UK Export Finance backs Six Flags Qiddiya City deal in win for UK businesses
The UK’s export credit agency has guaranteed an Islamic Murabaha financing facility for the development of Six Flags Qiddiya City near Riyadh, Saudi Arabia
- Qiddiya Investment Company (QIC), supported by the Public Investment Fund of the Kingdom of Saudi Arabia (PIF), signed the financing facility
- UKEF has guaranteed the financing based on the project procuring goods and services from UK suppliers
- UKEF’s involvement has secured opportunities for UK exporters delivering key equipment and services to the project
UKEF has guaranteed an Islamic Murabaha financing facility for c.$700 million signed by Qiddiya Investment Company to finance the construction of the Six Flags Qiddiya City theme park. This is being undertaken by a joint venture led by Bouygues Bâtiment International and Almabani General Contractors.
This is UKEF’s largest Murabaha financing to-date and first in the region, a move which helps UK exporters gain wider access to the opportunities being created by PIF’s investment in large-scale infrastructure development.
UKEF was supported by reinsurance from the Dutch ECA Atradius Dutch State Business N.V., the Italian ECA SACE S.p.A., and the German ECA Euler-Hermes Aktiengesellschaft.
Crédit Agricole CIB acted as exclusive ECA Coordinating Bank, Structuring and Documentation Bank and Investment Agent, and, together with a syndicate of banks comprising HSBC and BNP Paribas, as Mandated Lead Arranger (MLA).
UK Export Finance Chief Executive, Tim Reid said:
Saudi Arabia’s ‘Vision 2030’ is hugely ambitious, and UKEF is determined to ensure that British businesses can benefit from the enormous exporting opportunities it offers.
This new landmark deal not only creates exciting business for UK suppliers, but demonstrates UKEF’s ability to unlock new sources of commercial finance to make transformative projects possible around the globe.
Oliver Christian, His Majesty’s Trade Commissioner for the Middle East and Pakistan, added:
UK-Saudi Arabia bilateral trade stood at over £17bn last year, and our trading relationship goes from strength to strength. This is clearly demonstrated by today’s announcement that UK Export Finance has secured another strategic win by supporting this record-breaking Islamic financing deal – its largest ever Murabaha. This transaction will help UK exporters access even more of the valuable trading opportunities being created by Saudi investment in infrastructure and socio-economic transformation.
Contact
Media enquiries: