Islamic finance awards: Best project finance deal

No other project finance deal over the past 12 months has the same gravitas as the $7.5 billion financing for Ma’aden Aluminium. The deal and a previous Ma’aden venture, Ma’aden Phosphate, are the two largest endeavours in Saudi Arabia’s attempt to diversify from a hydrocarbon-dependent economy. The two projects will provide a third pillar, after oil/gas and petrochemicals, to the Kingdom’s economy.