Banks arrange Dh750m for Abu Dhabi F1 circuit

ABU DHABI — Three leading banks BNP Paribas, Mashreqbank and HSBC have successfully co-arranged a contractor financing of Dh750 million for the construction of the Abu Dhabi F1 circuit.

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Published: Sun 28 Oct 2007, 8:36 AM

Last updated: Sat 4 Apr 2015, 11:30 PM

Mashreqbank was also appointed as the facility and security agent for the transaction. The borrower, Cebarco WCT WLL, is a legal entity established by Cebarco SPC, Bahrain and WCT Engineering, Malaysia, both major clients of the three banks at their respective branches.

The Abu Dhabi F1 circuit is developed by Aldar Properties, the leading developer in Abu Dhabi, to hold the Abu Dhabi Formula 1 Grand Prix from 2009.

The circuit is estimated to be one of the longest and most demanding tracks in the world.

By joining their efforts, the three banks have met the requirements of Cebarco WCT on this landmark project.

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