HSBC has added a project finance division to its Doha office in Qatar. To head up the new unit, the bank has appointed Aamir Jawaid as director of project finance, Qatar. It is the first international bank to establish a fully dedicated project finance presence in Qatar.
Jawaid has 10 years' experience in banking in the Middle East, and has held senior positions in investment banking. He also has solid experience in the oil and gas, petrochemicals, telecoms, transportation and infrastructure sectors. Before taking up a career in banking, Jawaid worked in the petrochemicals industry.
Commenting on the appointment, Darren Davis, HSBC's regional head of project finance, remarks: "We face a challenging environment in the regional project finance business, due to a combination of huge demand for finance from developers and the ongoing tightness in the credit markets. Having a local knowledge and presence is essential in helping our clients to deal with these challenges."
HSBC was the first international bank to open its investment banking offices in Doha in 2005. Over recent years it has worked on a number of transactions, acting as mandated lead arrangers or bookrunners on debt facilities for Qatar Gas Transport Company (Nakilat), Qatar Petroleum and Ras Gas.
Despite conditions in the credit markets, the Middle East remains one of the world’s strongest markets for project finance. According to estimates by HSBC, over US$50bn worth of projects will be signed in 2008, an increase of 25% from last year’s total. In 2007, HSBC closed US$16.2bn-worth of project finance business.
Reader Comments