HSBC Bank Middle East, Qatar has inked a QR1 billion deal of contract-related finance facilities with Al Jaber Engineering Company to help Qatar General Electricity and Water Corporation s (Kahramaa) pipelines for the Mega Reservoirs Project.
The Mega Reservoirs Project is part of the government s strategy to get water security for the country s and preserve its water quality. The reservoirs will raise the capacity of the water reserve to last for seven days from one.
The transaction reinforces the bank s capabilities to provide sophisticated infrastructure finance in the local market, said HSBC Qatar chief executive officer Abdul Hakeem Mostafawi, HSBC has proven its ability and willingness to engage with large local contractors in key strategic projects as part of its ongoing commitment to support the infrastructure build-up in the country that is part of the Qatar National Vision 2030.
We have seen an 18.3% growth across the construction sector from July 2013 to March 2014. Since the opening of the Hamad International Airport, there has been increased momentum in the infrastructure development with Ashghal and Kahramaa both continuing to release major projects into the market, said HSBC Qatar head of commercial banking Richard Keery.
HSBC is very well-placed to provide a one-stop shop for local and international companies that need a financial partner to support large infrastructure projects whether the requirement is capital expenditure, bonding lines, or working capital, said Keery.
Keery added, We are delighted to be working with Al Jaber Engineering, one of our longstanding customers in Qatar. HSBC is determined to add value to our customers and will continue to keep their best interests at heart by providing them with financial solutions tailored to their needs.
We are proud to have been awarded these prestigious projects by Kahramaa and by being part of the country s ambitious development plans in achieving the Qatar National Vision 2030, said Al Jaber CEO Osama Hadid.
Al Jaber Engineering Company is a leading Qatari general contractor specialising in infrastructure projects, including roads, bridges, and oil and gas facilities.