence
The GCC region was once the Cinderella of the global private equity market. Today, it is finding more friends and willing participants. By Nick Kochan.
IPO market back on
Equity markets in the Middle East remain at an early stage of development, with rules and regulations often out of sync with international practice. But the speed of growth is astonishing. Owen Wild reports.
M&A case study – MTN
The Dubai International Financial Centre's recently established stock exchange has experienced its first takeover, the acquisition of Investcom by MTN Group. By Bruce Embley, partner, and Michael Horman, associate, Freshfields Bruckhaus Deringer, lawyers to MTN.
Centres aim to excel
Financial centres in the Gulf are competing to become the region's financial hub. Nick Kochan looks at the three main centres – Bahrain, Dubai and Qatar.
Seeking a home abroad
With Dubai International Capital snapping up yet another string of high-yielding assets, Barry Marshall investigates the routes GCC capital takes abroad, the gains to be made and the risks it carries.
Preaching to the convertible
The burgeoning sukuk market has seen the most pronounced innovation in the Islamic finance sector in recent years. By Rahail Ali, Global Head of Islamic Finance, and Imran Mufti, senior solicitor, Denton Wilde Sapte, legal advisers on the PCFC and Aabar sukuks.
Spreading sukuk technology
East Cameron Partners, an independent oil and gas exploration and production company based in Houston, Texas, has recently issued an innovative sukuk bond. By Iad Georges Boustany, General Manager, BSEC.
Arbitraging and trading GCC credit
The ever-expanding project finance pipeline in the GCC region offers opportunities, albeit with real challenges. The booming development projects and the looming liquidity are providing banks with a new asset base to diversify as well as optimise their credit portfolios. By Ghazali Inam, vice-president and senior corporate finance officer, Riyad Bank.
Aramco structures its first
Jamal Al Rammah, director, project development, Saudi Arabian Oil Company and Kunio Nozaki, general manager, finance and accounting office, Sumitomo Chemical were jointly responsible for leading the financing of the Rabigh Refinery and Petrochemical Project. They explain the deal.
Yansab bears SABIC fruit
Saudi Basic Industries Corporation (SABIC) and ABN AMRO successfully closed the US$3.5bn Yanbu National Petrochemical Company financing in the summer. By Bruce Macfarlane, executive director and regional head loans and advisory, ABN AMRO, and Jalal Almarhoon, on secondment from Saudi Hollandi.
SEPC - Four milestones in one
The signing of the US$1.8bn of financing facilities for the Saudi Ethylene & Polyethylene Company’s new petrochemical complex marked a major milestone. By Darren Davis, Director, Project & Export Finance, HSBC.
Hidd powers into Bahrain
The Al Hidd transaction is the first Independent Water and Power Project (IWPP) under the Bahraini privatisation programme. By Phil Roberts, director, project finance power team, Royal Bank of Scotland.
Wrapped bonds splash in
In March, the US$180m Ajman Wastewater project reached financial close for the second time, with a 20-year wrapped bank loan. By Michael Dinham, managing director, and Stefan Ben, associate, ING.
