Midland construction giant Carillion has agreed a major contract with Dubai World Trade Centre after securing a Government-backed loan.
The £75 million deal makes the Wolverhampton-based support services firm the first to be supported by UK Export Finance’s Direct Lending Facility (DLF).
It will see the DLF loan £34 million to help build on Carillion’s successes in the Middle East with construction services at the trade centre.
Dubai World Trade Centre is an office and entertainment complex, including conference centre facilities. The Carillion contract includes an IBIS hotel, an office block and associated infrastructure.
Chancellor George Osborne announced the deal on a visit to Birmingham, revealing that Deutsche Bank have acted as partners in arranging a further loan of £34 million, guaranteed by UK Export Finance.
The announcements come as part of the Chancellor’s radical overhaul of UK export finance announced at Budget.
Mr Osborne said: “It is great to see successful companies like Carillion winning contracts around the world. Today’s deal, the first in a pipeline of many, will help us reverse the age old trend of not exporting enough, boosting growth and creating jobs.”
Carillion chief executive Richard Howson added: “This is a significant and very important contract for Carillion, which will help us to build on our success in the Middle East and make further progress with our strategic objective of growing our business in the Region.
“The Direct Lending Facility is a major new development that is providing us with the support we need to achieve our export goals.”
The Chancellor also unveiled there would be a panel of 20 financial organisations to help deliver the Direct Lending Facility.