Maybank Lead Arranges Financing Facilities For Saudi Binladin Group

KUALA LUMPUR, Dec 15 (Bernama) -- Malaysia's Maybank Investment Bank Bhd has demonstrated its ability to successfully participate in large cross-border transactions for leading multinationals. In a statement on Thursday, it said the bank was one of the lead arrangers for the emplacement of Saudi Riyal 8.5 billion (US$2.27 billion) facilities for Saudi Binladin Group Ltd (SBG) which was completed with its signing in Manama recently. The Multi-Option Syndicated Islamic facilities was participated by twelve institutions, namely Gulf International Bank BSC (GIB), Abu Dhabi Commercial Bank, Maybank International (L) Ltd, Samba Financial Group, Union National Bank, Ahli United Bank BSC, Emirates NBD Bank PJSC, Arab National Bank, BNP Paribas-Offshore Banking Unit, Arab Banking Corporation, Arab Bank Plc and the Bank of Bahrain & Kuwait. "We are indeed privileged to have this opportunity to participate in the landmark fund raising exercise for SBG, a prominent developer in the Middle East. "The exercise will further boost Maybank Group’s footprint and visibility in the region especially in Islamic financing, and reinforce Malaysia’s leading role as a centre of Islamic finance," Abdul Farid Alias, Maybank Deputy President & Global Wholesale Banking Head, said in the statement. SBG is one of the largest contractors, developers and diversified conglomerates in the Middle East. Headquartered in Jeddah, the group has played an extensive role in the development of Saudi Arabia's infrastructure. Proceeds from the exercise will part finance the expansion of Saudi Arabia’s King Abdulaziz International Airport, the third largest airport in Saudi, located 17km north of Jeddah. The expansion project was awarded to SBG by the Saudi Arabian General Authority of Civil Aviation (GACA) on Nov 13, 2010. The extension of the King Abdulaziz International Airport is crucial to cater for increasing traffic at the airport given that the total number of passengers at Saudi airports has reached 30 million annually and is expected to double to 60 million over the next 10 years. -- BERNAMA Malaysia