BARWA BANK PROVIDES FINANCE FOR QD-SBG CONSTRUCTION COMPANY AFFIRMING COMMITMENT TO THE CONSTRUCTION SECTOR IN QATAR
Barwa Bank, Qatar's newest Sharia'h compliant banking serviceprovider, has signed a finance agreement worth QR1.8b with QD-SBG ConstructionCompany, a company set up between Qatari Diar and Saudi Binladin, together withBarwa Real Estate and The First Investor, a subsidiary of Barwa Bank. The deal aimsto finance one of the company's major projects, the Dukhan Highway.
Following a thorough market analysis and study of the existing and plannedconstruction projects, Qatari Diar and Saudi Binladin decided to form QD-SBGConstruction Co. to respond to the market's need of an experienced and strongcontractor that can implement infrastructure and building works for the majordevelopments in Qatar.
Mr. Mohammad Al Saad, Vice Chairman of Barwa Bank, said, “we are pleased to haveplayed a key role in bringing together two of the region’s leading companies to form amajor new construction company in Qatar. We hope that the Dukhan Highway projectwill be the first of many opportunities for QD-SBG Construction to participate in the developmentof Qatar's infrastructure”
The awarding of the Dukhan Highway project by Ashghal is a major step for QD-SBGConstruction on its way to establishing itself as one of the leading constructioncompanies in Qatar capable of executing large, complicated and diversifiedconstruction jobs, having high quality, on-time delivery and competitive pricing.
QD-SBG Construction has selected Barwa Bank as the bank to finance its first project.Commenting on the choice, Mr. Keith Bradley, -Head of Banking in Barwa Bank - said:“Since its inception, Barwa Bank has developed a depth of expertise in corporate andconstruction finance. We are privileged to have been selected by QD-SBGConstruction to play a key role in this historic transaction. The company's choiceaffirms Barwa Bank’s position as a leading provider of construction finance in Qatar. “
Mike Whitfield, Chief Financial Office at QD-SBG Construction commented: “We wereimpressed by the support provided by the team at Barwa Bank; we needed to movequickly and they responded, we needed flexibility and they provided it. We were ableto focus on project mobilization knowing that we had the support of a strong financialpartner.”
Capitalizing on its strong financial situation and innovative suite of products andservices, Barwa Bank will continue to work closely with the construction sector andother main sectors to achieve its vision of becoming a universal Sharia'h compliantbanking group with its roots in Qatar.
