Al Khalij Commercial Bank and the Commercial Bank of Qatar have extended financing facilities worth QR1.26 billion ($345.6 million) for a contract awarded to a joint venture between Turkish companies Dogus Construction and Onur Taahhut for the construction and development of the Al Rayyan Road project.

The Qatari banks are financing the QR3.43 billion ($941 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, remarked Fahad Al Khalifa, the CEO of al khaliji Group.

The bank continues to focus in playing a key role in the country’s development and progression, he added.

Commercial Bank CEO Abdulla Saleh Al Raisi said the bank 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.

"This is a testament to Commercial Bank’s strategy, financial strength and prudent management," he added.
 
The 10.7-km-long Al Rayyan road project is one of the major schemes awarded by the Public Works Authority “Ashghal” under the expressway program within the roads and infrastructure development. It is a significant infrastructure project designed to connect the South of Doha with the North, East and West.

The project is part of the country’s road building program intended to reduce congestion, journey times, environmental impacts and improve the flow of traffic to accommodate the influx of visitors during the 2022 Fifa World Cup and position Qatar as a business hub.

Within the scope of the project, Doğuş Construction and Onur Taahhut will handle the construction and development works of a 5.3 km section. The project includes the construction and upgrading of Al Rayyan Road that stretches from the West of the Olympic Roundabout to the West of the New Al Rayyan Roundabout, as well as the associated side and service roads.-TradeArabia News Service