The lead arranging group for the club deal comprises Hypovereinsbank, Bayerischelandesbank, United Arab Bankand Mashreqbank. Total project costs are estimated at $140 million, of which about $38 million will be covered by equity, $77.8 million by the 14-year loan, and the balance by advanced payments of connection fees. Mizuho Financial Groupis acting as financial adviser to the client; the legal adviser to the sponsors is Denton Wilde Sapte.

The new shareholdings of Ajman Sewerage are Thames Waterof the UK with a 60 per cent stake, the US’ Black & Veatch International with 10 per cent, Six Construct, part ofBelgium’s Besix, with 10 per cent and the government of Ajman with 20 per cent.

Black & Veatch is the EPC contractor. Six Construct will carry out the civil works subcontract, while Thames Water Middle Eastwill be operations and maintenance contractor for the duration of the 27.5-year build-operate-transfer contract. The new network will serve some 350,000 residents in Ajman