Al Ahli Bank of Kuwait Wins ‘The Banker Deal of the Year 2019’ Middle East Award for Dubai Aerospace Enterprise Deal

‘The Banker Deals of the Year Awards 2019’  were recently announced and ABK was honored to be recognized as the winner of ‘Deal of the Year’ for their landmark financing facility arranged last year with Dubai Aerospace Enterprise (DAE), which was for $800 million. ABK served as the Coordinating Mandated Lead Arranger and Bookrunner in a syndicate that also included First Abu Dhabi Bank (FAB) as Mandated Lead Arranger & Bookrunner and Global Facility Agent & Islamic Investment Agent and Noor Bank as Mandated Lead Arranger & Islamic Structuring Bank.  The accordion lenders included: Bank of Baroda, China Construction Bank, Union Bank of India, Agricultural Bank of China, RakBank, State Bank of India , ICICI Bank, and Bank Woori.

The facility, which has a four-year tenor, featured both conventional and Islamic tranches, making it one of the largest of its kind signed in the region. The financing was arranged to support DAE’s purchase of aircraft, spare engines and pre-delivery financing that DAE intended to dispose of or refinance.

The Banker, published since 1926 and owned by The Financial Times Ltd., is one of the most respected media titles in the financial sector, and the Deals of the Year Awards are among the most coveted in the industry. The UK-based publication provides global financial comment and insight, and is a key source of data and analysis for the banking industry.  

Michel Accad, Group CEO said: “Winning ‘The Banker Deal of the Year’ is a tremendous achievement for ABK, and we are very proud to be recognized in the category of     Loans Winner Middle East. The financing facility arranged for the DAE was a landmark deal in the region, and demonstrates the strength in depth of the level of service that we can provide to our corporate clients. What makes this even more special is the fact that this was our first deal for our new DIFC branch, and it was oversubscribed and closed in record time. On behalf of ABK, we take this opportunity to share this recognition with First Abu Dhabi Bank (FAB)  & Noor Bank, as well as all the other banks involved in the deal.”