IBQ, one of the oldest existing banks operating in Qatar, will provide funds worth QR350 million ($96.16 million) to Doha Cables, the first cable manufacturer in Qatar.

Doha Cables is a subsidiary of Senyar Industries, a joint venture between Aamal, one of Qatar’s largest publicly held companies, and Elsewedy Electric Group, Middle East’s leading integrated cables and electrical products manufacturer.

“We are proud and honoured to be part of this important development in the Qatari economy, with our unique and market-leading project financing hereby being extended to the premiere plant of its kind in Qatar,” said George Nasra, managing director of IBQ of the significant developments.

“This investment is driven by IBQ’s strong belief that such initiatives are integral to Qatar’s infrastructure growth and future economic developments.”

“The bank’s support of such important activities showcases just how committed we are to future growth of the Qatari economy, and it should also serve as a signal for further innovative ventures in the country that we want to continue to support the country’s growth in such critical fields,” Nasra added.

Doha Cables is the only factory in the country to produce the entire range of cables for energy and infrastructure, industry, buildings, as well as residential projects. The company’s product range includes power cables, special cables, overhead cables, and many more types of market leading products.

“This is a highly significant step forward for Qatar’s infrastructure development on the whole, and we can now press forward with our ambitious development of this sector in the Qatari economy after the official opening of our manufacturing facility,” said Ahmed S Elsewedy, chairman and CEO of Elsewedy Electric Group.

“We will now become important and active partners in the economic growth of the country. And it is important to point out that our partnership with IBQ has been integral to the successful completion of this project,” he added.

Doha Cables opened its modern facility recently with production capacity of 40,000 tons of copper per annum, spread across a total area of 70,000 sq m in Mesaieed Industrial City. – TradeArabia News Service