Project Finance magazine, the flagship international infrastructure finance title of Euromoney Publications, also named Maaden as the Middle East Sponsor of the Year 2011.
Commenting on the award, Maaden Vice President for Finance Khalid Al-Rowais said the aluminum project will strengthen Maaden’s position as a major industrial presence in Saudi Arabia, creating jobs, regional development, and providing the basis for the establishment of new downstream industries in the Kingdom.
The joint venture partnership with Alcoa will also enable Maaden to quickly reach levels of operating excellence and global market reach that will establish the Kingdom as a highly competitive participant in the world’s aluminum marketplace, he said.
Phase 2 financing covers the mine and refinery elements of the fully integrated aluminum operation at Al-Ba’itha and Ras Al-Khair respectively.
In 2010, the first phase of financing consisting of the smelter and rolling projects also earned a Deal of the Year award for the joint venture.
The financing for phases 1 and 2 share common features including having nearly the same bank lineup, an almost exclusive backing by lenders from the GCC region and having major government support most notably from the Public Investment Fund (PIF) and the Saudi Industrial Development Fund (SIDF), the magazine said.
