The transaction reinforces HSBC Qatar’s capabilities to provide “sophisticated infrastructure finance” in the local market, says Mostafawi.
HSBC Bank Middle East, Qatar has signed a QR1bn deal of contract-related finance facilities with Al Jaber Engineering Company to support Qatar General Electricity and Water Corporation’s (Kahramaa) pipelines for the Mega Reservoirs Project.
HSBC Qatar chief executive officer Abdul Hakeem Mostafawi said the transaction reinforces the bank’s capabilities to provide “sophisticated infrastructure finance” in the local market.
“HSBC has proven its ability and willingness to engage with large local contractors in key strategic projects as part of its ongoing commitment to support the infrastructure build-up in the country that is part of the Qatar National Vision 2030,” he said.
The Mega Reservoirs Project is part of the government’s strategy to achieve water security for the country’s and preserve its water quality. The reservoirs will increase the capacity of the water reserve to last for seven days from one.
HSBC Qatar head of commercial banking Richard Keery said, “We have seen an 18.3% growth across the construction sector from July 2013 to March 2014. Since the opening of the Hamad International Airport, there has been increased momentum in the infrastructure development with Ashghal and Kahramaa both continuing to release major projects into the market.”
Keery also said HSBC is “very well-placed” to provide a one-stop shop for local and international companies that need a financial partner to support large infrastructure projects whether the requirement is capital expenditure, bonding lines, or working capital.
“We are delighted to be working with Al Jaber Engineering, one of our longstanding customers in Qatar. HSBC is determined to add value to our customers and will continue to keep their best interests at heart by providing them with financial solutions tailored to their needs,” Keery added.
Al Jaber Engineering Company is a leading Qatari general contractor specialising in infrastructure projects, including roads, bridges, and oil and gas facilities. The company is currently engaged in a number of key large infrastructure projects in Qatar, such as the Doha Metro, Orbital Highway, and Kahramaa’s Pipelines for the Mega Reservoirs. Al Jaber CEO Osama Hadid said, “We are proud to have been awarded these prestigious projects by Kahramaa and by being part of the country’s ambitious development plans in achieving the Qatar National Vision 2030.”
