Saturday 23 January 2021

FLB signs $13.5m deal with Konstruktor

Manama, August 3, 2008

Bahrain-based First Leasing Bank, the first bank in the GCC specialising in equipment leasing, has signed a $13.5 million agreement to lease construction and transportation equipment to Konstruktor Engineering Qatar.

The leased equipment will be used by Konstuktor to complete the third phase of the $1.1 billion Doha Expressway project, a key infrastructure development that will link the north and south of Qatar to the road network of Saudi Arabia.

The agreement was recently signed between First Leasing Bank CEO, Gregory Brinkerhoff, Konstruktor Middle East CEO, Zvonko Toula, in the presence of First Leasing Bank business development director, Jassim Awadh, and other officials from both companies.

"First Leasing Bank's involvement in one of Qatar's most prominent infrastructure projects, the $1.1 billion Doha Expressway, reflects the strength of our integrated leasing capabilities. 

"As part of First Leasing Bank's GCC-wide support strategy, we are very pleased to expand our presence in Qatar through this lease agreement with Konstruktor," said Gregory Brinkerhoff, CEO, First Leasing Bank.

Earlier this year, First Leasing Bank signed a $23 million agreement to lease medical equipment to Al Seif Hospital, Kuwait, which is slated to be one of Kuwait's foremost medical facilities.

The Doha Expressway, a mega project that is being carried out by the Qatar Public Works Authority, comprises 13 phases in total. 

The project includes the construction of a three-lane dual carriageway, service roads on both sides, and two multi-level interchanges, in addition to the development of the network infrastructure and landscaping work.

Konstuktor Engineering was awarded a contract by the Government of Qatar for the construction of the third phase of the Doha Expressway project. 

Konstruktor is planning to support several other key infrastructure projects within Qatar and the GCC states.

"The Doha Expressway is one of the Gulf region's most ambitious road projects to date and Konstruktor is extremely proud to participate in its development. We are very pleased to sign this lease agreement with First Leasing Bank, as well. 

"First Leasing Bank created a unique leasing facility which perfectly addressed Konstuktor's project expenditure needs for the expressway project," said Toula.

The Qatar Public Works Authority (Ashghal) Five Year Plan includes the completion of 40 major road projects and infrastructure developments at a total cost of over QR14 billion.

Konstruktor Engineering Qatar, a branch of Croatia-based Konstruktor Inzenjering, Split, is a leading infrastructure developer widely engaged in the construction of civil and industrial engineering projects across the world. - TradeArabia News Service

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