Meydan signs $476 million credit facility

The seven-year credit facility, signed with Qatar National Bank (QNB) and its UAE subsidiary Commercial Bank International (CBI), will ensure timely completion of infrastructure development across the Meydan territory.

Dubai: Meydan Group on Monday signed a major financing deal worth $476 million to finance continued investment in the group's diverse infrastructure portfolio in coming years.
The seven-year credit facility, signed with Qatar National Bank (QNB) and its UAE subsidiary Commercial Bank International (CBI), will ensure timely completion of infrastructure development across the Meydan territory.
"Meydan's goals are in direct synergy with those of QNB, to encourage growth and further alliances across the Gulf Cooperation Council," Meydan's chairman and chief executive Saeed Humaid Al Tayer said.
QNB, the largest Bank in Qatar with a market share exceeding 45 per cent of banking sector assets, is the largest bank in the Middle East and North Africa region (Mena) with total assets of QR 539 billion ($147.9 billion) as of Dec 31, 2015. It is now present in more than 27 countries across three continents. "We would like to thank QNB Group for their instrumental support in financing our ongoing efforts and commitment to the growth and prosperity of the region," Al Tayer said. According to industry circles, the major financing deal is a big achievement for the group under the prevailing challenging environment across the globe. The prime focus of the credit facility is to lay down the infrastructure development across the Meydan area.
"This is one of the major financing deals signed with a foreign bank. The seven-year credit facility will help develop infrastructure in Medan area," Meghnad Warrier, vice-president for finance at the Meydan Group, told Khaleej Times.
He said this is an important long-term strategic finance relationship with a foreign bank to support the group's spectacular development plans. According to sources in banking industry, some more financing deals are in the pipeline to support the on-going development and infrastructure projects in the UAE. "Meydan Group has many projects in different phases and more such financing deals are possible in near future," according to a source.
- muzaffarrizvi@khaleejtimes.com