DOHA: Al Khalij Commercial Bank and The Commercial Bank of Qatar have successfully concluded a combined financing arrangement of QR1.26bn. The contract financing facilities is for the project awarded to joint venture between Dogus Insaat ve Ticaret AS (Dogus Construction) and Onur Taahhut Tasimacilik ve Ticaret Ltd for the construction and development of the Al Rayyan Road project.
al khaliji and Commercial Bank are financing the QR3.43bn project on a mutual basis in which both banks are the Joint Mandate Lead Arrangers, while Commercial Bank will be acting as the facility and security agent.
“We are delighted to have Commercial Bank as our partner in financing Al Rayyan Road project which is part of Qatar’s road building program designed to improve the overall road infrastructure in the country”, said. Fahad Al Khalifa, al khaliji’s Group Chief Executive Officer. “al khaliji continues to focus in playing a key role in the country’s development and progression.”
Commercial Bank CEO, Abdulla Saleh Al Raisi, said: “We are pleased to partner with al khaliji in financing this joint deal of QR1.26bn. Commercial Bank has been a strong advocate of contract financing to fund Qatar’s huge infrastructure investments as part of supporting robust Qatari economy due to a combination of strong market demand and achieving Qatar 2030 vision. This is a testament to Commercial Bank’s strategy, financial strength and prudent management.”
The project includes the construction and upgrading of Al Rayyan Road that stretches from the West of the Olympic Roundabout to the West of the New Al Rayyan Roundabout, as well as the associated side and service roads. The Peninsula
