We frequently extol the virtues of good corporate governance, but which standards are truly top and class, and which merely adequate? Harib Al Kitani explains how Oman LNG’s corporate governance has endeared the company to its stakeholders, and is setting an example for other businesses in Oman.
Year: 2013
Derya Gürerk on participation banking | Türkiye Finans
Participation banking assets have grown twice as fast as Turkey’s overall banking sector during the last 10 years and now represent five percent of the industry. Derya Gürerk of Türkiye Finans believes this growth is sustainable if the required capital is brought in. He discusses the bank’s excellent performance last year, including a 25 percent increase in productivity and 22 percent increase in profits, its investment in infrastructure and developing entrepreneurial skills, and its recently issued Sukuks.
Dr Rueben Devlin, Mike Marasco | Humber River Hospital
Advancing healthcare through PPPs has now become international best practice and plays a crucial role in how hospitals are managed. Humber River Hospital in Canada will be one of the country’s largest acute care facilities when it opens in 2015. Dr Rueben Devlin and Mike Marasco explain how assembling best-in-class partners and a unique financing solution have facilitated the development of a technologically advanced, sustainable hospital which will serve the needs of its community.
Moafaq Ahmed Al Gaddah on leadership | MAG Group
Moafaq Ahmed Al Gaddah is the world’s 16th most influential Arab according to the Arabian Business Review’s Power 500 survey. His company, MAG Group, controls 50 companies across the Middle East, operating in a broad range of sectors. He explains the importance of having a diverse investment foundation and how his ability to “translate vision into reality” has brought success after success.
World Finance: First, give me an overview of MAG Group: the size of your business, and the sectors you’re working in.
Moafaq Ahmed Al Gaddah: The MAG Group was founded and started in the UAE in 1978. We began in the field of spare parts for vehicles: a small enterprise. We developed and grew with the local and regional market, and have developed within the last 10 years into the international market.
As we developed in stages, we gradually entered into other fields; industry, commerce, hotel services and maritime shipment. Praise be to God, we achieved successes in all these fields and in industry, such as the manufacture of oils, metals, pharmaceuticals and the development of real estate.
The basis for the principles and strength of the company is increasing annual growth. From our beginning to 2011 or 2012, we have always achieved better results than the previous year. Now, if God wills, we will have investments outside the region, such as in the US or in some European markets.
Every year we are always able – if God wills – to start something new.
“You must always think of innovation. Without this you will be waiting for opportunities, instead of creating opportunities”
World Finance: You’ve described leadership as “the ability to translate vision into reality”. Where does that idea come from, and what does it mean to you?
Moafaq Ahmed Al Gaddah: Before doing any work, you must have a vision. But vision is not enough to achieve your goals. Vision requires a very important element. That is the element of follow-up.
With any vision we have in any project, we set out the vision. The follow-up comes after that, together with the people appropriate for that work. By this means we have been able, praise be to God, to achieve all or most of our visions. We have brought them into reality. What began as a vision was followed by work, follow-up, and results. This achieves the result, and the result has been good and satisfying.
This has encouraged us to once again fulfil our vision and open up new projects, and achieve satisfying results from them.
In general, we always seek to complete this circle, and not develop part of a circle; and praise be to God, we have achieved this. Therefore when starting a new project that will be crowned with success – if God wills – and achieve the objectives we have prescribed for it.
World Finance: Tell us about your commercial and industrial businesses. How important is it to have this strong foundation to build upon?
Moafaq Ahmed Al Gaddah: Naturally any investment group must have a varied basket for the stability and strength of the group. After the success we achieved during our first 20 years, we found that we must have a very secure base.
A secure base in the economy requires first of all a variety in commercial, industrial, and service fields, as well as others. Now our industrial, commercial and services projects are among the successful projects that have achieved excellent results. During most periods we have seen the development and opening up of projects in this field. But we must repeat the same point: any economically strong group must operate in various fields.
