This page contains a Flash digital edition of a book.
http://www.pfie.com


PROJECT FINANCE INTERNATIONAL


MIDDLE EAST REPORT


2010 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) 6417 4554 Fax: (65) 6323 2164 e-mail: minerva.lau@thomsonreuters.com


Americas Senior Reporter Alison Healey (New York) Tel: 1 (570) 270 4774 e-mail: alison.healey1@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


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


Reporter Azadeh Sharafshahi (London) Tel: +44 (0)20 7369 7622 e-mail: azadeh.sharafshahi@thomsonreuters.com


Editor-in-Chief Keith Mullin (London) Managing Director Nick Herbert (London) Associate Publisher Ann Worsley (London)


Advertising Sales, Americas and EMEA


Stephen Howard: Tel: +44 (0) 207 369 7762 Christophe Pla: Tel: +44 (0)20 7369 7544


Advertising Sales, Asia Pacific Shahid Hamid Tel: +65 6411 6861


Advertising Production Manager Gloria Balbastro Tel: +44 (0)20 7369 7539 Head of Production Clive George Assistant Production Manager Nita Webb Production Executive Angela Allwright Marketing Manager Paul Holliday


Sales Hotlines:


EMEA +44 20 7369 7317 rm.emeasales@thomsonreuters.com


Americas +632 459 1397 rmussales@thomsonreuters.com


Asia Pacific +852 3762 3336 rm.apsales@thomsonreuters.com


Japan +813 5218 7687 rm.apsales@thomsonreuters.com


Client Services: EMEA/Americas (+44 20 7369 7323) Asia-Pacific (+632 459 1382) Japan (+81 3 5218 7688)


Global: rm.clientsupport@thomsonreuters.com


Upper McKinley 18/20 Building McKinley Town Center, McKinley Hill Fort Bonifacio, Taguig City, Philippines


Print Printed in England by Wyndeham Grange Limited


For reprints please contact: Alison Swaisland, +44(0) 20 7542 9104 alison.swaisland@thomsonreuters.com


ISSN: 0967-5914 © 2010 Thomson Reuters


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


Cover photo: Exterior section of the Capital Gate building is seen in Abu Dhabi. Courtesy of www.pictures.reuters.com


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.


LOOMING FI DEBT


INSTITUTIONS TAKE THE LEAD Institutions head re-opening of IPO market.


INFRA EVOLUTION REVS UP POWER M&A IN THE GULF AES Oasis portfolio is the head of a healthy pipeline. THE POWER OF TWO INNOVATIVE EMIRATES STEEL Completing a multi-tranched US$2.5bn expansion financing. 26 Financing the Barka 3 and Sohar 2 projects, at remarkable speed. 29 14 Mammoth refinancing task in face of billions of maturing dollars. 16 18 Realism bites, pushing core infrastructure to the top of priorities. 24 INTERNATIONAL CHALLENGES The outlook for global banks operating in the Gulf. AWAITING SUKUK CLARITY


A maturing asset class is no cause for panic. Rod Morrison Editor


CHANGING LANDSCAPES The bond market is struggling to hit last year’s heights. 11 9 7 STATE OF THE GCC BANKS Where trouble may lie in the region’s financial system. 2


Middle East Report 2010| pfi | 1 Contents


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36
Produced with Yudu - www.yudu.com