Public Private Partnerships (PPP)

Exploit the full potential of PPP for Infrastructure, Health and Education projects – the largest and most exciting investment opportunities in the World. d e an urs 2 r B co 01 w 2 ne for

ORGANISED BY OFFICIAL REGIONAL RECRUITMENT PARTNER

Public Private Partnerships (PPP) Identifying And Seizing Lucrative Infrastructure And Social Development Investment Projects In The Gulf 29 April – 1 May 2012 • Dusit Thani Hotel, Dubai, UAE

Top 3 Learning Objectives 1. Learn how Gulf countries intend to mobilise private finance for infrastructure 2. Compare Western and Gulf PPP projects and be able to appreciate the different structures for PPP and other styles of private finance Follow us on: www.twitter.com/iirmiddleeast www.facebook.com/iirmiddleeast www.youtube.com/iirmiddleeast

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investment 3. Review PPP financing structures and financial models by examining PPP contracts in detail

Public Private Partnerships (PPP) 29 April – 1 May 2012 • Dusit Thani Hotel, Dubai, UAE Course Timings Registration will be at 07:30 on the first day. The course will commence at 08:00 every day and finish at 14:30.There will be breaks for refreshments at approximately 10:30 and 12:30 and lunch will be served at the end of each day’s session.

• Lease-Develop-Operate (LDO) • Wrap-Around Addition (WAA)

Course Overview The countries of the Gulf have growing populations and the governments are looking to create advanced technological societies in a single generation. As a result there is an enormous appetite for infrastructure and social development projects, ranging from airports and ports, roads and railways, to schools and hospitals. These are the most challenging and important investment opportunities anywhere in the world.

Case Studies: Lessons from PPP experience in European countries Key Issues In PPP/PFI • Achieving design quality • Appointing and managing advisers • Appointing and working with preferred bidders • Public sector comparators (use, selection, construction and application) • Managing long-term delivery of PPP

Although there are substantial funds available for co-investment, most Gulf countries are seeking private finance for these infrastructure investments. This brand new course is about how private finance is and will be used: the logic, financial structure, risk analysis, legal background, contracts and scope of the Gulf infrastructure programme is examined in great depth with a range of relevant local case studies and plenty of group work and participation.

Day Two PPP/Private Finance Project Evaluation • Existing criteria • Examples of assessment programmes

Case Study: International comparison of best practice guides in PFI/PPP experience and their application to the Middle East • Feedback systems • Capital assessment programmes • Planned improvements

Day One Origin And Background To Private Finance In Infrastructure • History and development • What should the State provide?

• Alternatives – from privatisation to contracting • Current position, future trends and developments • Private finance for infrastructure in the Gulf – arguments for and against

Case Study: Does the Gulf need private finance?

• Rationale and objectives of PPP

Case Study: Saudi water PPP projects

Case Study: PPP procedures in the Gulf

• Benefits and drawbacks of using PPP

Case Study: Why has the UK abandoned PPP? • Alternatives to PPP

Case Study: Infrastructure bonds – the Australian experience Structures In PPP/PFI Projects • Concession and franchises • Sale/flotation of a minority/majority stake • Joint ventures • Build-own-operate( BOO) • Build-develop-operate (BDO) • Buy-build-operate (BBO) • Build-operate-transfer(BOT) • Build-own-operate-transfer (BOOT) • Build-rent-own-transfer (BROT) • Build-lease-operate-transfer (BLOT) • Build-transfer-operate (BTO) • Design-construct-manage-finance (DCMF) • Design-build-finance-operate (DBFO)

Case Study: The Asian Development Bank and the Bangkok Metro

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Comparative PPP Procedures • Initial approval process (outline business case) • Publication in national press/journals • Formation of bidding consortia • The role of economic criteria • Role of national and international agencies • PPP monitoring procedures • Stakeholders in the PPP process • Appeals and arbitration • Court case law

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Sources And Types Of Funding • Potential financiers • Types of funding; terms and tenors (senior debt, bonds, junior debt, equity)

Case Study: Review of a PPP funding structure Reviewing PPP Financial Models • PPP vs. project finance models • Inputs and model structure • Using the model • Risk analysis Contract Issues • Off-balance sheet funding • Contract length and size • Whole lifecycle costing • Syndicated debt - secondary market • Asset financing and leasing • Debt and inter creditor issues.