“We are initiating an average of two projects each year with total value that might reach AED 1bn in our future plan”
World Finance: The UAE is well-known for its real estate sector; how is MAG Group involved?
Moafaq Ahmed Al Gaddah: We were among the groups that participated and entered into the Emirates market, and Dubai in particular, in property. We were among the companies that contributed to the development of many excellent property projects. This market – Dubai – is a leading market in all senses of the word. It is a leader in initiating projects; a leader in quality; a leader in size.
At MAG Group we have contributed to the opening up of some excellent projects. We have completed our projects and handed over the largest part. Now we are initiating an average of two projects each year with total value that might reach AED 1bn in our future plan.
World Finance: You also have an investment company, investing elsewhere in the world. Tell me about the work it’s doing.
Moafaq Ahmed Al Gaddah: The Overseas Investment Group is an affiliate company of one of our companies. It was established to construct a major distinctive project in Damascus with the Iamaar Property Company.
The total value of the project was about $1.5bn. It is an integrated town consisting of a financial district, or securities market, for the city of Damascus. It also has a residential area with the largest financing in Syria and the region. It was a factor of great attraction for many companies, banks, and petroleum companies and their head offices, in this town.
The Investment Group also operated other projects such as the Nobles 101 project. This is a high quality housing project. It also operated pastureland projects in Syria
It is now moving towards specialisation in foodstuffs, and in restaurants. This is because the group bought The Club of the East, a very old established club and one of the oldest restaurants in Syria.
The Group also manages businesses outside the UAE, and it operates in other fields in a number of European countries and in America.
“Our vision is that in the future we will have no limits”
World Finance: Innovation is an important part of leadership; what are you doing differently?
Moafaq Ahmed Al Gaddah: Success always demands that you think in a way that is different from others, so that your name is always successful: and you are not successful merely for a short period of time.
You must always think of innovation. Without this you will be a traditional man or leader like others: waiting for opportunities, instead of creating opportunities. We adopt the principle that we will create the opportunity, not wait for it or copy others.
This is always my principal objective that I personally have. I try to have a team of workers and the group with the same objective.
Our vision in the group is that we are transformed, so that in the future we will have no limits. In a number of years time, to be transformed into company that has operations in most countries around the world, that is developing locally, regionally and internationally; distinguished by our business, always able to be inventive, always able to perform and able to achieve results.
World Finance: Mr Al Gaddah: thank you, shukran.
Moafaq Ahmed Al Gaddah: Thank you, you’re welcome.
Anthony Coumidis on sustainable builds | McBains Cooper
The UK’s Gloucestershire constabulary headquarters was commissioned through a PPP project with a focus on sustainability. Leading interdisciplinary consultancy McBains Cooper Group acted as consultant to ensure these needs were met several years after occupation. Anthony Coumidis explains how it has future-proofed the building against energy rises, at a time when green measures were considered risky and expensive, by introducing sustainability at an early design stage.
World Finance: Tell me about McBains Cooper, and how this project gave you the opportunity to utilise such a sustainable initiative.
Anthony Coumidis: Let me start by explaining that McBains Cooper is a leading interdisciplinary consultancy in the UK. We have national coverage, and we also have five international offices. The awards from World Finance this year cover projects in Latin America, in Mediterranean rim, and also in the UK. We’re very proud of these awards, and these are all areas for future expansion for us as McBains Cooper internationally.
We’re particularly proud of the Gloucester Police project because it was one of the earliest projects that I was able to introduce sustainability at an early design stage, when green was considered risky and expensive, and passive design was not part of the agenda.
Our approach was based on sound design principles, and our main aim was to protect our clients against energy increases in the 25 year concession period.
The simple answer was to minimise energy demand, and at the same time benefit from the earth’s constant temperature by coupling it to a ground-source heat-pump solution. The solution was adopted because it was the best method of meeting the client’s stringent requirements, and at the same time we worked very closely with other members of the design team in order to bring other sustainable solutions.
