GE secures $1b in financing for Sharjah power plant

The power project is expected to be the most efficient power plant in the Middle East’s utilities sector on completion.
Updated 23 May 2019

GE secures $1b in financing for Sharjah power plant

Co-developers GE Energy Financial Services (GE EFS) and Japan’s Sumitomo Corporation along with Shikoku Electric Power Company and Sharjah Asset Management, the investment arm of the government of Sharjah, have closed financing from private financial institutions and the Japan Bank for International Cooperation (JBIC), Japan’s export credit agency, for GE’s flagship 1.8 gigawatts power project, Hamriyah Independent Power Company in Sharjah. Securing financing for the project will lead to the first independent combined cycle power project in the emirate, which is expected to be the most efficient power plant in the Middle East’s utilities sector on completion. 

Together, a consortium of banks and JBIC will co-finance the project for a total private-public co-financing amount of approximately $1 billion.

 GE EFS worked with multiple private financial institutions including Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank Limited, Norinchukin Bank, Société Générale S.A., Standard Chartered Bank and KfW-IPEX to secure financing, which will be partly insured by Nippon Export and Investment Insurance, a Japanese insurance corporation owned by the Japanese government. 

Susan Flanagan, GE EFS global power leader, said: “Sourcing financing from the public and private sectors to fund Sharjah’s first independent combined-cycle power plant demonstrates the region’s attractiveness for foreign investment and GE’s ability to connect global capital to significant infrastructure projects.” 

Norihiko Nonaka, general manager of Global Power Infrastructure Business Division, Sumitomo Corporation, said: “Sumitomo remains committed to supporting the continuing economic growth in the UAE through the delivery of reliable, cost-effective, clean and sustainable power from both our existing and new power infrastructure.”

SABB becomes ICAEW authorized training employer

Updated 26 June 2019

SABB becomes ICAEW authorized training employer

The Saudi British Bank (SABB) has joined forces with Institute of Chartered Accountants in England & Wales (ICAEW) to become the first bank in the Kingdom to be an ICAEW authorized training employer. The partnership will help SABB attract and retain talented individuals by offering ICAEW’s ACA qualification.

The new partnership is part of the SABB’s strategy to become a best-in-class international finance organization, but most importantly by supporting the Saudi Vision 2030. By providing Saudi nationals access to internationally recognized qualifications and training, supporting development of their skills and abilities, SABB aims to help them achieve a better future that matches their qualifications and ambitions.

Matthew Pearce, chief financial officer at SABB, said: “By partnering with a world-leading accountancy and finance organization that maintains the highest professional standards, SABB is very proud to become the first bank in the Kingdom to be an authorized training employer with ICAEW. This partnership aligns with SABB’s vision and strategy to be internationally connected while developing Saudi nationals and supporting Vision 2030.”

Completing the ACA qualification enables professionals to use the title “ICAEW Chartered Accountant.” 

Michael Armstrong FCA, ICAEW regional director, Middle East, Africa and South Asia, said: “ICAEW works with employers to support the professional development of their teams. In Saudi Arabia, ICAEW works alongside the national profession to complement the important national accountancy qualification and equip finance talent with the broad range of technical knowledge and professional skills they need to make a great contribution to their organizations. 

“As an authorized training employer, SABB will be able to prepare employees for the internationally recognized ACA qualification. Throughout the world, our training partners benefit from being able to attract the best talent and develop the next generation of business leaders. Our partnership with SABB underscores its commitment to remain at the forefront of the fast-paced banking industry and contribute to the growth of Saudi Arabia’s financial services industry.”