This Tabreed Ijara loan is old news but I'm trying to make sense of a disclosure last week on the DFM website about another AED 1 billion Ijara facility - see Tabreed Ijara.
Press Release 16 May 2008:
Tabreed signs Dhs1bn Ijara syndication
Tabreed (TABREED), the region's award-winning district cooling pioneer, has formally sealed a landmark deal with HSBC Amanah, which lead managed and arranged a 12 year Ijara (Islamic lease) facility for Dhs1bn. The financing will be used to refinance existing facilities as well as support the on-going expansion of cooling projects.
HSBC Amanah, acted as the Initial Mandated Lead Arranger and following general syndication was joined at the Mandated Lead Arranger level by Abu Dhabi Commercial Bank (ADCB), Dubai Islamic Bank (DIB), National Bank of Abu Dhabi PJSC (NBAD), and Standard Chartered Bank.
First Gulf Bank (FGB) participated at the Lead Arranger Level, while Abu Dhabi Investment Company (ADIC), Badr Al-Islami (the Islamic banking division of Mashreqbank (MASQ)) and BBK all acted as Arrangers, with United Arab Bank (UAB) as a Participant.
"District cooling is a capital intensive business and requires huge fund inflows. As one of the leading financial institutions with a global footing and a strong Islamic finance base. HSBC along with other esteemed patrtners on this Ijara syndication are the top international financial groups in the world with a proven track record. We believe our dedicated efforts combined with undeterred support from our key financers shall further facilitate our expansion plans," said Abdulla Matar Al Muhairi, Chief Financial Officer, Tabreed. "This mammoth Ijara syndication is significant as it also reflects the enormous confidence of the banks on us."
HSBC Amanah is the global Islamic banking division of the HSBC Group, and was established in 1998 and has become one of the leading providers of Islamic financial services worldwide. With more than 150 professionals serving the Middle East, Asia Pacific, Europe and the Americas, HSBC Amanah represents the largest Islamic banking team of any international bank.
"This Ijara syndication represents a significant accomplishment as it was arranged in a challenging and increasingly volatile market environment. It confirms the confidence that financial institutions have in the Tabreed credit story and its management team. We are privileged to have lead arranged this Islamic syndication for Tabreed. This confirms our status as a leading provider of Islamic financial solutions to the company, following on from Tabreed debut rated $200m Sukuk issue in 2006 which HSBC Amanah joint lead arranged and book ran," commented Mohammed Dawood, Director, Global Capital Markets, HSBC Amanah.
Tabreed pioneered the use of district cooling in the Middle East in 1998 and since then the company has undertaken projects in various other countries in the Middle East including all GCC nations as well as Jordan in the Levant. Tabreed pioneers energy efficient gas-fired and electric-powered district cooling solutions in the UAE and across the region.
The company offers customers the highest quality service through an integrated energy system devised to help them optimize their energy usage and reduce power and maintenance costs.
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