Doha 18 March 2007- Qatar National Bank (QNB) and Future Pipe Industries-Qatar signed a financing agreement worth QR 288 million. Future Pipes - Qatar is a part of the Future Pipe Group (FPG), and a leading manufacturer of high performance, anti-corrosive Fiberglass pipe systems.

The agreement was signed by Mr. Abdullah Mubarak Al Khalifa, Assistant General Manager, Corporate Banking and Capital Markets on behalf of QNB and Mr. Rami Makhzoumi, Managing Director of Future Pipe Industries-Qatar and President of Future Pipe Group at QNB headquarters in presence of officials from both institutions.

The loan was extended to Future Pipe Industries-Qatar in order to finance their project with Qatar Petroleum (QP), the project being the supply of pipes and fittings for the Common Cooling Water project Phase II in Ras Laffan Industrial City. A part of the resources granted by QNB will be utilized to finance Future Pipe Industries' new factory. The factory will produce 100,000 Metric Tons of fiber glass pipes and fittings per year and this would be the first factory in Qatar noting that FPG operates 17 plants globally.

The oil & gas industry is the backbone of Qatar's booming economy and QNB is a major partner in the growth and development of this particular sector as the leading bank in this country which will undoubtedly help strengthen Qatar's position not just regionally but also internationally.  

Mr. Rami Makhzoumi remarked, "We are highly motivated by QNB's display of confidence in our organization and our projects. With QNB's backing, we are determined to meet the targets we have set for ourselves. With the growth of oil and gas industries in Qatar there is likely to be substantial demand for our products and setting up this factory will help us meet this demand."

Future Pipe Industries-Qatar- Qatari Closed Joint Stock Company- was established in late 2003 as a result of extensive market research undertaken by the Future Pipe Industries-Group in the Qatari market. With the proposed plant in Qatar, the use of fiberglass pipes is likely to increase sharply.

The pipes are already in use in Qatar in the power and petrochemical plants (QVC, QAFAC, QAFCO, QASCO) both for replacing existing metallic pipes and installing new piping system for new plants as well as expansions of existing plants.

The brilliant financial results achieved by the bank in the financial year ended December 31st, 2006 have been partly attributed to a strong growth in loans and advances due to the diversification of lending products and services.

QNB, in the past year, has entered into financing agreements with major companies such as Qtel, Barwa, and Qatar Navigation reflecting its capabilities as a strong and reliable partner.

-Ends-

Qatar National Bank (QNB)
Qatar National Bank (QNB) was established in 1964 as the country's first Qatari-owned commercial bank, with an ownership structure split between the Government of Qatar (50%) and the private sector (50%). 

QNB has steadily grown to be among the largest banks in the region and is by far the leading financial institution in the country with a market share approaching 45% of banking sector assets. QNB has the largest distribution network of 37 branches and offices, in addition to 6 Islamic branches, and more than 100 ATM's.

QNB international presence is rapidly expanding with new locations in Singapore and Libya, Oman, Kuwait and Yemen, supplementing existing branches in London and Paris and a Representative Office in Iran.  The London-based Ansbacher, QNB's Wealth Management and Private Banking subsidiary, operates in Switzerland, Channel Islands, the Bahamas, Dubai International Financial Center and Qatar Financial Center. Ansbacher, was the first financial institution to be granted a license to operate at Qatar Financial Centre providing a wide range of wealth management services in Qatar and the region.

QNB offers a full range of retail, corporate, investment, treasury, wealth management, and Islamic banking products and services for individuals, corporate institutions and government entities. QNB is constantly striving to provide intelligent banking solutions and its range of products and services, and delivery channels across all disciplines continues to be unrivalled.  

Through its affiliate, QNB Al Islami, QNB was the first commercial bank in Qatar to offer Islamic Banking products and services, and the first Qatari bank to launch equity funds (Al Watani Funds) for companies listed in the Doha Securities Market.

QNB has the highest credit rating among Qatari banks from leading rating agencies including Standard & Poor's, Moody's, Fitch, and Capital Intelligence.   The Bank has also been the recipient of the "Best Bank in Qatar" Award from leading international specialized financial publications. . 

QNB has an active community support program and sponsors various social, educational, and sports events. 

The Bank is the official sponsor of the four major sports in Qatar which include Football, Basketball, Handball, and Volleyball.

For further information, please contact
QNB's Public Relations Department
(974) 4407828 - 4407109,
email: PR@qnb.com.qa
QNB's website:www.qnb.com.qa

© Press Release 2007