QATAR Electricity and Water Company (QEWC) has signed a $450mn financing deal

QEWC General Manager Fahd al-Mohannadi and officials of the four participating banks at the signing ceremony to announce the financing of the RAF A2 project at the Four Seasons Hotel yesterday.

Qatar Electricity and Water Company (QEWC) has signed a $450mn financing deal with four local banks to fund the construction of a desalination plant currently being built at Ras Abu ;The RAF A2 transaction represents a significant milestone in the Qatar history of project financing as for the first time ever in such a major deal, four Qatari banks have lined up together with the aim of realising a utility project, without any financial support from foreign financial banks or institutions.”

QNB General manager (Group Corporate and Institution Banking) Abdulla Mubarak al-Khalifa said with QNB’s expertise and long experience in arranging project financing, his bank has been mandated by the QEWC to lead the deal.
Others present at the signing were CEO of Barwa Bank Steve Troop, CEO of Masraf Al Rayan Adel Mustafawi and Group CEO of QIB Bassel Gamal.

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