International Trade Secretary, Dr Liam Fox, today announced that UKEF will support a Carillion contract worth tens of millions of pounds to build a revolutionary environmental building in the UAE.
In a significant collaboration between UK firms Carillion and Zaha Hadid Architects, and leading UAE-based environmental management company Bee’ah, support from UK Export Finance (UKEF) has helped secure a contract to build Bee’ah’s new headquarters in Sharjah, UAE, worth tens of millions of pounds.
Bee’ah’s headquarters was designed by the late Dame Zaha Hadid, the world-renowned British architect. It will be built by Carillion and will be the first building of its kind in the city of Sharjah to be powered entirely by renewable and recoverable energy sources, whilst utilising recycled materials in its construction.
International Trade Secretary Dr Liam Fox said:
Our support to help Carillion secure this contract shows the UK’s global leadership in sustainable engineering, and our pioneering expertise in developing smart cities and green buildings for the future. The UAE is a key partner in the region and 5,000 UK companies work in there. Through UKEF, the government is ensuring that British firms can be the first choice to support the country’s ambitions.
The headquarters will be powered by low- and zero-carbon sources, including solar power and waste-to-energy and will be one of the most advanced buildings in the region. Using British architectural and construction expertise, the design has been developed to use natural light and temperature management systems where possible.
Zafar Khan, Group Finance Director, Carillion, said:
This contract cements Carillion’s position as a market-leader in the Middle East, as well as our credentials in sustainable construction. Our ability to offer our customers in the region the support of UK Export Finance is an invaluable asset, making our bids more attractive and helping us win contracts in a competitive global marketplace.
HE Salim bin Mohamed Al Owais, Chairman of Bee’ah, said:
As pioneers in environmental sustainability in the Middle East, Bee’ah is proud of our international alliances and the partnerships we have forged to advance our ambitious strategic goals. This agreement is a significant moment in the history of the region. It demonstrates Bee’ah’s dedication and commitment to delivering on promises to the people of the UAE by providing tangible solutions to the greatest environmental challenges that face modern civilisation.
The headquarters is expected to be operational by the end of 2018, moving towards the major milestone of being powered by 100% renewable energy by 2021.
The financing deal provides for both the construction and design of Bee’ah’s new headquarters; UKEF will support the Carillion and Zaha Hadid contracts under its Direct Lending Facility. HSBC Bank Middle East Ltd has acted as arranger on the transaction, and HSBC Bank Plc is the agent.
Notes to editors:
The construction phase of the project is expected to last 30 months.
The Department for International Trade is responsible for promoting British trade across the world and ensuring the UK takes advantage of the huge opportunities open to us.
UK Export Finance is the UK’s export credit agency and a government department, working alongside the Department for International Trade as an integral part of its strategy and operations.
It exists to ensure that no viable UK export should fail for want of finance or insurance from the private market. It provides finance and insurance to help exporters win, fulfil and ensure they get paid for export contracts.
Sectors in which UKEF has supported exports include: aerospace, construction, oil and gas, mining and metals, petrochemicals, telecommunications, and transport.
UKEF has a regional network of 24 export finance managers supporting export businesses.
UKEF supports exporters with a range of products that include:
- Bond insurance policy
- Bond support scheme
- Buyer & supplier credit financing facility
- Direct lending facility
- Export insurance policy
- Export refinancing facility
- Export working capital scheme
- Letter of credit guarantee scheme
Find the latest information on UKEF’s country cover positions
- Bee’ah, headquartered in the Emirate of Sharjah, is an integrated environmental and waste management company, founded in 2007, through an Emiri decree by His Highness Sheikh Dr Sultan Bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, as a public private partnership (PPP) with the Sharjah City Municipality.
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