UK Export Finance Supports Six Flags Qiddiya City Partnership Triumph

04 Jan, 2024

UK Export Finance (UKEF) has championed a significant milestone in Islamic Murabaha financing, endorsing a facility of approximately $700 million.

The funding, facilitated by Qiddiya Investment Company, fuels the development of the Six Flags Qiddiya City theme park. Executed through a collaborative effort led by Bouygues Bâtiment International and Almabani General Contractors, this marks UKEF's largest Murabaha financing endeavor and its debut in the region. This strategic move broadens access for UK exporters to capitalize on opportunities emerging from the Public Investment Fund's substantial investments in expansive infrastructure projects.

Backing UKEF in this venture, reinsurance was secured from prominent entities, including the Dutch ECA Atradius Dutch State Business N.V., the Italian ECA SACE S.p.A., and the German ECA Euler-Hermes Aktiengesellschaft. The extensive collaboration further involved Crédit Agricole CIB, which played a pivotal role as the exclusive ECA Coordinating Bank, Structuring and Documentation Bank, and Investment Agent. A syndicate of banks, including HSBC and BNP Paribas, joined as Mandated Lead Arrangers.

Tim Reid, Chief Executive of UK Export Finance, emphasized the alignment with Saudi Arabia's ambitious 'Vision 2030.' This groundbreaking deal not only generates opportunities for UK suppliers but underscores UKEF's proficiency in unlocking diverse sources of commercial finance to propel transformative global projects.

Highlighting the strength of UK-Saudi Arabia trade relations, Oliver Christian, His Majesty’s Trade Commissioner for the Middle East and Pakistan, applauded the record-breaking Islamic financing deal. With bilateral trade exceeding £17 billion last year, this transaction positions UKEF to empower UK exporters to leverage the abundant opportunities emerging from Saudi investments in infrastructure and socio-economic transformation.

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