NBAD named Advisor to develop Kuwait Failaka Project

The National Bank of Abu Dhabi PJSC (NBAD) has been appointed lead advisor to the Partnerships Technical Bureau (PTB), an arm of the Kuwait Ministry of  Finance, for its ambitious development plans for Failaka Island, Kuwait.

The 43 square kilometre Al Failaka Island is located approximately 26 kilometers north east of Kuwait City. The Kuwait Government intends to develop the Island in accordance with its ‘Vision 2035 Plan’ that envisages developing Kuwait into a financial, commercial and leisure centre.

NBAD’s Investment Banking Group is leading an international consortium comprised of technical, legal and financial advisors (including Pinsent Masons, EC Harris, Abu Dhabi National Properties and WSP Group), assisting the PTB to prepare a coherent development strategy for Al Failaka Island. The Project will involve developing a concept for the island that is in line with the 2035 vision, advising on procurement methodology and the implementation and procurement of the Project.

As part of its role, NBAD would also advise the PTB on funding solutions to develop Failaka Island into a world class hospitality destination point targeting the Gulf Cooperation Council and the greater MENA markets.

“NBAD’s  extensive experience as a project finance advisor, and our strong position in the global markets served as a key factor in NBAD winning this important role in one of Kuwait’s most ambitious development projects,” said Mark Yassin, the Senior General Manager of Corporate & Investment Banking Division of NBAD. “This is a role most suitable for NBAD given our experience in leading many key leisure and mixed use projects in the UAE and our understanding of and sensitivity to the unique Kuwaiti culture.”

Nathan Weatherstone, the Head of Project Finance Advisory at NBAD’s Investment Banking Group, said: “This mandate in Kuwait is well aligned with NBAD’s strategy to build on its status as one of the leaders in the regional project finance arena. NBAD is particularly pleased to be at the forefront of the development of Kuwait’s projects market as it represents one of the region’s most exciting markets.”

The President of the  PTB, Mr. Adel Al-Roumi  said  “We are keen on having best in class partners for our developments and are very pleased to have selected the NBAD consortium as our transaction advisors on this landmark project. The choice was based on the merit, relevant experience and reputation of the consortium members.”