International Trade Secretary to the UK, Liam Fox, announced that UK Export Finance (UKEF) will be supporting UK based construction companies with the projects they are undertaking in the UAE.
UKEF (the country’s export credit agency) will be providing more than $600 million to Carillion and Kerr, construction companies that will be delivering three major Dubai-based infrastructure projects.
High profile contracts
Kier and Carillion have won contracts in the UAE that are worth hundreds of millions of dollars. The announcement is part of the government’s new initiative to bring together leading infrastructure firms in the UK with the government in partnership to win major international contracts.
Projects in Dubai
Carillion and Kier are now contracted to deliver a new stadium complex, new housing and one of the biggest office developments in the UAE.
Kier will be constructing the Dubai Arena, which is an entertainment and sports complex that will seat 17,000 people. They are also constricting staff accommodation buildings on site. UKEF has guaranteed $455 million to Kier to complete the projects in Dubai.
Carillion has won the contract to design and build the newest phase of Once Central. This is the Dubai World Trade Centre’s new development within the central business district of the region.
Carillion has already delivered the first two phases of the massive development and this newest phase includes two new office towers. UKEF has guaranteed $180 million worth of support to this project.
Helping to shape Dubai’s economy
The UK government sees this as an example of the UK’s leadership within the global infrastructure sector. Kier and Carillion are part of the move to shape the economy of Dubai by constricting business infrastructure and boosting tourism.
Sean Fenner, MD of Kier International, said: “The Dubai Arena and Nshama residential developments are remarkable projects that will transform Dubai’s entertainment and accommodation sectors respectively.
“The support of UK Export Finance has been instrumental in helping us win this business as we look to build on the substantial growth we’ve seen in international demand.”
All three projects have been funded in partnership with HSBC’s Export and Specialised Finance team. A representative said: “The support required to deliver these major infrastructure contract wins reiterate the growing trend of developers in the UAE seeking export credit agency financing for complex projects. Each financing solution has a bespoke structure using innovative concepts that ensure it is aligned with the aspirations of all parties involved.”
About Samir Salya
Samir Salya is the Chairman of Reign Holdings, and is involved in UK and UAE real estate and construction. Samir holds over 20 years’ experience in executive management, business expansion, performance improvement, sales and marketing.