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Financing agreed for Jebel Ali L power plant

16 September 2005 – Hyundai Engineering & Construction Co. Ltd (HECC) and Arab Bank plc has signed a $325m-equivalent multi-tranche facility to finance a Power Station EPC contract for the Jebel Ali Power and Desalination Station in Dubai.

The project is owned by the Dubai Electricity & Water Authority (DEWA). The signing ceremony was attended by Sun Kyu Kim, CFO & Executive Vice President of Hyundai Engineering & Construction Co., Ltd. and Mr. Eun Young Kim, Asia-Pacific Area Executive of Arab Bank plc.

The Consortium of Hyundai Engineering & Construction Co., Ltd., the largest construction company in Korea, and Fisia Italimpianti, which is part of the Italian construction group, Impregilo, has been contracted to build the 1200MW Power Station and 363 million cubic litres Desalination Facilities for Dubai Electricity and Water Authority’s Jebel Ali Power and Desalination Station “L” Phase 2 Project.

The Project is expected to be completed in 2008, according to a press release.

Arab Bank plc is the sole Mandated Arranger for $175m-equivalent Performance & Advance Payment Guarantee Facilities and US$150m Import L/C & Refinancing Facilities to support Hyundai Engineering & Construction Co., Ltd.’s performance obligation and procurement under $696m Power Station EPC contract with the Dubai Electricity and Water Authority.