23 August 2017
Qatar Islamic Bank (QIB) has agreed a 1.6 billion Qatari riyal ($439.4 million) funding deal with local contractor Al Jaber Engineering (JEC) to finance a large food security facility at the new Hamad Port.

The new food security facility is being built on a 530,000 square metre site and contains facilities that can be used for storing, processing and manufacturing of various foods, including rice, raw sugar and edible oils.

The complex will house rice silos, oil storage tanks and associated infrastructure such as conveyor systems, processing and warehousing space. There will also be a recycling facility that will help to turn waste products from basic commodity processing into animal feed.

The funding deal was signed by QIB's CEO, Bassel Gamal, and JEC CEO Osama Hadid.

Gamal said: "As an active contributor to the country’s economic growth, we are proud to finance JEC’s food security facilities project which is of strategic importance to the country and all the people who live and work in it.”

Hadid added that JEC would be responsible for both the design and construction of the new food security facility.

"We will cooperate with a number of specialised international companies for the design and supply of the required equipment," he said.

Hamad Port is a $7.4 billion project which has been built to the south of the country's capital, Doha.

It began full commercial operations in December last year.

© Zawya 2017