Supporting client s cross-regional ambitions

When United Arab Emirates-based telecom operator Etisalat needed an advisor for its acquisition of a stake in Morocco s largest telecom operator, Maroc Telecom, it turned to BNP Paribas. Drawing on its strong presence in the Middle East, Morocco and the wider African region, and experience in building client bridges into new markets, the Bank was able to help Etisalat achieve an ambitious deal that was the largest of its kind between the Middle East and North Africa. The transaction boosted Etisalat s West African operations to 10 countries and will concurrently see Etisalat sell its West African portfolio to Maroc Telecom, creating one of the continent s leading mobile service providers. Supported by the close co-operation of the Bank s teams in the MEA region, the deal was named the 2014 MENA Deal of the Year by TMT Finance and 2014 Africa Deal of the Year by The Banker.

Transactions in recent years have demonstrated BNP Paribas growing role in financing the development of key industries in the UAE, including oil, aluminium and steel.

In March 2011, BNP Paribas Abu Dhabi implemented the first zero balancing account (ZBA) cash pooling across a range of GCC and international currencies for SPIE Oil & Gas Services Middle East LLC. 48

In late 2010, rounding out a successful year, the Bank was chosen by Abu Dhabi-based Emirates Steel Industries (ESI) to structure and raise debt financing, a key achievement demonstrating leadership in the metals sector.

In 2012, the Bank led a second issue for Dolphin Energy that marked the Middle East s first project bond for three years. A carefully-developed strategy and roadshow ensured that demand for the offering was strong, Dolphin Energy was able to launch a tap after the original issue that boosted the total offering size and enabled the company to achieve its funding objectives.

Another landmark deal that year was a dual-currency, multi-tranche senior unsecured transaction for International Petroleum Investment Company (IPIC), for which BNP Paribas served as sole global co-ordinator and joint book runner. The transaction was significant not only as the Middle East s first non-financial institution U.S. dollar three-year benchmark bond, but also for reopening European capital markets to Middle East issuers.

The Bank s presence in the region s energy sector was in focus again when it acted as joint lead manager on a dual-tranche, senior unsecured transaction for TAQA. The deal set several records for the year, including the region s largest U.S. dollar transaction by a non-sovereign issuer and the largest Rule 144A issuance, at the time.

The Bank s steady stream of high-profile deals continued in 2013, when it acted as sole book runner and lead manager in favour of Emirates Airlines, for an Ex-Im guaranteed pre-funded bond to finance one B777-300ER aircraft, strengthening BNP Paribas long- standing relationships. It also highlighted the Bank s industry experience in the aviation sector.

In the same year, BNP Paribas also offered a regional cash and liquidity management solution on cash flows for the construction-focused Amana Group. BNP Paribas enabled Amana to route all of its regional cash flows through the Bank s network, providing the company with cash and liquidity management expertise and a regional reach through the branch network.

48. SPIE Oil and Gas Services Middle East is part of SPIE, a European leader in electrical and mechanical engineering, energy and communication systems, with sales of 3.75 billion and 29,000 employees in 30 countries.

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