Al Khalij Commercial Bank (Al Khaliji) has extended financing to a Joint Venture of Consolidated Contractors Group (Offshore) — CCC and Teyseer Contracting Company for the construction of the Mega Reservoir PRPS 5 — Al Thumama (Package C) project.
The Water Security Mega Reservoir Project involves the construction of five huge potable water mega reservoir sites and interconnecting network of large diameter water pipelines. Each reservoir site will ultimately comprise up to five reservoirs, which will be the largest of their kind in the world.
The aim of the Water Security Mega Reservoirs Project is to provide seven days of potable water storage in the new mega reservoirs as well as existing and future secondary reservoirs that preserve the water quality, as per Kahramaa and World Health Organisation (WHO) standards.
“Al Khaliji’s financing of such imperative development comes as part of the bank’s strategy to support the rollout of major infrastructure projects in the State of Qatar and to accommodate the growth requirements of our valuable clients. In line with the 2030 National Vision, we will continue to take part in the country’s growth alongside renowned international and local companies” said Fahad al-Khalifa, Al Khaliji Group chief executive officer.
Al Khaliji has long been involved in supporting projects that help develop Qatar’s infrastructure. Recently, the bank facilitated financing for a contract awarded to a joint venture between Boom Construction Company and Six Construct Qatar.
The contract covered the construction and development of Al Rayyan Road (Project 7) stretching from West of New Rayyan roundabout to East of Bani Hajer roundabout. Similarly, Al Khaliji extended contract financing facilities to a joint venture between Boom Construction Company and C.A.T. International Qatar for their awarded Transmission Pipelines for Mega Reservoirs Project around Doha.
Consolidated Contractors Group SAL (Offshore) is considered one of the largest engineering and construction company in the Middle East. In Qatar, it takes on numerous huge projects through unincorporated JV with Teyseer Contracting Company, one of the leading contracting firms in Qatar. Al Khaliji continues to focus its growth and activities in Qatar, its domestic market. Due to the bank’s strength in lending, strong capitalisation and the long track record of solid performance, Fitch awarded Al Khaliji a Long Term Issuer Default Rating of ‘A+’.
Moody’s Investor Services has also recently assigned credit rating of A3 to Al Khaliji with ‘stable’ outlook.