For example, we used the structure to control solar gains by positioning the building columns on the outside of the building envelope, and therefore provide solar shading at no extra cost. I was able to do that purely because my engineers worked very closely with our in-house architects and structural engineers from an early design stage.
“We find cost-effective and innovative solutions that protect our clients from future price increases”
World Finance: How has the Gloucester programme been a spring-board to other projects?
Anthony Coumidis: The Gloucester project was one of the very first projects where a ground-source heat-pump solution was applied for at such a big scale. That offered us the opportunity to then explore opportunities in other sectors. One such sector was the B&Q New Malden project, where we applied very many different green technologies that worked very well together.
Nowadays we have a lot of policies in London in particular that drive sustainability, but also across the UK we have a general drive to reduce carbon emissions. This means that we have to find cost-effective solutions and innovative solutions that will protect our clients, occupiers, and owners of these buildings, from future price increases.
Our ability to predict energy accurately and also to monitor the consumption of energy from various buildings, puts us in a very good place to advise clients on green designs, and also to find cost-effective green initiatives for the buildings.
Even when we don’t have to apply sustainability as a policy requirement, we always use our lean, clean, green mantra to make sure that we don’t miss any opportunities from an early design stage.
“The long-term nature of a PPP gives the ideal opportunity to introduce energy-efficient and green solutions”
World Finance: Sustainability measures often have high up-front costs; what opportunities did this technology offer to the Gloucester police project, and other PPP projects?
Anthony Coumidis: The installed heating system at Gloucester Police was lean, was green, and was 75 percent free, and was the largest installed system at the time. The system when it was first envisaged had a pay-back period of just over 14 years when compared with a conventional boiler-chiller solution. However, because of recent price increases in electricity, that pay-back dropped to just over eight years.
You think PPP: you think conventional, you think tried-and-tested. No wonder, because consortia have to finance and look after these buildings for the whole concession period of, typically, 25 years. The long-term nature of a PPP gives me the ideal opportunity to introduce energy-efficient solutions and green solutions in these projects, because we have to take into account the whole life-cycle cost of the building.
These solutions future-proof the buildings against energy rises, and offer reductions in energy and facilities management costs, that result in a lower unitary charge, which far outweighs any initial outlay on these projects.
At the end of the day, implementing sustainability measures boils down to reducing resources, be it energy, be it water, materials, or waste. This is straightforward, as long as it is integrated as part of the original design, and is not an add-on at a later stage. And this is exactly what we specialise in at McBains Cooper, and why our submission stood out at the World Finance awards.
World Finance: Anthony, thank you.
Anthony Coumidis: Thank you Nick.
Michael Thirkettle on Mexican prisons | McBains Cooper
In 2010, the Mexican Ministry of Security set out to develop eight prisons, each housing 2,500 inmates, the biggest PPP project in Latin America at the time. UK consultancy McBains Cooper Group was brought in as technical advisor. Chief Executive Michael Thirkettle explains how its role went far beyond construction to establish a new design and structure in prison management.
Thomas Maier, Sue Barrett on PPPs in Russia | EBRD | Video
The European Bank for Reconstruction and Development has become the largest financial investor in a region that stretches from central Europe and the Western Balkans to central Asia. Thomas Maier and Sue Barrett discuss St Petersburg’s Western High Speed Diameter road project; the challenges of developing PPP projects in Russia, and the expertise that the EBRD brings to such agreements.
Magdalene Apenteng and Fifi Kwetey on PPPs in Ghana
In 2012, the World Bank pledged $30m to help Ghana develop capacity for public-private partnerships, generate bids, and execute projects to an international standard. Ghana’s Deputy Minister for Economic Strategy Fifi Kwetey, and the Director of the Ministry’s Public Investment Division Magdalene Apenteng, discuss the country’s PPP framework, their efforts to forge partnerships with domestic and international partners, and the current project pipeline.
