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Six Construct seeks greater involvement in GCC project finance

Six Construct is working to increase its involvement in the financing and procurement of GCC projects, according to managing director, Pierre Sironval

Six Construct’s Pierre Sironval (above) says alternative finance and procurement models can help GCC countries to compensate for the low oil price.
Six Construct’s Pierre Sironval (above) says alternative finance and procurement models can help GCC countries to compensate for the low oil price.

Six Construct is working to increase its involvement in the financing and procurement of GCC projects, according to managing director, Pierre Sironval.

The contractor, which is the wholly owned Middle East subsidiary of Belgium’s Besix Group, plans to leverage its parent company’s experience of coordinating alternative models of finance and procurement in Europe to grow its service offering in the Gulf.

Besix has already signed concession agreements in the UAE and Bahrain, and Sironval’s team intends to pursue similar arrangements in the future.

“Export financing and public-private partnerships (PPPs) are [models] that Besix Group regularly employs in Europe, so we decided to bring [this expertise to the GCC] to see whether similar methods could help our clients in this region,” Sironval told Construction Week.

“As a contractor, our aim is to add value to our clients’ operations. We have strong capabilities in the design and build (D&B), and EPC segments, but we are working to [offer] a broader supply chain to our customers.

Six Construct has the capacity to provide an A-to-Z of services, with involvement in the concept stage, the establishment of financial models, the identification of financial partners, right through to delivery and operations and maintenance (O&M),” he added.

To date, Sironval’s team has been involved in the development and operation of infrastructure in Ajman and Abu Dhabi as part of concession agreements.

“Besix is working alongside Ajman Municipality to operate the emirate’s sewage treatment system” he said. “We built the treatment plant, we are extending the network, and we are operating and maintaining the facilities.

“Our group is involved in a similar scheme in Abu Dhabi, working together with local authorities to [extend facilities] in Al Wathba. Besix puts equity into these projects, and it develops them in close collaboration with [the public sector].”

Commenting on the advantages of employing such strategies elsewhere in the GCC, Sironval concluded: “Six Construct’s service offering is not limited to D&B or EPC products. What’s more, clients in this region are becoming more receptive to [alternative models,] especially in light of the low oil price. Private partners can help governments [to compensate for] low market liquidity.”

Sironval’s full-length interview will be included in issue 662 of Construction Week, which will be published on Saturday, 15 July, 2017.

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