Joannou & Parakskevaides (J&P), one of the region’s leading construction enterprises, has secured over QR1-billion ($274 million) financing from Qatar's Commercial Bank to cover the ambitious West Corridor project in Doha.

A leading private lender in Qatar, Commercial Bank said it led a joint mandate club deal along with one of the major regional banks for facilitating finance to Joannou & Paraskevaides (Overseas), which had won the QR1.7-billion ($458 million) West Corridor deal from Public Works Authority (Ashghal).

The awarded project is part of the East-West Corridor Expressway which connects the Industrial Area to the Hamad International Airport. This project comprises a 10.5-km-long section starting from west of the future Inner Orbital and extends to the west of the proposed Barwa City Access.

The main road consists of a 10-lanes section (five lanes in each direction) and four major interchanges.

Ashghal awarded the contract to a joint venture of Joannou & Parakskevaides (75 per cent) and J&P Avax SA (25 per cent) with an estimated date of completion in 2016.
 
Joannou & Paraskevaides (Overseas) was established in 1961 and has progressed to become one of the region’s leading building, civil and electromechanical engineering contractors with a strong involvement in the energy (oil and gas) and industrial sectors and over five decades of experience operating in the Middle East, North Africa, Europe and Asia.

The company's activities cover the entire spectrum of construction business, including, roads and infrastructure, airports and buildings, and project support services for the energy and industrial sector.

On the deal, CEO Abdulla Saleh Al Raisi said Commercial Bank was proud to finance large-scale infrastructure projects in Qatar such as the West Corridor. "These projects are essential for accelerating growth of the private sector ahead of the 2022 World Cup and addressing Qatar’s long-term infrastructure needs resulting from a rapidly rising population," he noted.

"As one of the leading Qatari banks in wholesale banking, we are playing a key role in the realisation of the National Vision 2030 by supporting Qatari and international construction companies with project finance," he added.-TradeArabia News Service