al khaliji, Qatar’s new generation lender, has extended QR1.66bn contract financing facilities to a venture between Midmac Contracting and Yuksel Insaat for their recently awarded road development project (CP4) in Lusail.
“We are proud to be involved in supporting a key infrastructure project that will surely change transportation landscape of the country,” Robin McCall, al khaliji’s group CEO.
Established in 1975, Midmac is one of Qatar’s largest contractors. The company has an extensive and consistent track record of delivering large and challenging projects in the construction and engineering industry spanning the best part of the last four decades.
Together with Yuksel, a Turkish engineering giant with over 50 years of delivering billions of dollars of construction projects across Asia and Europe, the venture was handed the contract for the road work development in Lusail.
“The project being financed is of strategic nature in the country’s future, supporting key objectives set forward in the Qatar National Vision 2030,” according to Raghib H Kublawi, General Manager of Midmac.
The project comprises the construction of highway A1, A6 and marina interchange with a total of 5.2 km.
“Our strategic partnership with al khaliji and the bank’s invaluable support on an ongoing basis helps Qatari establishments like Midmac to participate in the country’s key infrastructure projects,” he said.
The quick turnaround for the facility offer and execution was made possible by the exceptional support and commitment from the al khaliji team and offering a complete contract financing package that meets the project requirements, Sezai Arli, country manager, Qatar of Yuksel, said.
Financing to the project was made possible through a new mid-term strategy adopted by al khaliji, where contracting is a key focus area.
As part of this strategy, a dedicated contracting team specifically caters to the needs of large local and global contractors operating in Qatar working across diverse business sectors that include, but not limited to, oil and gas, infrastructure, and upcoming mega projects like the Doha Metro and integrated rail project, a bank spokesman said.
al khaliji also works on a ‘preferred client’ model, offering customised services to specifically provide to the clients’ financing needs, he added.