• Special Purpose Vehicles - SPVs – and project financing

Case Studies: Project finance structures and examples from the Gulf

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• Ratings and ratings companies - Fitch, S&P and Moody’s

Meet Your Expert Course Director

Case Study: Ratings agency approaches to PPP transactions Julian Spencer Roche Finance Training Consultant, Australia and UK

• Credit enhancement • Islamic finance and legal issues

Julian was educated at Oxford and Exeter Universities. In the 1980s he served as a faststream civil servant in the UK Ministry of Defence where he was part of the small team that carried out the UK’s first and still one of its largest PPPs. He went on to work in defence procurement before leaving to work as an economist and then in the City. From 1991 through to the present he has served in various corporate and academic positions including:

Case Study: Types of Islamic finance structures appropriate for infrastructure finance • Guarantees and other forms of credit enhancement

Case Study: Review of financing guidance and codes in PFI/PPP Projects with specific reference to Islamic financing Worked exercises: resolving finance and structural issues in infrastructure provision

• Director, Forecasting Service, DRI McGraw-Hill - responsible for macro-economic analysis and forecasting of Soviet and East European economies

Day Three Overview Of Risk And Risk Allocation • Risk evaluation and types of risk • Allocation and mitigation of risk • Possibility of renegotiation • Payment mechanisms • Alteration in government policy and the law

Case Study: Comparative risk evaluation in water and sanitation treatment plants Additional Factors • Staff and management resource constraints • Land and property availability • Planning permission • Legal reviews • Due Diligence • Tax (where relevant) • Audit/accounting • Environmental • Finance generated from the disposal of property • Mixed use of property by the beneficiary and the general public • Commercial revenues and their appropriation • Small projects - bundling, schools, prisons etc.

• Communications strategy

• Lecturer at Southampton University in Corporate Finance (Accounting and Finance BSc). Teaching corporate finance including business valuations, investment banking, corporate governance, EVA, CFROI, investment analysis, fund management, private finance initiatives, mergers and acquisitions, management buy-outs, venture capital and other aspects of corporate finance • Partner, RER – established the firm that produces the “Green Book” internationally known database, world leader in international business confidence and real estate data • Head of Research, Hudson Venture Partners – responsible for the selection and evaluation of investment projects and account management • Vice President, MHC International – responsible for corporate finance and economic input to firms specialising in corporate social responsibility issues • Consultant to professional bodies including ACCA in Europe and Asia • Consultant to major corporations specialising in commodities production and trade

Case Study: The standard PPP contract Julian’s United Nations work includes: • UN Expert on commodities and part time Staff Economist, UNCTAD Risk Management Division

Future Prospects In the Gulf • Water and sanitation • Transport

• UNCTAD Representative on UN Expert Committee on Sustainable Development Indicators

Case Study: Gulf high-speed rail projects • • • • •

Education Health Real estate Social services Defense

• UNCTAD Panel Member, Swiss Futures and Options Association

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Case Study: Review of future size and scope planning for renewable energy PPP projects in the Gulf • Future deal structures

Case Study: International comparison of best practice guides in PPP experience and their application to the Middle East • International dimension – major players • Specific issues for PPP/other private finance infrastructure projects in the Gulf • Regulatory dimension

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The in-house training division of IIR Middle East Tel: +971 4 407 2624 • Email: CTS@iirme.com www.iirme.com/cts

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Public Private Partnerships (PPP) 29 April – 1 May 2012 • Dusit Thani Hotel, Dubai, UAE FIVE WAYS TO REGISTER IIR Holdings Ltd. P.O Box 21743 Dubai, UAE

971-4-3352437 971-4-3352438

GCS/IIR Holdings Ltd. P.O Box 13977 Muharraq Kingdom of Bahrain

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DISCOUNTS AVAILABLE FOR 2 OR MORE PEOPLE CALL – 971-4-3352483 E-MAIL – a.watts@iirme.com BC4571 Event

Course Fee Before 12 February 2012

Course Fee Before 4 March 2012

Final Fee

US$ 3,095

US$ 3,395

US$ 3,495

Public Private Partnerships (PPP) 29 April – 1 May 2012

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Course fees include documentation, luncheon and refreshments. Delegates who attend all sessions will receive a Certificate of Attendance.

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A confirmation letter and invoice will be sent upon receipt of your registration. Please note that full payment must be received prior to the event. Only those delegates whose fees have been paid in full will be admitted to the event. You can pay by company cheques or bankers draft in Dirhams or US$. Please note that all US$ cheques and drafts should be drawn on a New York bank and an extra amount of US$ 6 per payment should be added to cover bank clearing charges. In any event payment must be received not later than 48 hours before the Event. Entry to the Event may be refused if payment in full is not received.

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Cancellation If you are unable to attend, a substitute delegate will be welcome in your place. Registrations cancelled more than 7 days before the Event are subject to a $200 administration charge.

Registration fees for registrations cancelled 7 days or less before the Event must be paid in full. Substitutions are welcome at any time.

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Visas for non-GCC nationals may take several weeks to process.

All registrations are subject to acceptance by IIR which will be confirmed to you in writing.

Due to unforeseen circumstances, the programme may change and IIR reserves the right to alter the venue and/or speakers.

Event Venue: Dusit Thani Hotel, Dubai, UAE Tel: 971-4-343-3333 Accommodation Details We highly recommend you secure your room reservation at the earliest to avoid last minute inconvenience. You can contact the IIR Hospitality Desk for assistance on: Tel: +971-4-4072693 Fax: +971-4-4072517 Email: hospitality@iirme.com © Copyright I.I.R. HOLDINGS B.V.

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