*The order and content of this agenda may be subject to change.
Day 1: Tuesday 6th November 2018
08.00 Registration and coffee
08.50 Chairman’s opening remarks
09.00 Case study: Successfully attracting private sector financiers to Dubai’s energy projects with PPP
• Dubai’s PPP framework and how it works
• Regulatory infrastructure and how it serves to attract private sector financiers
• PPP to finance energy projects: What other sectors are Dubai looking to finance using PPP
Taher Diab, Senior Director, Strategy & Planning, The Dubai Supreme Council of Energy and Secretary General, Emirates Energy Award
09.20 Financing CAPEX and projects in a brand-new world: How are GREs and Off-takers financing themselves?
• The new oil norm: How are GCC governments adjusting to oil price volatility? How is this impacting the way GREs and off-takers approach the financial markets?
• How are GREs and off-takers diversifying their funding sources? What markets are they looking to target for capital?
• Price-takers or price-makers: What are the financing requirements GREs and off-takers? What pricing are they willing to accept from the markets?
Michele Fiorentino, Chief Investment Officer, Abu Dhabi National Oil Company (ADNOC)
Loay Ghazaleh, Advisor, Ministry of Works, Municipalities Affairs and Urban Planning, Kingdom of Bahrain
Tom Koczwara, Director, Debt Management, Department of Finance, Sharjah
Vinod Sadhwani, Acting Group CFO, Nama Holding Company
Sarah Pirzada Usmani, Managing Director - Head of Asset & Export Finance, First Abu Dhabi Bank
10.05 The Structured Capital Markets journey: A road map from bilateral loans to accessing long term USD funding
• How are private developers adjusting their funding sources and strategies in response to changing macroeconomic conditions and market dynamics?
• Going from loan-dominated portfolios to incorporating capital markets: What preparation and reorganisation of finance functions is required? What does the process of being rated involve?
• Establishing a relationship banking group for the journey – what is their long-term purpose? What skill-sets and capabilities should companies be looking for in their relationship banks?
• The business case for accessing the capital markets: Diversifying the funding base, extending maturities and attracting liquidity
Alexandre Clar, General Manager, Treasury, Oman Oil Refineries and Petroleum (ORPIC)
Samer Jumean, Head of Financing and Capital Markets, Emirates Global Aluminium (EGA)
Daniel Tromans, Head of Corporate Finance & Group Treasury, SENAAT General Holding Corporation
10.50 How to structure financings for MEGA projects and large CAPEX programmes
• Analysing market liquidity: How are local and regional banks managing their assets and liabilities? How much capacity is there to support mega projects and large capex programmes?
• International bank capacity to lend large amounts for long duration: Why appetite is finite and diminishing
• Why multi-source financing and incorporating a capital markets strategy is essential to successfully financing large CAPEX programmes and mega-projects (Examples from the O&G and Power sectors)
• Transitioning from project finance loans to capital markets financing: Structuring, packaging and marketing project bonds/sukuk
• Increasing project bankability by incorporating capital market elements in the structure – key considerations and requirements
Charlie Seymour, Financial Advisor, Department of Energy, Abu Dhabi
Yunhe Lu, Director, Acquisition & Project Finance, ACWA Power
Tarek Al-Amad, Chief Executive Officer, European Jordanian Renewable Energy Projects
El Mehdi Ben Maalla, Senior Financial Advisor, Engie
Naoki Tamaki, Chief Representative, Middle East, Japan Bank for International Cooperation (JBIC)
Takeshi Hiramatsu, Senior Commercial Manager, Marubeni
Senior executive, SMBC
Moderated by: James Simpson, Partner, Winston & Strawn
11.30 Coffee and networking
12.00 Public-Private Partnership and structured capital markets: How much capital is required to support the region’s PPP aspirations and where will this capital be raised?
• How are PPP programmes going to be financed once they are put in place?
• How are the private and public sectors going to come up with the funding that they pledged? How and where are they going to raise the funds from?
