“This is another landmark achievement for Bahrain in 2018,“ said Shafic Ali, the Chairman of Al Dur.“ We have a substantial participation from Bahrain-based banks and from Saudi banks. We also have seven international banks, ranging from Canada to Europe and Japan. A total of 14 banks from our original lenders have participated in the current refinancing.”
“This was a challenging transaction implemented in a volatile market environment,” said Cedric Girod, Head of Acquisitions, Investments and Financial Advisory at ENGIE Middle East, South & Central Asia and Turkey. “This success demonstrates the strong support of the Saudi, local, regional and international banks for a key strategic asset of the Bahrain economy and for its lead sponsors ENGIE and Gulf Investment Corporation.”
Banks participating in the transaction include Ahli United Bank, Al Rajhi, Apicorp, Arab Bank, Arab Banking Corporation, Arab National Bank, GIB, KFH, MUFG, Banque Saudi Fransi, BNP Paribas, Credit Agricole-CIB, Export Development Canada, KFW IPEX, Mashreq, NCB, NBK, Riyad Bank, Societe Generale and Standard Chartered Bank.