Al Rayyan Road project secures $345m finance

Banks backing means major road works construction programme can continue

NEWS, Business, Al Khaliji, Al Rayyan Road, Finance

Contract financing facilities for the construction and development of the Al Rayyan Road project awarded to a joint venture between Dogus Insaat ve Ticaret A.S (Dogus Construction) and Onur Taahhut Tasimacilik ve Ticaret Ltd. have been settled.

Al Khaliji and Commercial Bank are financing the $940m (QAR3.43bn) project on a mutual basis in which both banks are the Joint Mandate Lead Arrangers while Commercial Bank will be the facility and security agent.

“We are delighted to have Commercial Bank as our partner in financing Al Rayyan Road project which is part of Qatar’s road building program designed to improve the overall road infrastructure in the country,” said Fahad Al Khalifa, al khaliji’s Group chief executive officer.

Commercial Bank CEO, Abdulla Saleh Al Raisi, commented, “We are pleased to partner with Al Khaliji in financing this joint deal of QR1.26 billion. Commercial Bank has been a strong advocate of contract financing to fund Qatar’s huge infrastructure investments as part of supporting robust Qatari economy owing to a combination of strong market demand and achieving Qatar 2030 vision. This is a testament to Commercial Bank’s strategy, financial strength and prudent management.”


Most popular


CW Oman Awards 2020: Meet the winners
A round of the thirteen winning names at the Construction Week Oman Awards 2020 that


Leaders UAE 2020: Building a sustainable, 'resilient' infra
AESG’s Phillipa Grant, Burohappold’s Farah Naz, and Samana's Imran Farooq on a sustainable built environment
CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this

Latest Issue

Construction Week - Issue 767
Sep 01, 2020