Al Rayyan Road project secures $345m finance
Banks backing means major road works construction programme can continue
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.”