4 days ago
UKEF commits £803mln to Middle East projects in 2024-25, anchored by Saudi, Iraqi deals
UK Export Finance (UKEF) significantly ramped up its presence in the Middle East in 2024–25, delivering £803 million in regional support across sectors from leisure and tourism to critical infrastructure and emergency services, according to its latest Annual Report.
The standout deal was a £531.3 million Buyer Credit Guarantee for Bouygues Batiment International and Saudi Arabia's Public Investment Fund (PIF) to build the Six Flags Qiddya City theme park. The financing structure, arranged under Islamic Murabaha principles, earned TXF's Middle East Export Finance Deal of the Year.
Iraq accounted for two high-impact transactions:
A £29.16 million Direct Loan (Enhanced) to the Iraqi Ministry of Finance for the purchase of 62 British-made emergency vehicles from Angloco and Emergency One (U.K.).
A £96.04 million Buyer Credit Guarantee for the construction and implementation of electrical substations by UK Grid Solutions.
UKEF, the UK's export credit agency under the Department for Business and Trade, provides financing and insurance to help UK exporters secure international contracts and deliver overseas projects.
(Writing by SA Kader; Editing by Anoop Menon)
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