CR-R-RUNCH!
- From: Vol 9, Issue 10 (October 2008)
- Category: Need to know
- Region: Unspecified
- Country: Saudi Arabia and United Arab Emirates
- Related Companies: Al-Jomaih, Citibank, Japan Bank for International Cooperation, Malakoff, Mizuho Corporate Bank, SMBC, Sumitomo and Water & Electricity Company
* The first place the credit crunch has impacted the water world is the last place the rest of the financial world is concerned about: the Gulf.
The financing of the Shuweihat 2 independent water and power project in Abu Dhabi, and the Ad Dur IWPP in Bahrain are both in doubt, as lenders consider using “material adverse circumstances” to escape their commitments (see story p9).
* Financing concerns may also be behind the delay in the announcement of the preferred bidder for the Ras Azzour IWPP in ...
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