Barwa Bank provides finance for Gulf Medium Industries
Doha, September 24, 2012 – Barwa Bank, Qatar's fastest growing Shari’ah compliant bank, has been appointed Co-Lead Manager for the Republic of Turkey’s debut Sukuk and, in the same week, has been ranked amongst the top ten for International, Global and MENA region Sukuk arrangers in the Bloomberg Islamic Finance league tables (2012 – ytd*) Ranking as of 17 September 2012.
Barwa Bank has been chosen as a Co-Manager for Turkey’s first Sukuk transaction worth US$1.5bn, following a succession of high profile arranger positions for the bank. Moreover, Barwa Bank has been ranked number six in International Sukuk, ten in Global Sukuk (including global local currencies) and eighth in MENA region bonds and Sukuks, by Bloomberg.
Steve Troop, CEO, Barwa Bank commented on the accomplishments, “2012 has seen us grow our presence in the Islamic Debt Capital Markets and we are extremely proud of both these achievements. This is another significant transaction for the bank; Turkey is one of the most prestigious issuers in emerging markets and to be appointed by them is a further testament that Barwa Bank is an active and consistent player in DCM .We are also extremely proud that our work has led us to be ranked amongst the top ten Sukuk issuers across all of Bloomberg’s meaningful Islamic Finance league tables for this period.”
The bank’s success in these league tables can be accredited to the launch of its DCM platform earlier this year, demonstrated by its Co-Lead Manager role on the Government of Dubai’s $1.25bn Sukuk issuance, Joint Lead Manager roles for the spectacularly successful US$4bn State of Qatar Sukuk, the $800 million five-year Sukuk for Islamic Development Bank and the most recent US$500m Emaar issue.
Khalid Mahdi Al Ahbabi, AGM Head of Wholesale Banking also said, “Barwa Bank is the most recently established Shari’ah compliant bank in Qatar and being chosen for such a high profile transaction as well as making it into the top ten on Bloomberg’s league tables for Sukuk issuance are achievements we take great pride in.
Our simultaneous execution of State of Qatar and Emaar Sukuk as Joint-Lead Managers helped underscore our credibility. We are very ambitious and have proven that we have the capabilities and expertise to deliver on this. Going forward we will continue to develop this market segment.”
With Islamic capital markets experiencing rapid growth globally and receiving growing attention from non-Islamic investors, Barwa Bank’s successes have positioned it as a key player iBarwa Bank provides finance for Gulf Medium Industries strategic commitment toward support SMEs in Qatar,
Doha, April 17, 2012 - Barwa Bank, Qatar's fastest Shari’ah compliant banking service provider, has entered into a finance agreement worth QR 113m with Gulf Medium Industries (GMI), financing the establishment of a group of state-of-the-art factories to manufacture premium highway products in Qatar.
GMI began operations in April 2011 and is set to be one of the leading manufacturers and suppliers of Street Light Poles, Road Barriers, Steel Fabrication, Signage Poles and Hot Dip Galvanizing services. Currently constructing several factories to deliver on its comprehensive product portfolio, GMI’s facilities are scheduled to open in the second quarter of 2013 and will be equipped with sophisticated machinery, together with a team of highly qualified and experienced manpower & engineers. Barwa Bank recognised the national start up's potential and was keen to support its vision to build a world-class production facility delivering premium steel products to the ever-increasing local and regional markets demand.
Mr. Keith Bradley, General Manager, Head of Banking, Barwa Bank commented on the deal, “Barwa Bank is proud to support GMI, both as a local start-up and due to its compelling vision. Infrastructural projects are playing an increasingly important role in the local economy and responding to industry needs, GMI’s business plan is solid and promising. Barwa Bank has a strong presence in all sectors and intends to continue to participate in helping to grow national prosperity.”
Mr. Adel Al Sulaiman, Managing Director of GMI said, “The Qatari market is all about increasing investment in infrastructural projects, largely driven by the need to meet requirements of important national initiatives and major international events, including of course the 2022 World Cup. GMI was established to meet the demands of the local market and expand our presence into the surrounding region. Barwa Bank was prompt to respond and, having understood our long term vision and requirements, have provided the necessary finance to aid our launch and future expansion. The relationship has got off to a very strong start and we are looking forward to strengthening it over the coming months and years.”
Capitalising on its strong financial situation and innovative suite of products and services, Barwa Bank will continue to work closely with the industrial sector and other main sectors to achieve its vision of becoming a universal Shari’ah compliant banking group based in Qatar. Mr. Samy Khereldin, Head of Business Banking, Barwa Bank added, “Barwa Bank Business Banking unit is committed to playing a pivotal role in enabling the local economy to reach its full potential across all sectors. Qatar certainly offers an extremely dynamic business environment with a great deal of potential and opportunities and we intend to help facilitate start-up and existing SMEs to enable further growth and prosperity.”
Mr. Adel Hayder, The founder of GMI expects major deals upon completing its manufacturing facilities based on the forecast for infrastructure and roads projects in Qatar and the region. The company's unique offering of high quality products and reduced shipping costs make it a serious competitor to international suppliers of similar products.
“We are thankful to the excellent level of service and cooperation offered to us by Business Banking team of Barwa Bank. This approach to business banking is what SME sector needs to flourish. We are preparing to announce a new factory in the coming 6 months and we look further to developing a long term and fruitful relationship with Barwa Bank that enables us to diversify and grow our operation in the future” Concluded Mr. Hayder.