Clive Docwra on PPPs in Greece | McBains Cooper Group
The construction of 14 school units in the Attica region of Greece was one of the first schools PPP projects in the country. McBains Cooper Group acted as lender’s technical advisor and independent certifier. Clive Docwra outlines the challenges and rewards of bringing UK expertise in the educational model to Greece, and the advantages of McBains Cooper’s interdisciplinary way of working in the successful delivery of the project.
World Finance: Tell us a bit more about this project.
Clive Docwra: The project in question is the programme of 14 schools that are being delivered in the Attica region in Greece. It’s one of the first schools projects within Greece, albeit not one of the first PPPs. It had a number of challenges, not least language, but also time constraints, which meant that we had to turn around our advice very very quickly.
And being one of the first projects of that sector in the region, it required us to bring to bring to bear our UK expertise. It was a fascinating project because within Greece, while as I mentioned they have the PPP expertise, there perhaps wasn’t so much experience in the educational model. Clearly within the UK, through the Building Schools for the Future programme, there’s an immense wealth of knowledge in that sector. So we were able to apply that experience we had here, through these local group resources and benefit the project overall in making it not only technically, but also commercially, acceptable from a funding perspective.
“North America is an area that I think we will look to invest in, early in 2013”
World Finance: Can you explain how this expertise in the UK and Greece is being applied elsewhere in the world?
Clive Docwra: As I’ve alluded to, it’s a case of bringing the UK expertise to bear in other regions, and to that degree it’s exactly what we did in Greece, but similarly we’re doing elsewhere.
Historically, perhaps an example that predates that for McBains Cooper, is our involvement in the South America region. Starting exactly as I’ve described in the Greek example, but in that instance it’s a more mature office that we have out there now, and consequently they were able to provide the PPP services internally within the local team that’s already there, so they’ve gone through that process of learning.
Looking forward, we see the North American market being an area that we’re very keen on. I and colleagues have spent time in North America attending conferences, meeting plenty of people to establish the pipeline of work coming out of that region, and it’s an area that I think we will look to invest in, early in 2013. And again, by taking across expertise from the UK, blending that with local resources in North America and looking to develop an operation out there that reflects our offering within the UK and Greece now.
“This is ultimately key to any successful project delivery: that information flows around a team quickly and effectively”
World Finance: So what sets McBains Cooper apart when it comes to its PPP projects?
Clive Docwra: I think it’s clearly experience. That’s undoubtedly a key attribute within the PPP sector. But notably I would mention the interdisciplinary way of working that we offer within McBains.
Bear in mind the PPP industry is such a blend of so many different skills, and any service that we as a company – or people in our arena – offer, requires a blend of architects; mechanical, electrical, civil, and structural engineers; facilities managers and so on. Rather than having to use external consultants to plug in to deliver the overall PPP service, we are able to do that all under one umbrella, because we have all of those skills in-house.
I think the benefit not only is in having those skills to hand, but also through our way of working, we’re able to harness all of those skills and deliver them in a very seamless and effective manner. And again, because the services are under one roof, the level of communication is always there. This is ultimately key to any successful project delivery: that information flows around a team quickly and effectively. So because we already know each other, because we’re all under one roof, that line of communication is there. So undoubtedly I would say, McBains Cooper’s interdisciplinary way of working is key.
World Finance: Clive, thank you.
Clive Docwra: Pleasure. Thank you Nick.
Ayuli Jemide on Nigeria | Detail Commercial Solicitors
PPPs are an emerging practice area in Nigeria, with governments at both the federal and state level working hard to ensure the environment is more robust. Recognised for its innovative approach, Detail Commercial Solicitors has taken a pioneering role in the market. Lead Partner Ayuli Jemide describes the rewards in seeing a tangible outcome of PPP projects, and the recent regulatory developments in the country.
World Finance: Why is the World Finance Legal Award for Best PPP Firm in Nigeria 2013 significant to Detail?
Ayuli Jemide: I think that pioneers need to be rewarded, and Detail has been a pioneer on two fronts.
