Doha, Qatar Wednesday 29 May 2013

Al Khalij Commercial Bank (al khaliji) QSC has extended contract financing facilities to a venture between Midmac Contracting Co. W.L.L. (Midmac) and Yuksel Insaat A.S. (Yuksel) for their recently awarded Lusail Development for Primary Infrastructure project (CP4) for the amount of QR 1.66 Billion.

"We are proud to be involved in supporting a key infrastructure project that will surely change the transportation landscape of the country," Robin McCall, 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 commented:

"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. Our strategic partnership with al khaliji and the Bank's invaluable support on an ongoing basis helps Qatari establishments like Midmac to participate in the country's key infrastructure projects in line with the vision of H.H. the Emir Sheikh Hamad Bin Khalifa Al Thani and Heir Apparent H.H. Sheikh Tamim Bin Hamad Al Thani. "

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 to 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. al khaliji also works on a 'preferred client' model, offering customized services to specifically provide to the clients' financing needs.

Awarded an 'A-' credit rating by international rating firm Fitch in 2011 and reaffirmed in 2012, al khaliji has the capabilities and expertise to provide the right financing solutions. As a pioneering Qatari financial institution, al khaliji understands the requirements of its preferred clients and provides them with the financial assistance through a group of banking professionals who are able to support and service their clients' needs through their personalized service, partnership approach, swift approvals, and simple procedures. al khaliji recognizes that every company is unique and its customized banking solutions help its clients to make the best of every opportunity for their businesses.

For more information about al khaliji, please visit www.alkhaliji.com.

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© Press Release 2013