Norton Rose hosts the IPFA event on ‘Alternative Sources of Financing for Projects in the Middle East’ in collaboration with Dubai International Financial Centre in Dubai
The Rt Hon the Lord Mayor of the City of London, Alderman Roger Gifford attended as key note speaker
International legal practice Norton Rose has announced that they hosted an International Project Finance Association (IPFA) event in Dubai on Tuesday 19 February 2013 in collaboration with Dubai International Financial Centre (DIFC) and TheCityUK.
The event titled ‘Alternative Sources of Financing for Projects in the Middle East’ was opened by The Rt Hon the Lord Mayor of the City of London, Alderman Roger Gifford and the Chief Executive Officer of the DIFC Authority, Jeffrey Singer.
The event included a case study on the recent groundbreaking US$1.2 billion Madinah Airport expansion in Saudi (which Norton Rose worked and played a key role on) followed by a panel discussion on alternative sources of financing. The panel comprised a number of industry speakers including Jeffery Barratt, Norton Rose and IPFA Middle East London Committee Chairman; Joanne Emerson Taqi, Mohammed Paracha and Paul Mansouri, Norton Rose; Maarten Wolfs, PWC; Muneer Ferozie, IFC; Mansoor Durrani, NCB; Christoph Vojc, HSBC and Richard Palmer, Mubadala & IPFA Middle East Regional Council Chairman.
Jeffery Barratt, partner at Norton Rose, IPFA Board Member & Middle East London Committee Chairman commented:
“We were delighted to once again host an IPFA event in the Middle East and this time to have The Rt Hon the Lord Mayor of the City of London, Alderman Roger Gifford attend as our key note speaker. Providing finance for infrastructure and energy projects in the GCC is essential for the regions’ continued growth. Project finance has, and will continue to provide, an essential means of ensuring the continued development of such projects. Bank finance has traditionally been the main source of project finance, but with banks' balance sheets now being constrained, alternate sources of finance need to be tapped and this event will examine how that is being and can continue to be achieved"
Jeffrey Singer, CEO of DIFC Authority commented:
“Despite challenging economic conditions, investment in major projects both locally and globally remains positive and in fact continues to grow. Undoubtedly, we have seen a shift from traditional project finance sources to alternative funding sources, leading to greater reliance on local banks, development banks and Islamic finance to name a few. Whatever the route, a truly transparent legal and regulatory framework will be necessary to maintain investor confidence for the execution of major projects. This knowledge exchange event is vital, not only to explore market opportunities, but also to shed light on financing concerns for the region.”
Roger Gifford, Lord Mayor of the City of London, commented:
"I was delighted to attend the IPFA event hosted by Norton Rose in Dubai discussing with practitioners the various models of project finance available to support the vast infrastructure development taking place across the region. City firms have a wealth of experience in financing major projects throughout their lifecycle - from design to delivery - and I believe closer partnership in this area will prove mutually beneficial."
Richard Palmer, Mubadala & IPFA Middle East Regional Council Chairman commented:
“We are pleased to have the support of the Lord Mayor of the City of London for our activities in the Middle East. In close co-ordination with London, we continue to provide events that are as topical and relevant as possible for our growing list of Middle East members”