Doha: Al Khalij Commercial Bank (al khaliji) has extended contract financing facilities to a venture between Midmac Contracting Co WLL (Midmac) and Yuksel Insaat AS (Yuksel) for their recently awarded Lusail Development for Primary Infrastructure Project (CP4) for the amount of QR1.66bn.
“We are proud to be involved in supporting a key infrastructure project that will surely change the transportation landscape of the country,” Robin McCall (pictured), al khaliji’s Group Chief Executive Officer. “We are pleased to be part of such a landmark transaction, reflecting our strong commitment to the State of Qatar, and the confidence we have in Midmac and Yuksel Insaat as valued clients.”
Established in 1975, Midmac is one of Qatar’s largest contractors. The company has an extensive and consistent track record of delivering large and challenging projects in the construction and engineering industry spanning the best part of the last four decades. Together with Yuksel, a Turkish engineering giant with over 50 years of delivering billions of dollars of construction projects across Asia and Europe, the venture was handed the contract for the road work development in Lusail.
Raghib H Kublawi, General Manager of Midmac said: “The project being financed is of strategic nature in the country’s future, supporting key objectives set forward in the Qatar National Vision 2030. Midmac is very pleased to be working with Lusail Real Estate Development Company on such key project. It comprises the construction of highway A1, A6 & Marina Interchange with a total of 5.2 km. ”
Sezai Arli, Country Manager-Qatar of Yuksel, said: “We are pleased to partner with al khaliji on this prestigious project, and appreciate the support being extended by the bank to the local and international contractors operating in the country. The quick turnaround for our facility offer and execution was made possible by the exceptional support & commitment from the al khaliji team and offering a complete contract financing package that meets the project requirements”.
Financing of the project was made possible by the fact that contracting is a key focus area in the new mid-term strategy unfolded by al khaliji. As part of this strategy, a dedicated contracting team specifically caters to the needs of large local and international contractors operating in Qatar working across diverse business sectors that include, but not limited to, oil and gas, infrastructure, and upcoming mega projects like the Doha Metro and integrated rail project.
The Peninsula
