Mashreqbank and Fisia Italimpianti have signed a 310-million Emirati dirham ($84.4 million) Letters of Guarantee Facility to meet Fisia’s requirements for its recently awarded Jebel Ali L Station project.
Fisia Italimpianti, which is part of the Italian construction group Impregilo, has been contracted to build a desalination plant for Dubai Electricity and Water Authority (DEWA). The plant, with a capacity of 70 million gallons per day, will be built as part of the Jebel Ali L Station Phase 1 Power and Desalination Project.
“The current trend is towards mega projects and we have geared ourselves to meet the requirements of the large multinationals operating in this region,” stated Omar Bouhadiba, head of Commercial Banking Group at Mashreqbank.
“Our expertise within this region and the industry allows us to provide superior service and advice to our clients. Previously, global corporations traditionally met all their banking requirements through their house banks. However once they are aware of our bank’s capabilities and expertise in this area, they choose to move their regional banking requirements to us.”
Mashreqbank operates in contracting and project finance areas in the region and has supported contractors to execute over one thousand projects with a total value of over Dh70 billion over the last 10 years in the power and water, infrastructure, oil and gas, marine and building sectors.
Mashreqbank has underwritten the complete Fisia Italimpianti letters of guarantee facility and will be retaining a major portion of the liability on its books. The balance will be distributed to other major banks in the region. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
