Al Khaliji head office
Al Khaliji extends financing to Lusail project
Doha, May 29, 2013
Doha-based Al Khaliji Commercial Bank has extended contract financing facilities to a venture between Midmac Contracting and Yuksel Insaat for their Lusail infrastructure project for the amount of QR1.66 billion ($455 million).
“We are proud to be involved in supporting a key infrastructure project that will surely change the transportation landscape of the country,” Robin McCall, Al Khaliji’s Group chief executive officer.
“We are pleased to be part of such a landmark transaction, reflecting the confidence we have in Midmac and Yuksel Insaat as valued clients.”
Midmac, a leading contractor in Qatar, recently partnered with Yuksel, a Turkish engineering giant, for a venture that was handed the contract for the road work development in Lusail, the Lusail Development for Primary Infrastructure project.
Raghib H Kublawi, general manager of Midmac said: “Midmac is very pleased to be working with Lusail Real Estate Development on such key project. It comprises the construction of highway A1, A6 & Marina Interchange with a total of 5.2 km.”
Sezai Arli, country manager - Qatar of Yuksel, said “We are pleased to partner with Al Khaliji on this prestigious project, and appreciate the support being extended by the bank to the local and international contractors operating in the country.
“The quick turnaround for our facility offer and execution was made possible by the exceptional support & commitment from the Al Khaliji team and offering a complete contract financing package that meets the project requirements.”
Financing to the project was made possible by the fact that contracting is a key focus area in the new mid-term strategy unfolded by Al Khaliji. – TradeArabia News Service