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