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In July, one of the year’s largest deals, the $4. 1bn Dolphin Energy financing, was a refinancing of an existing project, leading many bankers to describe it as more of a corporate financing than a typical greenfield project financing deal.
The Middle East financing sector remains dominated by project finance, says Frank Beckers, head of project and capital advisory at Deutsche Bank. And the importance of project finance means the sector has shown signs of recovery earlier than other parts of the world.
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