QIB And Daewoo
E&C Signs QR 1 Billion Financing Deal
April 17, 2017
Qatar Islamic Bank (QIB), signed a QR 1 Billion Financing deal
with Daewoo Engineering and Construction Co. (Daewoo E&C). The
agreement was signed at QIB’s headquarters, by Mr. Tarek Youssef
Fawzi, QIB’s General Manager - Wholesale Banking Group and Mr.
In-Hwan CHO, Daewoo E&C’s Head of Finance.
The financing agreement will support Daewoo’s current projects
in the State of Qatar including the construction and upgrading
of the E-Ring Road. This project will expand the number of lanes
from 8 to 14, enlarge the highway by 4.5km and build a new 4km
long section. The project value is estimated at QR 2.25 Billion
and was recently awarded to Daewoo E&C by the Public Work
Authority (Ashghal).
QIB’s participation in the project comes as part of the Bank’s
strategic vision to provide Islamic financing solutions to key
stakeholders that are participating in the country’s major
development projects. Over the course of the past few years, the
Bank has been involved in financing agreements for large
projects in the sectors of energy, industry, infrastructure,
construction, and trade.
“QIB is having an important role in Qatar’s economic life for
over three decades” said, Tarek Youssef Fawzi, QIB’s General
Manager - Wholesale Banking Group: “The Bank’s strategy is
closely tied with Qatar’s National Vision 2030. As the leading
Islamic Bank in the country, we are making sure to participate
and contribute to the development and diversification of Qatar’s
economy. In 2016, our Contracting division continued in this
trajectory, supporting and financing infrastructure projects for
major government, semi-government and private sector
initiatives.”
Commenting on the agreement, Mr. In-Hwan CHO, Daewoo E&C’s Head
of Finance Head of Finance said: “Qatar is one of the key
countries we are operating in and this is the second Financing
deal signed with QIB following the 365 million QR facility
granted in 2016. Those agreements support our company to
perform existing projects making QIB a key strategic partner to
our success in the State of Qatar”.
Daewoo E&C was established in 1973. It is one of the top-tier
construction companies in South Korea actively involved in
domestic and international projects. Daewoo E&C began its
activities in Qatar in 2005 with Ras Laffan Refinery project,
and so far the company has been awarded 5 projects, a total of
QR 8.75 Billion. The company expects to secure more
infrastructure projects related to 2022 FIFA World Cup.
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