Al Khalij Commercial Bank (al khaliji) and Commercial Bank of Qatar (CBQ) have completed a joint financing deal of QR 1.26 Billion for the QR 3.43 Billion Al Rayyan Road Project, a Qatar Exchange notification said Thursday.
Al Rayyan Road Project is a joint venture between Dogus Insaat ve Ticaret A.S (Dogus Construction) and Onur Taahhut Tasimacilik ve Ticaret Ltd.
The two banks are financing the QAR 3.43Bn project on a mutual basis in which both banks are the Joint Mandate Lead Arrangers while Commercial Bank will be acting as the facility and security agent.
Hailing the joint financing deal, al Khaliji Group CEO Fahad Al Khalifa said, "We are delighted to have Commercial Bank as our partner in financing Al Rayyan Road project which is part of Qatar's road building programme designed to improve the overall road infrastructure in the country." Commercial Bank CEO Abdulla Saleh Al Raisi said, "We are pleased to partner with al khaliji in financing this joint deal of QR1.26 Bn. CBQ has been a strong advocate of contract financing to fund Qatar's huge infrastructure investments as part of supporting robust Qatari economy due to a combination of strong market demand and achieving Qatar 2030 vision."