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Middle East Report 2009| pfi | 1


MIDDLE EAST REPORT


2009 Editor


Rod Morrison (London) Tel: 44 (0) 20 7369 7570 Fax: 44 (0) 20 7369 7482/3/4 e-mail: rod.morrison@thomsonreuters.com


Asia Pacific Editor Minerva Lau (Singapore) Tel: (65) 6411 6855 Fax: (65) 6323 2164 e-mail: minerva.lau@thomsonreuters.com


Americas Editor Deirdre Fretz (New York) Tel: 1 (646) 223 8522 Fax: 1 (646) 822 3621 e-mail: deirdre.fretz@thomsonreuters.com


Latin Americas Reporter Alan Gersten (New York) Tel: 1 (646) 223 8432 Fax: 1 (646) 822 3621 e-mail: alan.gersten@thomsonreuters.com


Australia Editor John Arbouw (Sydney) Tel: (612) 9337 2849 Mob: (61) 407 767 477 e-mail: john.arbouw@thomsonreuters.com


Senior Reporter Greg Roumeliotis (London) Tel: 44 (0) 20 7369 7146 e-mail: greg.roumeliotis@thomsonreuters.com


Reporter Mark Kolmar (London) Tel: 44 (0) 20 7369 7507 e-mail: mark.kolmar@thomsonreuters.com


Editor-in-Chief Keith Mullin (London) Managing Director Elly Hardwick (London) Associate Publisher Ann Worsley (London)


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EMEA: Paul Holliday. Tel: +44 (0)20 7369 7855.


ISSN: 0967-5914 © 2009 Thomson Reuters


Registered Office: Reuters Media, Aldgate House, 33 Aldgate High Street, London EC3N 1DL Registered No: 2012235 http://www.pfie.com


Cover photo: New Abu Dhabi FI track.


Registered No: 2012235 http://www.pfie.com Unauthorised photocopying is illegal.The contents of this publication, either in whole or part, may not be reproduced, stored in a data retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without written permission of the publishers. Action will be taken against companies or individual persons who ignore this warning. The information set forth herein has been obtained from sources which we believe to be reliable, but is not guaranteed. Subscriptions to IFR Project Finance International are non- refundable after their commencement issue date.


ISSUANCE RACE BEGINS The bond market has opened up for Gulf borrowers


AFTER THE GOLD RUSH Some recovery is expected


PROJECT FINANCE TAKES STOCK Deals are being done


VODAFONE DEFIES SCEPTICS A successful IPO


SAUDI IPOS SLOWDOWN The market has cooled


GCC LEAGUE TABLES IPOs, bonds, M&A and loans


INDEX 24 26 28 30 32 36 22


RACING TO THE CHEQUERED FLAG How the new Abu Dhabi F1 track was financed


IPIC GOES SHOPPING The fund is hoping to become a global player


CAPITAL IDEAS IN THE UAE Strengthening the balance sheets


DUBAI REFIS BEAT FATIGUE The story of three important refis


SUKUK HOPES REMAIN HIGH The longer term picture remains positive


KSA SUKUK STRUCTURING Sukuk Saudi style


11 13 16 20 2 6 Contents


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