Bassel Gamal (left) QIB’s Group CEO and Osama Hadid CEO of JEC at the agreement signing ceremony at QIB’s headquarters.
Qatar Islamic Bank (QIB), country’s leading Shariah-compliant banking and financial services provider, yesterday announced to have signed a QR1.6bn (about $440m) financing deal with Al Jaber Engineering (JEC) to develop an integrated huge food processing complex in Mesaieed.
The financing deal will support JEC’s current project to execute the design and construction of strategic food security facilities and warehouses at Qatar’s iconic Hamad Port.
The agreement was signed by Bassel Gamal, QIB’s Group CEO, and Osama Hadid, CEO of JEC at QIB’s headquarters.
The facilities of the project will be developed and constructed on an area of approximately 530,000 square metres. The project consists of specialised facilities for the processing, manufacturing, and refining of rice, raw sugar, and edible oils.
These products will be available for local, regional and global use.
The project will also include rice silos and oil storage tanks with their associated infrastructure and conveyance equipment, in addition to handling, processing, packaging, reloading, and transport facilities.
One more feature of the project will be a specialised facility for the recycling of waste products arising from the processing of basic commodities to create animal feed.
Those facilities will operate as a fully functional standalone terminal, while 500 meters of ship docking area will be dedicated for the berthing and discharging of the ships.
“QIB provides Shariah-compliant banking solutions which are customised to fully address the sophisticated and evolving needs of our Corporate customers. As an active contributor to the country’s economy growth, we are proud to finance JEC’s food security facilities project which is of strategic importance to the country and all the people who live and work in it,” said Gamal.
Gamal underlined QIB’s longstanding relationship with JEC, noting that the Bank has financed many of the company’s projects, especially government and infrastructure related ones.
The new financing deal is part of QIB’s business focus on building strong partnerships with local organizations and support the development of the country’s private sector as per Qatar’s National Vision 2030. Over the past few years, the bank is actively involved in financing large projects in the energy, trade, industrial, infrastructure and construction industries supporting national investors to participate in and contribute to the diversification of Qatar’s economy.
For his part, Osama Hadid, JEC CEO, said: “As the main contractor of the project, Al Jaber Engineering will be responsible for the design and construction of the complete facility. We will cooperate with a number of specialised international companies for the design and supply of the required equipment.”
Hadid added: “We highly value our continuous cooperation with QIB, this new financing deal will enable JEC to meet its commitments toward our client, the Hamad Port Steering Committee, to ensure delivery of the project on schedule and to the highest international standards.”
