Al Khaliji Extends Financing to Lusail Infrastructure Development

On Wednesday 29th May, Al Khalij Commercial Bank (Al Khaliji) QSC made the decision to extend their contract financing facilities for the Lusail Development for Primary Infrastructure project (CP4) to the tune of QR 1.66 Billion.

A joint venture between Midmac Contracting Co. W.L.L. (Midmac), one of Qatar’s largest contractors, and Yuksel Insaat A.S. (Yuksel), a Turkish engineering giant, the project is said to be the key focus of Al Khaliji’s new mid-term strategy. The primary reason financing for the project was made possible.

Speaking out in favour of the decision, Robin McCall, Al Khaliji’s Group Chief Executive Officer commented:

“We are proud to be involved in supporting a key infrastructure project that will surely change the transportation landscape of the country.”

“We are pleased to be part of such a landmark transaction, reflecting our strong commitment to the State of Qatar, and the confidence we have in Midmac and Yuksel Insaat as valued clients.” He continued.

Of the financing, Raghib H. Kublawi, General Manager of Midmac felt that the investment was of a “strategic nature in the country’s future”.

While Sezai Arli, Country Manager - Qatar of Yuksel remarked that both companies “appreciate the support being extended by the bank to the local and international contractors operating in the country”

The Lusail Development for Primary Infrastructure project, which was recently awarded to the two companies and backed by Al Khaliji, is part of the Qatar National Vision 2030. The CP4 Lusail Highway will total 5.2km, with the construction of the Marina Interchange, A1 and A6 main roads.

With Al Khaliji’s A- credit rating, awarded by international rating firm Fitch backing the project back in 2011 and again in 2012, it’s certain that all involved will benefit from their financial expertise.

The hope is that this support will not only help promote the vision of H.H. the Emir Sheikh Hamad Bin Khalifa Al Thani and Heir Apparent H.H. Sheikh Tamim Bin Hamad Al Thani, but also encourage other companies to work towards Qatar’s future, by playing an active role in the improvement of the country’s infrastructure.

For the full Press Release and more information about Al Khaliji, please visit the Al Khaliji Website.