Al Khaliji sets up new unit for Fifa contract financing
Doha, November 2, 2011
With the winner of the Fifa 2022 World Cup management contract expected to be announced this month, Al Khalij Commercial Bank (al khaliji) has launched a specialised contracting finance division to support infrastructure projects.
“Qatar is expected to spend a staggering $150 billion on hosting Fifa world cup 2022. The major projects include development of Metro Rail, state of art stadiums, hotels as well as other infrastructure projects.
“Major contractors and sub contractors involved in these projects will need to resort to bank finance. Al khaliji has introduced a specialized contracting finance division to cater the requirements seamlessly and efficiently for contractors and subcontractors awarded with subject projects,” said Robin MCcall, group chief executive officer, al khaliji.
“The division will provide contractors with swift approvals through focused relationship managers with industry expertise and market updates,” said McCall.
With total assets of QR23.85 billion, and a totally equity of QR5.4 billion with an adequacy ratio of 24.2 per cent as of 30 September 2011, al khaliji is financially capable of supporting the large-scale projects that are expected to be implemented building up to Fifa 2022, the bank said. – TradeArabia News Service