DOHA: Mashreq is set to be the lead bank in a consortium providing finance to the joint venture which was awarded the QR8.46bn Red Line North Underground contract by Qatar Railways Company.
The announcement was made at a signing ceremony at Oryx Rotana Hotel with with Joint Mandated Lead Arrangers Barwa Bank, Qatar Islamic Bank and Union National Bank. The consortium will provide club financing of QR2.11bn to the JV between Impregilo, SK Engineering & Construction Co and Galfar Al Misnad Engineering and Contracting.
The Doha Metro is a key component of the country’s envisaged integrated rail system, which upon completion would include high-speed long distance rail links, freight lines, Lusail Light Rail Transit System and People Mover Systems in West Bay and Education City.
The Red Line North Underground package is a significant division of the project and will include construction of two parallel 13km underground tunnels. The package will also include construction of seven underground stations between Msheireb and Lusail Marina.
Ross Officer, Country Head of Mashreq in Qatar, said: “Mashreq has extensive experience in supporting large state owned development projects, both in Qatar and across the region. We are confident that this strong joint venture partnership will ensure the success of the Red Line North Underground project and is another step towards implementing Qatar’s future plans.”
Flavio DiPietro, Area Financial Controller of Impregilo, said, “The details of the financial transaction have been carried out with the maximum professionalism thanks to a tailored and dutifulness work that has rendered a financial instrument that today we are here to represent as a benchmark for the international market and primarily for the State of Qatar.”
Senior officials from consortium member banks attended the event were Steven Troop, CEO of Barwa Bank, Bert De Ruiter, CEO Wholesale Banking of Qatar Islamic Bank and Khaled Nabil Khorshid, Head of Syndication of Union National Bank.
They expressed their satisfaction with the high quality of banking expertise available in the consortium and reiterated their commitment to support the growth of Qatar by actively participating in many more such projects in the future.
The Peninsula
