ABU DHABI // Abu Dhabi government-owned Mubadala Development Company said on Wednesday it secured a $1 billion financing for the Zayed University project.
The public-private partnership (PPP) project involves the construction of a new university campus for 6000 students in Abu Dhabi, and is the fourth such infrastructure financing, Mubadala said in a statement.
The 10-year debt, a combination of conventional, Islamic and mezzanine debt was secured from a consortium of 11 local and international banks.
The senior debt margins start at 290 basis points (bps) over the base rate with step ups to 390 bps at maturity.
"Mubadala has a strong pipeline of transactions and we will continue to focus on broadening the range of debt instruments used to finance future projects, particularly in light of the more constrained nature of the long-term bank financing market," said Derek Rozycki, executive director, project & corporate finance, Mubadala.
Calyon acted as financial advisor. Lead arrangers included National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, First Gulf Bank, Union National Bank, Natixis, Royal Bank of Scotland, Societe Generale, Calyon, BIIS and BTMU. Abu Dhabi's Al Hilal Bank provided the Islamic tranche.
Mubadala has recently appointed financial advisors for two more projects - the Tawam hospital and Strata Composites, the statement said.
*Reuters
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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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Install an air filter in your home.
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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About Krews
Founder: Ahmed Al Qubaisi
Based: Abu Dhabi
Founded: January 2019
Number of employees: 10
Sector: Technology/Social media
Funding to date: Estimated $300,000 from Hub71 in-kind support
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