NEOM Residential Communities (Wave 1)
Saudi Arabia
NEOM RC Project involved construction of villages for workers who would then build the NEOM City, a technically advanced, digitally connected, sustainable and green city formed by transforming a desert.
Mr. Abhay Ketkar led the team for two projects (a 10,000 men capacity ‘Coastal’ Village and a 5,000 men capacity ‘Gulf of Aqaba’ village). The team assisted the sponsors in bid financial advisory support leading to a competitive bid submission and eventually a successful Financial Close.
- Sponsors were the NESMA group, a well established company with great exposure in the Kingdom.
- Pre-bid financial advisory services including:
- Reviewing of the Request for Proposals (RfP) packages received from the Procurer (NEOM).
- Development and maintenance of fully compliant Financial Models for both projects.
- Performing different sensitivities on the Financial Models to help the Sponsors make strategic decisions
- Raising funds from multiple banks (local KSA) for the project
- Assisted the Sponsors, in conjunction with Sponsors’ legal Advisors, in preparing drafts of different project agreements & documents to cover any bankability issues and risk allocation.
- Assisted the Sponsors, in coordination with legal Advisors, in the preparation of amendments to Project Agreements and documents.
- Assisted the Sponsors, in coordination with legal Advisors, in negotiating terms with the banks.
- Designed, developed and executed a competitive hedge placement process for the various Project Finance Facilities.
Post-bid financial advisory services including:
- oUpdation of Financial Models with real time numbers to align the model identify the post bid requirements
For further information, contact Abhay Ketkar at abhay.ketkar@maycapadvisors.com.
Transaction Size
Confidential
Purpose
Development of business plan to underpin limited recourse project financing