UK Exports Finance backs Qiddiya Six Flags project
Qiddiya Investment Company has
secured a $700 million Islamic Murabaha financing facility to fund the
construction of Six Flags Qiddiya City. The financing is backed by UK Export
Finance (UKEF), the UK’s export credit agency, which provided the guarantee in
exchange for the procurement of goods and services from UK suppliers.
This marks UKEF’s largest
Murabaha-backed financing and the largest corporate-backed Islamic financing in
the region.
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Arabia's Qiddiya awards theme park project to a joint venture
The deal was supported by
reinsurance from Dutch ECA Atradius Dutch State Business, Italian ECA Sace, and
German ECA Euler-Hermes Aktiengesellschaft.
Credit Agricole CIB coordinated the
ECA financing, acting as structuring and documentation bank, as well as the
investment agent. The financing arrangement included a syndicate of banks, with
HSBC and BNP Paribas serving as mandated lead arrangers.
Read More Work
progressing at steady pace at Six Flags Qiddiya theme park near Riyadh
The $1 billion main construction
contract for Six Flags Qiddiya was awarded in December 2021 to a joint venture
between France’s Bouygues Batiment International and Saudi Arabia’s Almabani
General Contractors.
Source: Meed
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