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FINANCIAL NEWS
Qatar to invest USD345.7m on Al Rayyan Road project
08 Feb 2015
(MENAFN) Al Khalij Commercial Bank and The Commercial Bank of Qatar have concluded a combined financing arrangement of USD345.7 million. The contract financing facilities is for the project awarded to joint venture between Dogus Insaat ve Ticaret AS (Dogus Construction) and Onur Taahhut Tasimacilik ve Ticaret Ltd for the construction and development of the Al Rayyan Road project, The Peninsula Qatar reported.
Al khaliji and Commercial Bank are financing the USD941.3 million 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.
“We are delighted to have Commercial Bank as our partner in financing Al Rayyan Road project which is part of Qatar’s road building program designed to improve the overall road infrastructure in the country”, said al khaliji’s Group Chief Executive Officer. “Al khaliji continues to focus in playing a key role in the country’s development and progression.”
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