Carillion nets $120m Dubai World Trade Centre deal
UK-builder to deliver phase one of trade centre expansion project
Carillion has secured a £75mn ($120.6mn) contract to deliver Phase 1 of the Dubai World Trade Centre District development for the Dubai World Trade Centre.
The UK-based builder said it had won the deal with support from Treasury's Direct Lending Facility, which allows UK Export Finance (UKEF) to provide £3bn for export finance on a first come, first served, basis.
The loan is being arranged by Deutsche Bank.
The contract involves the construction of a 146,000m2 development between the current Dubai International Convention and Exhibition Centre and EmiratesTowers in the heart of the city's Central Business District that will include an eight storey office building and a 588-room business and tourism hotel.
The development will be designed to best-in-class quality standards and Phase 1 will include international Grade A quality offices, which have achieved LEED® Gold pre-certification from the US Green Building Council - the industry benchmark for green building performance covering design, construction, operations and maintenance.
The technology solutions and infrastructure being planned align with the Dubai Government's SmartCity strategic agend, said Carillion.
Chancellor of the Exchequer, George Osborne said: "Helping British companies to access global markets is a key part of our long term economic plan. So I'm delighted to announce the first deal supported by UK Export Finance's Direct Lending Facility, along with the twenty financial institutions that are going to help us deliver the loans.
"It is great to see successful companies like Carillion winning contracts around the world. This deal, the first in a pipeline of many will help us reverse the age old trend of not exporting enough, boosting growth and creating jobs."
Carillion chief executive Richard Howson, added: "We have built a strong relationship with UKEF, which is helping companies like Carillion to use its sector-leading expertise and reputation for quality, reliability and safety to win major contracts. The new Direct Lending Facility is an exciting development, which will further enhance our ability to use Carillion's world-class skills to compete and win contracts in our international markets."