One, that as a firm we have broken the traditional way of practising law in Nigeria. All the other firms are full-service firms, and we decided to stay as a corporate and commercial boutique, which means we don’t go to court at all, we just stay with the clients on the business side, and focus on being pro-active.
On the second front, we’ve tried to push emerging practice areas. And before the other law firms know it, there’s a new practice area, and Detail is the pioneer of it. And PPPs is one of those areas that we’ve really brought out into the market.
World Finance: What are Detail’s areas of focus, and what sets it apart from other legal service providers?
Ayuli Jemide: About five or six things we focus on: PPPs, finance, real estate, capital markets, power, and corporate and commercial. What sets us apart? I think it’s three things.
It’s innovation: we’re a firm that is known to be innovative, and Chambers and Partners in their last research actually mentioned that Detail is an innovative law firm.
Number two is focus. We realised as a firm that we can’t be everything to everybody, so we picked our areas, we pick our clients, and we stay focused at all times.
The third thing is quality service. In a book about Marvin Bower, the gentleman who built McKinsey to be a top management consulting firm today, he was quoted as saying, “If you focus on making money, you will lose the client. But if you focus on serving the client, you will make money and you will keep the client.” And that’s what Detail really stands for.
“Infrastructure projects are tangible. f I’m working on a railway project and I’m up all night, I hear the trains in my head. And it keeps me going”
World Finance: Why did Detail decide to focus on PPPs within Nigeria?
Ayuli Jemide: First and foremost it was a marketing strategy. We wanted to develop an emerging practice because we tried to develop areas where we’re not competing with other people. So we’re competing with them in their traditional areas, and they were developing areas where we’re not competing with them, and we’re more or less the only players on that field.
But when we got into it, we found out that it was actually rewarding. Because infrastructure projects are tangible. You can see what happens at the end of the day. So if I’m working on a railway project and I’m up all night, I hear the trains in my head. And it keeps me going.
World Finance: Have there been any recent regulatory amendments regarding PPP laws?
Ayuli Jemide: PPP in Nigeria is actually emerging, and the governments put at the federal and state level have been very bullish with making sure that the legal and regulatory environment is more robust.
At the federal level they’ve passed an act that sets up the regulatory commission, and that commission has come up with a lot of guidelines, and they’re in the process of drafting regulations. There’s also the infrastructure finance policy that is currently being drafted, and my firm happens to be part of the consortium drafting that policy.
At the state level, many states have passed PPP laws and have passed procurement laws to support PPP procurement. They’ve also set up PPP units, headed by very intelligent people, who understand project finance and have been trained in PPPs. So there’s a lot going on.
“If we think we would suffer a reputational risk from taking on a particular client, it’s not relevant how much they’d pay us. We’ll turn them down”
World Finance: Tell us: as lead partner of Detail, what drives you, and what defines your actual practice?
Ayuli Jemide: I think it’s three things. First and foremost, the need to build an institution that’s transparent, that’s process-driven, and that will leave a legacy.
The other thing is organic growth. At the end of the day, a law practice is about people, so we’re very strong on how you grow your people, how you train them, how you help them to create their own individual spheres of influence. How you bring them in, and let them see the bigger picture, and where they can actually get to.
The third thing is reputation. We’re very strong about reputation. We don’t take on every client. If we think we would suffer a reputational risk from taking on a particular client, it’s not relevant how much they’d pay us. We’ll turn them down.
World Finance: And finally, where do you see Detail in the near future?
Ayuli Jemide: I think to answer that question, let’s start with where we are now. Detail is probably in the top ten of firms in Nigeria, and I can say this based on the rankings and the research from Chambers and Partners, and IFLR. So what we want to do is just keep our focus, keep doing what we’re doing right, and hope to be at the top – the number one corporate and commercial law firm – in another five years.
World Finance: Ayuli, thank you very much for your time.
Ayuli Jemide: Thank you so much Eleni. It was my pleasure.
