Dubai financing creates novel receivables technology

Author: Gemma Varriale | Published: 13 Jul 2011

One of the year’s most innovative Middle East project financings has closed, incorporating receivables-based technology usually found in securitisation deals.

The deal is the $800 million (£503.4 million) dual-currency, six-year sale of future revenues from the Salik toll roads to finance infrastructure projects across the Emirate.

Although counsel on the deal are unwilling to disclose the precise nature of its structure, the details IFLR has learnt suggest it will attract a great deal of attention.

Someone close to the transaction told IFLR that the financing received strong support from banks outside of...