Al Khaliji Extends Contract Financing to a JV Awarded
Construction of Al Wakrah Stadium
March 21, 2016
Al Khalij Commercial Bank (al khaliji) successfully
closed a facility to finance the joint venture between Midmac
Contracting, Porr Qatar Construction and Six Construct Qatar for
the ‘Al Wakrah Stadium, Precinct Main Works and Masterplan
project.
In addition to al khaliji’s financing package, the bank
will also play the role of ‘Project Account Bank’ for the
transaction.
“Our financing of a project of such national
importance; a project that will essentially place Qatar at the
global heart of sport, is testament to our commitment and
support to major plans that aim to bring the economic and social
development of the State of Qatar to a next level,” said Mr.
Fahad Al Khalifa, al khaliji’s Group Chief Executive Officer.
“Whether large scale projects that impact the nation as a whole,
or smaller developments that move the country towards a
knowledge-based economy in accordance with QNV2030, al khaliji
is ready, willing, and has the capacity to provide the necessary
financial support. We will continue to broaden our future
projects focusing on infrastructure and logistic financing
leading up to the 2022 World Cup”.
The choice of al khaliji was a result of close
relationship with all the three JV partners and their past
experience based on exceptional service provided to them on
projects financed by the bank in the past - including the
ongoing Lusail CP4 for Midmac - and the well-structured facility
package that meets the clients’ requirements, in a record
turnaround time.
al
khaliji, will continue to focus its growth and activities in
Qatar, its home market. Due to the Bank’s strength in lending,
strong capitalization and the long track record of solid
performance, Fitch awarded al khaliji a Long Term Issuer Default
Rating of ‘A’. Moody’s Investor Services has also recently
assigned credit rating of A3 to al khaliji with Stable outlook.
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