British export credit agency extending support for three major projects in Dubai
UK Export Finance (UKEF), the British export credit agency, is providing support for three major infrastructure projects in the UAE as part of a financing programme to help UK-based contractors to secure projects in international markets.
UKEF is providing backing for more than $600m financing to UK construction firms Carillion and Kier for new contracts to build a housing scheme, a major stadium complex and an office development project, all to be constructed in Dubai.
The export credit agency will be guaranteeing $455m of financing for Kier to execute the planned Dubai Arena stadium and two staff accommodation buildings, UKEF announced in a statement on its website.
Dubai Arena is multipurpose facility with a capacity of 17,000 persons and upon completion in 2019, will host major music and sports events. UKEF has provided backing for $220m in financing for Kier to build the stadium for local developer Meraas.
Kier has also won contracts to deliver two projects for developer Nshama. The British export credit agency is supporting $235m of financing for a staff accomodation project for Emaar Properties.
The local/UK Al-Futtaim Carillion (AFC), which won the design and build contract for the latest phase of One Central is receiving UKEF support for $180m of funding.
MEED reported that AFC had been awarded an estimated AED725m ($198m) contract to build Phase 1A6, in January. The scheme has a built up area of 182,500 square metres and comprises two Grade A office buildings of 12 and 8 storeys.
AFC has already completed Phase 1A2 and is working on Phase 1A5 on the One Central development. The latest award takes the overall value of AFC contracts for the One Central development to AED1.8bn. AFC also has received funding support from UKEF for earlier work on the development.
With these flagship infrastructure projects, Kier and Carillion are helping to directly shape Dubais economy by boosting tourism and business infrastructure, said Liam Fox, the UKs International Trade Secretary in the released UKEF statement.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.