Doha Bank has announced the signing of a project finance deal with Leighton Contracting Qatar, a division of UAE-based Habtoor Leighton Group.
The deal will support the construction of Qatar General Electricity & Water Corporation (Kahramaa)’s Water Security Mega Reservoirs Project at Rawdat Rashed. The project is valued at QR2.2bn.
The mega reservoirs, with a capacity of 100mn gallons each, are the largest reinforced concrete reservoirs in the world, according to a statement. Habtoor Leighton Group was awarded the project for Kahramaa in March. Group CEO and managing director José A López-Monís said the award “validated the high value placed by the client on the capabilities and performance of the group”.
“We are pleased at the opportunity to participate in a project that will form the bedrock upon which Qatar’s water security initiatives will be built,” said Dr R Seetharaman, Group CEO of Doha Bank, adding that the bank has already issued project-related guarantees.
Dr Seetharaman further noted, “Doha Bank is committed to using our considerable resources to support infrastructure development in Qatar and help build a more prosperous and sustainable future for our nation and its people.
“As such, we continually look for opportunities to play a greater role in Qatar’s growth story by catering to the financing needs of key strategic entities, both public and private, and hope to further grow our relationship with Leighton Contracting in the years to come.”
Habtoor Leighton Group is a leading diversified international contractor in the Middle East and North Africa, having an extensive track record in large-scale projects across the region, the statement adds.
Launched in response to the huge increase in water demand due to continued growth and development in Qatar, the Water Security Mega Reservoirs Project aims to provide seven days of strategic water storage within Kahramaa’s network system, covering the new mega reservoirs and the existing and future secondary reservoirs.
The first phase of the project will provide seven days of water storage for the expected water demand in 2026, with five mega reservoir sites. The second phase will provide seven days of water storage for the expected demand in 2036 by adding more reservoirs within the five mega reservoir sites.
Officials at the signing ceremony.