Dr Alex Otti on empowering SMEs | Diamond Bank | Video
Nigeria’s Diamond Bank has weathered the recent financial crisis well, returning to profitability this year and occupying a strong position in the market. Dr Alex Otti outlines its principled stand to empower people and grow small businesses, without sacrificing its leading role in the country’s large energy sector.
Rohit Walia on GCC investment | Alpen Capital | Video
Strategic investors are lining up to back a wave of infrastructure projects across the GCC, and the IMF cites strong external balances and rising oil prices in what it terms a “positive short-to-medium term economic outlook” for the region. Rohit Walia discusses what differentiates Alpen Capital in this overbanked market, its focus on the GCC-India business corridor, and its involvement in one of the largest transactions the UAE has seen.
The uncertainty principle
Since neoclassical economics was invented in the late 19th century, economics has modelled itself after physics and engineering. Economists have sought mechanistic ‘laws’, which do for money what Newton’s laws did for motion. As Lawrence Summers put it in 1991, while chief economist at the World Bank: “Spread the truth – the laws of economics are like the laws of engineering. One set of laws works everywhere.”
But is it really possible to describe the economy in terms of mathematical laws? It seems instead that economic ‘laws’ hold only loosely and for a certain set of conditions.
Plotting the future
The archetype for an economic law is the law of supply and demand. This is usually illustrated by plotting two intersecting lines, showing how supply and demand change as a function of price for a particular product or service. If price goes up, then demand usually decreases, so a plot of demand versus price slopes down. However, a higher price typically attracts more firms into the market, so a plot of supply versus price slopes up. The two lines intersect at a single point. Neoclassical economists claimed that in a competitive market, prices will be driven to this point, which represents the unique stability of supply and demand in perfect equilibrium.
The idea of a balance between supply and demand seems intuitively reasonable, and captures a basic property of markets. The problem occurs when it is labelled law, and treated as a mathematical truth. In his 1871 Theory of Political Economy, the economist William Stanley Jevons wrote that economics is “as sure and demonstrative as that of kinematics or statics, nay, almost as self-evident as are the elements of Euclid, when the real meaning of the formulae is fully seized”. But the reality is a little more complicated.
For one thing, the idea that supply and demand can be plotted as independent curves isn’t quite right. Economists can only measure the number of transactions, taking place at a certain number of price points. But supply and demand affect one another in complicated ways, meaning prices may never reach equilibrium.
A good example is the price of gold. It is often asked whether the price of gold is in a bubble or not, but it’s not the right question, because gold is basically always in a bubble. The worth of the metal is created mostly by the fact that people think it has worth, now and in the future. It doesn’t make sense to talk about an equilibrium value for gold: instead it is sustained by a bubble of human belief, which is constantly rising and falling. If the price of gold goes up, then rather than reduce demand, its relative costliness may strengthen the perception that gold is holding its value and will continue to climb, fuelling further price rises. Conversely, a dip in prices may make nervous – or over-leveraged – investors dump their holdings. The result is boom or bust behaviour, with no stable, long-term equilibrium in sight.
Just as there is no law for the price of gold, so there is no law for the price of other important items. It is thus hard to predict price fluctuations for anything, from oil to houses. The economy is not a stable mechanical system governed by exact laws. It is better viewed as a complex system, in which prices are emergent properties that cannot be precisely calculated.
Understanding the process
The definition of emergence is itself somewhat fuzzy, but the basic idea is that a system can exhibit properties that cannot be understood by reducing a system to its components. The term was first used to describe properties of living systems by philosophers such as Samuel Alexander, who wrote in 1920: “Physical and chemical processes of a certain complexity have the quality of life. The new quality life emerges with this constellation of such processes, and therefore life is at once a physio-chemical complex and is not merely physical and chemical… The existence of emergent qualities thus described is something to be noted, as some would say, under the compulsion of brute empirical fact.”