• Can PPPs be used to finance infrastructure projects? How does the revenue generation risk need to be distributed between the private and the public sector to make PPPs economically viable as an infrastructure financing tool?
• Using PPPs to finance small-scale infrastructure projects: Can the UK’s PFI model be replicated across the MENA region to attract international lenders?
Mark Lemmon, Independent Consultant
Moderated by: Tim Armsby, Partner, Pinsent Masons
12.45 Project bonds: Evolving the structure beyond a capital markets take-out of a mini-perm
• The current project bond model and how it works – but where does the structure not work? What are the capital markets alternatives for projects that can’t easily roll-out of an existing project finance loan?
• Beyond O&G and power: How to finance IWPPs and infrastructure projects in the Project Bond Market
• Green (project) bonds and project sukuk demand - is there a local buyer-base for Islamic and sustainable structures?
• Opportunities beyond USD Bonds: How and where to raise capital in alternative currencies
Charlie Seymour, Financial Advisor, Department of Energy, Abu Dhabi
Anil Vijayachandran, Executive Manager APF team, ACWA Power
Franck Nowak, Senior Analyst, MENA Fixed Income and Global Sukuk, Franklin Templeton Investments
Michela Bariletti, Senior Director, Infrastructure Ratings. S&P Global
Senior executive, SMBC
Moderated by: Sean Johnson, Partner, White & Case
13.30 Networking lunch hosted by ACWA Power
14.30 ECA Financing vs. Capital markets: Which market should CFOs pick?
Export Credit Financing and Debt Capital markets transactions have experienced record volumes in recent years. For a CFO considering which market to finance their operations – which market offers the best solution?
This session will pit ECAs against bond/sukuk investors, Export Finance bankers against DCM bankers, and CFOs who have opted for ECA against CFOs who have opted for bonds; to argue the case of which market offers the best pricing, tenor and terms.
Michael Jorgensen, Chief Financial Officer, Oman Shipping Company
Neeraj Agrawal, Group CFO and Board Member, Crescent Petroleum
John Joseph, Vice President – Finance, Dubai World Trade Centre
Alexei Rybakov, Director, Infrastructure & Real Estate Group, Export & Specialised Finance, HSBC
Alexander Malahias, Partner, White & Case
15.15 Banking GCC: How are lenders approaching the market in light of volatile oil price and historically low interest rates?
• Gauging banks’ appetite to lend: How liquid are the loan markets? Who is ready to lend?
• Project, ECA-backed, general corporate loans: Where are the banks’ sweet-spots away from high-grade and GRE lending?
• Risk and refinancing: What has changed in 12 months for companies to be able to refinance loans with banks at better rates and/or without financial covenants today?
Ali Ayub, Director, Acquisition & Project Finance, ACWA Power
Jan von Allwörden, Director, International Business Development, Euler Hermes Aktiengesellschaft
Véronique de Blic, Head of Export Finance Europe, Middle East & Africa, BNP Paribas
Yusuf Ali Khan, Managing Director & Head of Trade for Middle East, North Africa, Pakistan and Turkey, Citi
16.00 Coffee and networking
16.15 What are the options for GCC private contractors to raise capital?
• What are the financing requirements of private sector contractors?
• How liquid are the markets?
• Local vs international: Who is ready to lend to private sector contractors?
• Structured finance and leveraged finance solutions: How can private sector contractors structure deals to successfully raise capital?
Wafic Ghanem, Chief Financial Officer, Metito
17.00 IPOs and Equity capital markets: Private vs. public, international vs. local – assessing the options and evaluating where liquidity can be tapped
• Why, how and what is driving demand and market activity in the region’s IPO and equity markets?
• Cost/benefit analysis: What is the real cost of IPO/ECM deal versus a debt capital markets deal?
• How to structure and package a regional IPO, part-listing or an ECM deal?
• Selecting a market: Local vs. international, public vs. private equity: Where is the demand? How are local/regional deals different to international listings?
