NBAD appointed as lead advisor for Failaka project
Island to become leisure destination targeted at GCC and MENA region
The National Bank of Abu Dhabi has been appointed as the lead advisor to the Partnerships Technical Bureau (PTB), as development plans for Kuwait’s Al Failaka Island progress.
The 43km2 Al Failaka Island is located 26km north east of Kuwait City, and the Kuwaiti government intends to develop the island in accordance with its ‘Vision 2035 Plan’, the bank said in a statement on Wednesday.
The PTB is an arm of the Kuwait Ministry of Finance.
“NBAD’s extensive experience as a project finance advisor and our strong position in the global markets served as a key factor in NBAD winning in one of Kuwait’s most ambitious development projects,” said Mark Yassin, NBAD's senior general manager, Corporate and Investment Banking Division.
“Given our experience in leading many leisure and mixed use projects in the UAE, and our understanding of Kuwaiti culture, this is a role most suitable to us,” he added.
NBAD’s Investment Banking Group will lead an international consortium comprised of technical, legal and financial advisors (including Pinsent Masons, EC Harris, Abu Dhabi National Properties and WSP Group) in assisting the PTB to prepare a development strategy for the island.
The strategy will involve developing a concept for the island in line with Kuwait’s 2035 Vision, advising on procurement methodology and the implementation and procurement of the project.
In addition, NBAD will advise the bureau on funding solutions to develop the island into a world-class leisure destination, targeted at the GCC and greater MENA markets.
“This mandate in Kuwait is well aligned with NBAD’s strategy to build on its status as one of the leaders in the regional project finance arena,” said Nathan Weatherstone, head of Project Finance Advisory at NBAD.