Gulf International Bank (GIB), the leading merchant bank in the Gulf, maintained its position as the Middle East’s primary provider of project and structured finance services in the MENA region in 2004.
Dealogic ProjectWare, a global database covering project finance deals, has recently announced that GIB topped the regional mandated arranger and provider table in the MENA region for 2004, surpassing all other local and regional banks.
According to Dealogic, the volume of project finance in the MENA region increased in 2004 to US$ 18.5 billion, compared with US$ 11 billion in 2003. The number of transactions also went up from 15 to 22.
GIB also played a lead arranger role in the $9.3 billion Qatargas II LNG facility, which was the largest global oil & gas project financing deal in 2004 and the first ever LNG-chain integrated financing. Other major deals in which GIB played a key role included the $493 million Al Ezzel power project financing in Bahrain and the $550 million Sohar IWPP financing in Oman.
“Our leading position in regional project finance is attributable to both our skills and regional market knowledge,” explained GIB’s Chief Executive Officer, Dr. Khaled M. Al-Fayez. “Over the years GIB has continued to develop its in-house skills and extend its network of relationships with international banks, multinational corporations, investors, export credit agencies and local sponsors.”
Dr. Al-Fayez added that “GIB is proud to be a significant contributor to the economic development of the region. It has been playing a pivotal role in arranging, underwriting and lead-managing major transactions in the oil and gas, electric power generation, petrochemical and manufacturing sectors across the GCC.”
GIB has been at the top of the Middle East’s regional project finance league tables for the fourth consecutive year, as rated by trade publications such as Project Finance International, Euromoney and MEED.
Gulf International Bank (GIB) is a leading merchant bank in the Middle East with its principal focus on the Gulf Cooperation Council (GCC) states. The six GCC governments, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, own 72.5 per cent of the bank, while the Saudi Arabian Monetary Agency (SAMA) and J. P. Morgan Overseas Capital Corporation own 22.2 per cent and 5.3 per cent respectively. In addition to its main subsidiary Gulf International Bank (UK) Ltd., the Bank has branches in London, New York, Riyadh and Jeddah, in addition to representative offices in Beirut and Abu Dhabi.