Emergent properties are in fact characteristic of complex systems in general, including biological, social, or physical systems. Sometimes emergent properties are so exact that they appear to represent a fundamental law, even though this is not the case. An example is phase changes, such as the freezing of water to ice, which cannot be deduced from a study of individual molecules. Some physicists, such as Robert Laughlin, even believe that Newton’s laws of motions are the emergent result of some finer-scale dynamics.
The emergent properties that characterise systems such as the weather, biology, or the economy are different in that they are general tendencies, which elude precise prediction. There is no precise law for a cloud, and there is no law for a market. All we can do is make some rough estimates. Complex systems, it seems, have their own inbuilt uncertainty, rather like the uncertainty principle in quantum physics, but without the neat mathematical equations.
Of course, this doesn’t necessarily mean that economics should stop incorporating techniques from physics. The methods just need updating, from Newtonian mechanics to the world of complexity, emergence, and uncertainty.
This might seem disappointing to those who want more certainty. But as shown by the minutes from the meetings of the Federal Reserve, one asset that was in remarkably strong supply prior to the crash that began in 2007 was certainty in the strength of the economy.
At one such get-together it was described as “a lot like a tennis racquet with a gigantic sweet spot”. In fact, studies have shown that economic forecasters consistently overestimate the accuracy of their predictions, and tend to be too optimistic. This naturally imbues policy makers with a pleasant but potentially dangerous feeling of false confidence. A little less certainty might actually help make the economy a safer place.
Dr Orlando Smith on offshore services | BVI IFC | Video
The British Virgin Islands is one of the most well-known offshore financial centres in the world: second to the Cayman Islands in assets under management, but first in number of businesses present. Dr Orlando Smith explains how the BVI International Finance Centre keeps the BVI an attractive jurisdiction for businesses and high net-worth individuals, and outlines the country’s plans for financial services in 2013 and beyond.
Public-Private Partnerships Awards 2013
Europe
Best Technical Advisor, Europe
McBains Cooper | Clive Docwra accepts the award for McBains Cooper
Best Financial Advisor, Europe
Compagnie Benjamin de Rothschild
Best Infrastructure Fund, Europe
European Investment Bank
Best Debt Funder, Europe
VTB Capital | Oleg Pankratov accepts the award for VTB Capital
Best Project Sponsor, Europe
VTB Capital | Oleg Pankratov accepts the award for VTB Capital
Best Green Project, Europe
Gloucester Police | Anthony Coumidis accepts the award for McBains Cooper
Best Design Project, Europe
Tours – Bordeaux High Speed Line
Best Transport Project, Europe
Larnaka & Pafos Airports | Alecos Michaelides accepts the award for the Cyprus Ministry of Communications and Works/a>
Best Urban Development, Europe
Western High Speed Diameter
Best Education Project, Europe
Irish Schools
Best Healthcare Project, Europe
Royal London Hospital
Best Correctional Facilities, Europe
New Prison Haran suburb of Brussels
Best Social Project, Europe
Limassol Marina
Best Water Project, Europe
Sofia Water System Concession, EBRD | Jean-Patrick Marquet accepts the award for EBRD
Best Project Financier, Europe
European Bank for Reconstruction and Development | Thomas Maier and Sue Barrett accept the award for European Bank for Reconstruction and Development
Middle East & Africa
Best Technical Advisor, Middle East & Africa
PPP Advisory Division, Ministry of Finance & Economic Planning – Ghana | Fifi Kwetey and Magdalene Apenteng accepts the award for Ghana Ministry of Finance and Economic Planning
Best Financial Advisor, Middle East & Africa
Colliers International
