The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Dubai / Emirates Business
Leading financial institution, Mashreqbank psc (Mashreq) announced successful coordination of a BHD 107 million (AED 1,050 million) contracting facility for financing the bonding and working capital requirements of the Arabtec Construction LLC (Arabtec) and TAV Tepe Akfen Yatirim Insaat ve Isletme A.S. (TAV) joint venture (JV) in support of the JV’s main works contract for the Bahrain International Airport Modernization Program (the Project) being undertaken in the Kingdom of Bahrain. Mashreq and Arab Bank have previously supported Arabtec, a leading construction and engineering group out of UAE, and TAV, world’s largest airport contractor, on several other projects in the region.
Mashreq acted as the exclusive book runner and coordinator for the facility, while Arab Bank plc was the joint lead arranger under the facility.
The Arabtec-TAV JV received the award worth BHD 382.9 Million (AED 3,750 million) for this strategic project in March 2016, making it the largest construction project won by a joint venture involving a Turkish company in Bahrain.
Boasting a built up area of 220,000 sq. meters, the new state of the art terminal will increase the current yearly capacity from 4 million to 14 million passengers. The terminal is planned to be completed in 51 months.