Mashreq, Trade Bank of Iraq and General Electric enter into strategic cooperation

Dubai, United Arab Emirates, 7 August 2017: Mashreq Bank, the leading financial institution in the UAE, has entered into a strategic cooperation with the Trade Bank of Iraq (TBI) and General Electric (GE) to accelerate the development of power projects in Iraq that will help meet the burgeoning demand for power in the country.

As one of UAE’s leading financial institutions, this partnership underscores Mashreq’s commitment to supporting transformative projects across the Middle East region. Over the last 10 years, Mashreq has supported key infrastructure projects in the region, including the likes of Ruwais Refinery Expansion Project and Bab Gas Compression Project

Commenting on the partnership, Stelios Karavassilis, Multinational Corporates Unit Head at Mashreq Bank, stated, “The Iraqi government has demonstrated a strong resolve in boosting the infrastructure of the country and Mashreq Bank aims to help the nation implement these strategic projects. We are therefore, extremely pleased to demonstrate our support to the Iraqi government via the financing of the Khor Al Zubair power station, in cooperation with our partners TBI and GE.”

Yoshito Murakami, CFO GE Power, Africa Middle East and South Asia added, “Iraq is at the forefront of unprecedented developments, and with Mashreq Bank, one of the leading regional banks, the Government of Iraq and GE, we look forward to a long and successful partnership to support the country’s power needs.”

Trade Bank of Iraq plays a key role in the Iraqi Government’s drive to enhance the power infrastructure and support the expanding requirements of its citizens. In July this year, TBI and GE successfully closed the transaction related to the rehabilitation of the Khor Al Zubair power plant worth 52 million Euros, which was financed by Mashreq under this partnership.

The Khor Al Zubair project is the largest U.S. Government-funded power-plant project undertaken in Iraq. Located in a remote region of southern Iraq, the gas-turbine plant is designed to supply electricity for hundreds of thousands of people.

Faisal Al Haimus, Chairman & President of Trade Bank of Iraq, concluded, “Trade Bank of Iraq shares a longstanding and successful partnership with GE and we enjoy a great working relationship with Mashreq Bank. The successful closure of the Khor Al Zubair transaction highlights the trust we have in each other and we look forward to building on this relationship in the future. We believe projects such as these can significantly contribute to our country’s infrastructure development, especially in the hugely important power sector.”

GE has been active in Iraq for more than 50 years, and GE technology is involved in about 50% of Iraq’s power generation’s capacity. Today, over 130 GE turbines are in operation in Iraq apart from ongoing agreements to support power generation plants across the country. With more than 300 employees and three offices in Iraq – in Baghdad, Erbil and in Basra – GE continues to deliver its advanced technology and expertise to support the country’s power needs and provide reliable and efficient electricity to Iraqi people and industries.

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About Mashreq:

Established in 1967, Mashreq is the oldest Bank in the UAE with award-winning financial solutions and services. Throughout its 50 years’ history, Mashreq has differentiated itself through innovative financial solutions, making it possible for its customers to achieve their aspirations. Today, Mashreq has a significant presence in 11 countries outside the UAE with 26 overseas branches and offices across Europe, USA, Asia, and Africa.

Mashreq launched its new Vision and Mission in 2016, outlining its commitment towards its clients, colleagues and the community. In line with its new Vision to be the region’s most progressive bank, Mashreq leverages its leadership position in the banking industry to enable innovative possibilities and solutions for its customers across Corporate, Retail, International, Treasury and Islamic Banking. Mashreq is proud to be the first financial institution in the UAE to be awarded the Gallup Great Workplace Award for fifth consecutive years from 2014-2018. Mashreq also continues to invest in recruiting, training and developing future generations of UAE National bankers.

About GE Power:

GE Power is a world energy leader that provides technology, solutions and services across the entire energy value chain from the point of generation to consumption. GE is transforming the electricity industry by uniting all the resources and scale of the world’s first digital industrial company. Their customers operate in more than 150 countries, and together they power more than a third of the world to illuminate cities, build economies and connect the world.

About Trade Bank of Iraq (TBI):

The Trade Bank of Iraq was established in 2003 and is the top commercial bank in the country. The bank holds approximately 80% of the trade finance business in Iraq and ranked 1 among Arab banks in terms of cost to income ratio and 332 globally in terms of Tier 1 capital. It has established 25 branches across Iraq, offering a wide range of banking services to all customers including companies, individuals and government institutions to widen its customer base and expand into new markets.