Meydan reinforces mandate with $476 million facility with QNB-CBI
Wednesday, March 30, 2016
Significant deal to finance continued investment in Group’s diverse infrastructure portfolio
Meydan Group LLC has signed a significant financing deal of USD 476Million with QNB, a leading financial institution in the Middle East and Africa, and its UAE subsidiary , Commercial Bank International (CBI). The funding will finance continued investment in infrastructure across the Meydan territory.
QNB is the largest bank in the Middle East and North Africa Region with total assets of QAR  billion (USD147.9 billion) as of Dec 31, 2015. It is now present in more than 27 countries across 3 continents . QNB is the largest Bank in Qatar with a market share exceeding [45%] of banking sector assets.
Commercial Bank International (CBI) has a strategic partnership with Qatar National Bank (QNB), a 40% shareholder since 2012, and the leading financial institution and largest bank in the MENA region. With its headquarters in Dubai, CBI operates with a network of 27 branches in all seven Emirates. The Bank also has an increasing presence in transactional banking and technology-driven delivery channels.
For Meydan, this is an important strategic finance relationship to support the Group’s spectacular development plans.
Meydan’s Chairman and CEO, H.E. Saeed Humaid Al Tayer said: “Meydan’s goals are in direct synergy with those of QNB , to encourage growth and further alliances across the GCC. We would like to thank QNB Group for their instrumental support in financing our ongoing efforts and commitment to the growth and prosperity of the region.”
The announcement comes at a pivotal time in Meydan’s commercial development as it continues to embark upon new projects with partners in the sphere of significant residential, logistics and facilities developments on its territory which are among the most prime-positioned real estate in the region.
Qatar National Bank (QNB Group), was established in 1964 as the country’s first Qatari-owned commercial bank, has an ownership structure split between the Qatar Investment Authority (50%) and the private sector (50%).
QNB Group has steadily grown to be the biggest bank in Qatar and leading financial institution in the Middle East and North Africa Region with a market share around 45% of banking sector assets.
Bloomberg Markets, the leading provider of Business, Financial and Economic news ranked QNB as “One of the World’s Strongest Banks” again in 2014.
The Global Finance Magazine ranked QNB as “One of The Top 50 Safest Banks in the World” in 2013. For two consecutive years, 2014 and 2015, the Bank was recognized as “The Best Bank in The Middle East” by Euromoney Magazine.