Consortium of Banks offers AED4 billion for construction of Midfield Building at Abu Dhabi’s International Airport

Abu Dhabi: A consortium of Banks including Al Hilal Bank, First Gulf Bank, Mashreq, Union National Bank and Arab Bank have announced the signing of the AED 4 Billion syndicated contracting facility with the joint venture (JV) between TAV-CCC-Arabtec for the construction of Midfield Terminal Building at Abu Dhabi’s International Airport.

The Joint Mandated Lead Arrangers, Al Hilal Bank, First Gulf Bank, Mashreq and Union National Bank co-led the financing coordinated by Mashreq and Arab Bank participated in the deal as a Lead Arranger.

The Midfield Terminal Complex, which is the centerpiece of ADAC’s multibillion-dollar investment programme was awarded to the joint venture of TAV, CCC and Arabtec for AED 10.8 billion on 27 June 2012 and is expected to go live in the first half of 2017. The MTC building will be the largest in Abu Dhabi comprising of 700,000 meters squared and is destined to become the primary gateway for airlines operating to Abu Dhabi and will also home the national carrier of the UAE, Etihad Airways.

TAV Group President ‘&’ CEO M Sani Sener said: “Abu Dhabi is investing billions of dollars in infrastructure, real estate and tourism projects as it moves to diversify its economy away from oil. As TAV Construction -the fourth largest company globally in the field of airport construction according to ENR-, we’re proud to contribute to this key project in Abu Dhabi’s future as its contractor. The TAV Group will be transferring the know-how it gained through a number of projects around the world, to Abu Dhabi with this eminent project. We’ll provide unparalleled infrastructure to ensure best-quality services in this new terminal, bringing together the latest technology and impressive design.”

The Midfield Terminal Complex will be a benchmark in airport construction worldwide featuring an undulating roof, inclined facade, 52 meter of processor ceiling height and the use of advanced technology. Approximately 84,000 tons of steel will be used for the construction and the midfield terminal building will have a roof area of 225,000 meter squares and a total facade area of 200,000 meter squares. Once completed, The Terminal will be capable of handling 27 million passengers per year from all around the world.

Julio De Quesada, Head of Corporate Banking Group, Mashreq commented, “As a UAE National financial institution joining hands with the leading banks of UAE and the Middle East on this financing, we are proud to be part of this massive and strategically important project in Abu Dhabi, which is the largest single contract awarded in GCC in the first half of 2012. The Project will have a great impact on the country’s development and underlines the commitment of banks to lend in support of similar key infrastructure projects. We are constantly supporting National projects that contribute to the overall economy and are aimed at achieving the vision of the UAE.” Sarie A. Arar, Head of Wholesale Banking Group at Al Hilal Bank commented: “This transaction is very close to the heart of Al Hilal Bank as it touches upon the very essence of the establishment of our bank which is to help support and promote major infrastructure projects within the United Arab Emirates with a special emphasis on the Emirate of Abu Dhabi.

We are delighted to be partners with such respectable companies and banks for this flagship transaction and do hope it will enable the Emirate of Abu Dhabi to continue to be at the forefront of many more ambitious projects in the coming years.” “First Gulf Bank’s participation in this financing is in line with our strategy to support infrastructure development projects in the UAE, and particularly in the Emirate of Abu Dhabi. The new Midfield Terminal Complex will aid in supporting the economy of Abu Dhabi through creating new job opportunities, in addition to enhancing its transport sector. It will work towards consolidating Abu Dhabi’s position as a travel and business hub, meeting the vision of our leaders,” George Abraham, Group Head of Corporate Banking, FGB said.

Mohammed Nasr Abdeen, Chief Executive Officer, UNB, expressed his delight over UNB’s participation in this landmark transaction for a strategically important project in Abu Dhabi. The construction of the new Midfield Terminal Complex will help significantly boost the economy of the country and help in getting more visitors to the country as well as providing greater convenience to residents of the UAE. Mr. Abdeen added that UNB is strongly committed to support the key development projects in the UAE and contribute to the successful achievement of the Abu Dhabi 2030 Vision.

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