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Contract financing awarded to Al Wakrah Stadium JV

Al Khalij Commercial Bank has extended a finance facility to the joint venture for the Al Wakrah Stadium

Al khaliji Bank has extended a financing package for the Al Wakrah Stadium, Precinct Main Works and Masterplan project.
Al khaliji Bank has extended a financing package for the Al Wakrah Stadium, Precinct Main Works and Masterplan project.

Al Khalij Commercial Bank (al khaliji) Q.S.C has extended a finance facility to the joint venture for the Al Wakrah Stadium.

The joint venture between Midmac Contracting, Porr Qatar Construction and Six Construct Qatar for the ‘Al Wakrah Stadium, Precinct Main Works and Masterplan project, has been awarded a financial facility through al khaliji Bank.

Over and above the package, the bank will also play the role of ‘Project Account Bank’ for the transaction.

Fahad Al Khalifa, al khaliji’s Group CEO said: “Our financing of a project of such national importance; a project that will essentially place Qatar at the global heart of sport, is testament to our commitment and support to major plans that aim to bring the economic and social development of the State of Qatar to a next level.”

Choosing al khaliji as its bank was by mutual consent of all the JV partners, based on previous experience with the institution.

Owing to the bank’s lending strength, strong capitalisation and the long track record of solid performance, Fitch awarded al khaliji a Long Term Issuer Default Rating of ‘A+’.

Moody’s Investor Services has also recently assigned credit rating of A3 to al khaliji with Stable outlook.
 

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Construction Week - Issue 753
Nov 09, 2019