Al khaliji extends financing for Al Rayyan Road construction project

Al Khalij Commercial Bank (al khaliji) has extended financing facility for a QR1bn contract awarded to a joint venture between Boom Construction Company and Six Construct Qatar for the Al Rayyan Road construction project.

The contract involves the construction and development of Al Rayyan Road (Project 7) stretching from West of New Rayyan roundabout to East of Bani Hajer roundabout, together with the construction and upgrade of associated side roads and service roads. al khaliji’s financing facilities will help meet the bonding and funding requirement for this project.

The project is one of the recently awarded projects by Public Works Authority (Ashghal) under the Expressway Programme and the roads and infrastructure projects in the Local Areas Programme. It is a significant infrastructure plan being carried out in Doha, which will connect the south of Doha with the north, and the east with the west.

al khaliji Group chief executive officer Fahad al-Khalifa said, “We are proud of our contribution to Qatar’s infrastructure development. Being involved in this key project, enhancing the country’s future transportation landscape with the collaboration of well-known local and international contractors, comes as part of al khaliji’s innovative mid-term strategy.

“We will continue to broaden our future projects focusing on infrastructure financing leading up to the 2022 World Cup and the 2030 National Vision”.

al khaliji has long been involved in supporting projects that would help develop the infrastructure of the country. Financing such projects was made possible by the fact that contracting is a key focus area in the bank’s mid-term strategy. As part of this, a dedicated contracting team specifically caters to the needs of large local and international contractors operating in Qatar, working across diverse business sectors that include, but not limited to, infrastructure and other mega projects.

Recently upgraded to an ‘A‘ credit rating by international rating firm Fitch in 2014, al khaliji has access to international financial markets; to provide long-term financing solutions to support large-scale Government infrastructure development projects.

This coupled with al khaliji’s know-how and understanding of the requirements of its preferred clients, through its select group of banking professionals, ensures that al khaliji is well-placed to harness the tremendous potential of the Qatari economy in the coming years.