Mashreq coordinates successful financing of AED 392 Million for Midfield Terminal Complex’s electrical works

Leading financial institutions, Mashreq and Union National Bank (UNB) have announced the successful signing of AED 392 million syndicated contracting facility for financing the bonding and working capital requirements for Anel Elektrik Proje Taahhut ve Ticaret A.S, Turkey (Anel) and Anel Emirates General Contracting LLC, UAE (Anel Emirates) to carry out the Electrical Works (Subcontracting Works) being undertaken for the expansion of Midfield Terminal Complex (MTC) at Abu Dhabi’s International Airport. Mashreq acted as the exclusive Coordinator for this transaction.

The Midfield Terminal Building Project is the largest single contract awarded in the GCC in the first half of 2012.

The MTC, a centerpiece of Abu Dhabi Airport Company’s multibillion-dollar investment program was awarded to the joint venture of TAV, CCC and Arabtec for AED 10.8 billion, for which the electrical works have been awarded to Anel Emirates for AED 941 Million. The MTC building will be the largest in Abu Dhabi comprising of 700,000 square meters and is destined to become the primary gateway for airlines operating to-from Abu Dhabi and will also be home to Etihad Airways, country’s national carrier.

John Iossifidis, Head of International Banking Group, Mashreq commented, “As one of the UAE's leading financial institutions, we have always nurtured our ambitions keeping in mind the nation’s vision. We are proud to join hands with Union National Bank to support the development of this strategically important mega project in Abu Dhabi, which will contribute substantially towards the growth of our country. This transaction re-iterates our continued commitment to support projects of national importance and together will help achieve the vision of UAE.”

Bülent Batukan, Board Member, Anel Electrik underlined the fact that Anel is exporting Turkish engineering. He said, "We as a Turkish company are very proud to be a part of the international arena through these successful projects. As with previous undertakings, we aim to successfully conclude the Abu Dhabi International Airport project with our promise of world-class service quality."

Anel Elektrik has undertaken numerous projects ranging from large scale residential projects to hospitals, from technology centers to international airports, each requiring a different set of engineering ability. Through these projects, the company has completed with high quality of engineering we have achieved domestically and internationally the status of preferred electromechanical works partner. Anel Elektrik has reached a backlog of approximately $600 million until 2016 through new project contracts worth $471 million undersigned in 2012. 

Ms. Mona Zein Eldin SVP, Head of Financial Institution & structured financed expressed her delight over UNB’s participation in this important transaction for such a strategically important project in Abu Dhabi.

The facilities extended to Anel finance its awarded MEP contract in a corner stone in the completion of the New Abu Dhabi Airport Midfield Terminal Complex

The new expansion is expected to help boost the number of arrivals to Abu Dhabi contributing to further develop its economy.

Ms. Mona also added that UNB is strongly committed to support the key development project in the U.A.E with the goal to contribute to the successful achievement of the Abu Dhabi 2030 Vision.