The Middle East and Africa (MEA) accounted for the largest regional share of global project finance market in 2013, with a total of $87.6bn-worth of deals signed.

The total transaction volume is more than double the $41.5bn raised in 2012 and the highest volume on record, according to data provider Dealogic.

With a 21 per cent share of total market volume, it is the highest share recorded since 2007.

The record-breaking $12.7bn Sadara Petrochemical plant project financing signed in Saudi Arabia last year helped significantly bolster deal volumes in the region. The deal was the largest project finance transaction to close globally in 2013 and the largest signed in the petrochemical sector to date.

Four of the top 15 global project finance deals were signed within the Middle East last year.

The second largest transaction to Sadara was the $4.5bn Emirates Aluminium Company deal. The financing was raised to fund the second phase of the expansion of the company’s processing plant.

A $4.2bn shariah-compliant refinancing was raised for the Saudi telecoms firm Zain at the end of July 2013, marking the third largest project finance deal to close in the region.

The fourth largest deal was a $3.2bn deal raised in favour of Al Jubail Petrochemical Company in Saudi Arabia.

Globally, project finance volumes grew by 3 per cent in 2013 compared to the previous year, with $418bn-worth of deals signed.

The number of projects closed globally grew 13 per cent compared to the previous year, at 1,085.

The popularity of bond financing in project deals grew across the globe, more than doubling in 2013 to reach $54.7bn.

In contrast, global project finance loan volume dropped by 4 per cent to $297bn, while equity finance fell to $66.3bn down 6 per cent on the previous year.