Best Infrastructure Fund, Middle East & Africa
MENA Infrastructure Fund
Best Debt Funder, Middle East & Africa
MENA Infrastructure Fund
Best Project Sponsor, Middle East & Africa
IFC
Best Green Project, Middle East & Africa
Bujagali Hydropower Project
Best Design Project, Middle East & Africa
Mediterranean Solar Plan
Best Transport Project, Middle East & Africa
Madinah Airport Saudi Arabia
Best Urban Development, Middle East & Africa
Mafraq-Al Ghweifat highway Abu Dhabi
Best Education Project, Middle East & Africa
Partnerships for Education (PfE)
Best Healthcare Project, Middle East & Africa
Queen Mamohato Memorial Hospital
Best Correctional Facilities, Middle East & Africa
Kimberley Correctional Centre
Best Social Project, Middle East & Africa
Mediterranean Solar Plan
Best Water Project, Middle East & Africa
New Cairo Wastewater
Best Project Financier, Middle East & Africa
InfraMed
Asia Pacific
Best Technical Advisor, Asia Pacific
Mott McDonald
Best Financial Advisor, Asia Pacific
KPMG
Best Infrastructure Fund, Asia Pacific
BDO Capital and Investment Corporation
Best Debt Funder, Asia Pacific
Sumitomo Mitsui Banking Corporation
Best Project Sponsor, Asia Pacific
Gammon Capital
Best Green Project, Asia Pacific
Lopburi Solar Park Project
Best Design Project, Asia Pacific
ITE College West
Best Transport Project, Asia Pacific
Hong Kong-Zhuhai-Macao Bridge
Best Urban Development, Asia Pacific
Chief Minister’s Office, Government Project of Gujarat
Best Education Project, Asia Pacific
ITE College West
Best Healthcare Project, Asia Pacific
New Royal Adelaide Hospital Project
Best Correctional Facilities, Asia Pacific
Department of Justice, Philippines
Best Social Project, Asia Pacific
DBFOM of Rajasthan Border-Salasar section of NH-65
Best Water Project, Asia Pacific
Mundaring Weir Water Treatment Plant
Best Project Financier, Asia Pacific
ILF&
North America
Best Technical Advisor, North America
Booze Allen Hamilton
Best Financial Advisor, North America
Goldman Sachs
Best Infrastructure Fund, North America
Macquarie
Best Debt Funder, North America
Meridiam Infrastructure
Best Project Sponsor, North America
Plenary Group | Mike Marasco accepts the award for Plenary Group
Best Green Project, North America
Zero Energy Homes US
Best Design Project, North America
IH 635 Managed Lanes Project US
Best Transport Project, North America
Port of Miami Tunnel
Best Urban Project, North America
Turks and Caicos Islands Hospital
Best Education Project, North America
ABC Schools Partnership
Best Healthcare Project, North America
Humber River Hospital | Dr. Rueben Devlin accepts the award for Humber River Hospital
Best Correctional Facilities, North America
CCA
Best Social Project, North America
King Edward VII Memorial Hospital Redevelopment Project | Robert Wotherspoon and James Campbell accept the award for King Edward VII Memorial Hospital Redevelopment Project
Best Water Project, North America
North Shelby County Wasterwater System
Best Project Financier, North America
Meridiam Infrastructure
Latin America
Best Technical Advisor, Latin America
McBains Cooper
Best Financial Advisor, Latin America
IFC
Best Infrastructure Fund, Latin America
FONADIN Mexico’s National Infrastructure Fund
Best Debt Funder, Latin America
Banobras
Best Project Sponsor, Latin America
InterHealth Canada
Best Green Project, Latin America
Mexico Ministry of Security
Best Design Project, Latin America
Rodoanel Oeste
Best Transport Project, Latin America
Chinchero Airport
Best Urban Development Project, Latin America
Puerto Rico PR-22 & PR-5 Toll Roads
Best Education Project, Latin America
Universidad Politécnica de San Luis Potosí
Best Healthcare Project, Latin America
Bahia Suburbio Hospital Project
Best Correctional Facilities, Latin America
Mexican Prisons | Michael Thirkettle accepts the award for McBains Cooper
Best Social Project, Latin America
Independência Stadium Minas Gerais
Best Water Project, Latin America
Proinversion ‘Sedam Huancayo’ Water
Best Project Financier, Latin America
Banobras