Rony Jawhar, Managing Director, Debt and Equity Capital Markets, Arqaam Capital
Umar Saleem, Chief Executive Officer, Maven Investment Partners FZ LLC
Reem Al Anbari, Chief Financial Officer, ADNOC Gas Processing
17.45 Chairman’s closing remarks followed by networking cocktail reception
18.30 Bonds, Loans & Sukuk Middle East Awards Ceremony
Day 2: Wednesday 7th November 2018
09.15 Chairman’s opening remarks
09.20 Middle East Deals of the Year Case Study Roadshow
The session reviews the leading transactions from the past year. The Winners of the Bonds, Loans & Sukuk Middle East Deals of the Year will present their transactions, and by analysing the borrowers’ objectives, deals’ structure, market response and investor sentiment, highlight what made them so innovative and ground-breaking. For borrowers, this is your opportunity to hear about accessing new markets to secure financing. Deals to be presented include Winners of:
• Structured Finance Deal of the Year
• Project Finance Deal of the Year
• Export Finance Deal of the Year
• Leveraged Finance Deal of the Year
• Corporate Bond Deal of the Year
• Syndicated Loans Deal of the Year
10.20 The (Saudi) elephant in the room: How much funding is the government looking to secure to meet its development goals?
• What is the government’s time frame for phasing its project pipeline? What will be the first projects to come online in 2018/19?
• PPPs, project finance, structured finance, ECAs: How is the pipeline going to be financed? How can sponsors and developers tap into a multitude of sources to meet their funding needs?
• A new role for the private sector: How is the government looking to work with the private sector to fund the development of Vision 2030?
• What is the mandate of the new off-taker entities the government is setting up? What loan and capital markets business will come off the back of the creation of these agencies?
10.40 A South African renaissance? Opportunities in the power and infrastructure sectors in the post-Zuma era
• Reawakening South Africa’s REIPPP programme: What opportunities is the renewed commitment to diversify the power mix creating for GCC developers and sponsors?
• A new role for the private sector – how is the government planning to attract investment into South Africa’s water infrastructure?
Lena Mangondo, Head of Legal, IPP Office, South Africa
11.00 The Business case for commercial lenders to follow IFIs and DFIs into Egyptian projects
• What insurance products and solutions are multilaterals and DFIs offering to incentivise commercial lenders to enter into Egypt’s project loan market?
• Challenging the local market: How can deals be structured to allow domestic lenders to push local currency tranches in the project financing?
• The 2012 Egyptian Refining Company deal – an example of how ECAs, international and local banks can work together with DFIs and IFIs to share the risk and provide sufficient long-term liquidity. But why hasn’t there been another multi-source transaction since then?
Atter Hannoura, Director, PPP Central Unit, Ministry of Finance, Egypt
11.20 Coffee and networking
11.50 ESG, green finance and renewables: Why Environment, Social and Governance (ESG) is a core criterion for borrowers looking to secure sponsorship from international investors
• International investors are increasingly looking at ESG as a core criterion in their investment process: What do GCC sponsors, corporates and developers need to do to improve ESG scores? What are the expectations and the realities?
• Corporate responsibility in Emerging markets: What are companies doing to improve transparency?
• Preparing to go Green: What do issuers need to do before launching a Green bond?
• What are the challenges and opportunities for the development of the green bond market in the Middle East?
• MENA Renewable energy and Green finance: The next major evolution of the market…
Dr. Ahmed Badr, Executive Director, The Regional Centre for Renewable Energy and Energy Efficiency (RCREEE)
12.10 Financing projects and CAPEX despite political turbulence in East Africa
• How are recent cabinet re-shuffles across East African governments impacting credit transparency and governance in the region?
• An update on project pipelines: What strategies are governments across the region adopting to alleviate the bottlenecks in the power and infrastructure sectors?
• Renewable energy as a strategic sector for African governments: Is the increasing focus on developing the sustainable energy sector facilitating tenders?
13.00 Chairman’s closing remarks and close of conference followed by Networking lunch hosted by ACWA Power
To find out about speaking opportunities email Nedina.Stefanova@GFCMediaGroup.com or call +44 (0)207 045 0908.