In 2003, BNP Paribas supported the Bahrain Petroleum Company (BAPCO) through financing to enable the upgrade of its facilities.

Although the 2008-2009 global financial crisis reverberated through the region s economies and financial markets, BNP Paribas continued to remain an active banking partner for the Kingdom of Bahrain s government and major institutions.

In July 2009, BNP Paribas was chosen as sole financial advisor to the Government of the Kingdom of Bahrain for the Al Dur IWPP project, the third and largest water desalination and power project in the Kingdom.

BNP Paribas standing as one of the leading players in the Gulf s debt capital markets was demonstrated in 2010, when the Bank served as joint book runner for the Kingdom of Bahrain s 10-year bond issue. As the first sovereign issue out of the GCC region that year and the Kingdom of Bahrain s first-ever Rule 144A issue, the deal was key in proving investor appetite for the region. The Bank strengthened its position in the region further in 2011, when it acted as joint book runner and lead manager for a fixed rate sukuk for the Kingdom of Bahrain.

By 2012, the region s economies were recovering strongly from the global economic crisis, thanks largely to government investment programmes, but global market conditions and the interest rate environment remained uncertain.

In the same year, the Bank s close relationship with ALBA, combined with extensive industry experience, resulted in its appointment as financial advisor and rating advisor on a project for the aluminium smelter.

The Bank also jointly structured and closed a multi-tranche debt package for United Steel Company in 2012. This was part of a funding package for a strategically important integrated steel complex in the Kingdom of Bahrain, designed to substitute a significant portion of the region s steel imports.

BNP Paribas global reach was also a major asset when it came to supporting bond issuance. In 2013, the Bank acted as a joint book runner for a 10-year bond issuance by the Kingdom of Bahrain. The issuance ranked as one of the region s most oversubscribed deals that year.

ALBA APPOINTS BNP PARIBAS AS FINANCIAL

AND RATING ADVISOR FOR LINE SIX PROJECT,

JULY 2012 (AL WATAN - KINGDOM OF BAHRAIN)

146 T H E H I S T O R Y O F B N P PA R I B A S I N T H E G U L F S TAT E S