Six UAE banks sign $1.08bn Midfield Terminal deal

A consortium of six UAE banks have announced that they have signed a $1.08bn (AED 4bn) syndicated loan deal with the consortium set to build Abu Dhabi’s Midfield Terminal.

Al Hilal Bank, First Gulf Bank, Mashreq, Union National Bank and Arab Bank have concluded the financing for the contracting team, with Mashreq and Arab Bank as lead arrangers.

An Arabtec-CCC-TAV Construction was appointed to build the 700,000m2 building on June 27, which is the centrepiece of a $3bn expansion programme of Abu Dhabi’s Airport facility.

The terminal will serve as the main gateway for airlines flying into Abu Dhabi and will be the home of the emirate’s flagship carrier, Etihad. The terminal is esxpected to open in the first half of 2017.

TAV Group president & CEO M Sani Sener said: “Abu Dhabi is investing billions of dollars in infrastructure, real estate and tourism projects as it moves to diversify its economy away from oil.

“As TAV Construction -the fourth largest company globally in the field of airport construction according to ENR- we’re proud to contribute to this key project in Abu Dhabi’s future as its contractor.

“The TAV Group will be transferring the know-how it gained through a number of projects around the world, to Abu Dhabi with this eminent project.”

The Midfield Terminal complex will contain an undulating roof, inclined facade, a 52m ceiling height and the use of advanced technology. Around 84,000 tons of steel will be used on the termina, which will be capable of handling 27m passengers a year once complete.

Julio De Quesada, head of corporate banking at Mashreq, said: “As a UAE National financial institution joining hands with the leading banks of UAE and the Middle East on this financing, we are proud to be part of this massive and strategically-important project in Abu Dhabi, which is the largest single contract awarded in GCC in the first half of 2012.”

“The project will have a great impact on the country’s development and underlines the commitment of banks to lend in support of similar key infrastructure projects.”