Barwa Bank provides finance for QD-SBG Construction Company affirming commitment to the construction sector in Qatar
Doha, 17 July 2011 - Barwa Bank, Qatar's newest Sharia'h compliant banking service
provider, has signed a finance agreement worth QR1.8b with QD-SBG Construction
Company, a company set up between Qatari Diar and Saudi Binladin, together with
Barwa Real Estate and The First Investor, a subsidiary of Barwa Bank. The deal aims
to finance one of the company's major projects, the Dukhan Highway.
Following a thorough market analysis and study of the existing and planned
construction projects, Qatari Diar and Saudi Binladin decided to form QD-SBG
Construction Co. to respond to the market's need of an experienced and strong
contractor that can implement infrastructure and building works for the major
developments in Qatar.
Mr. Mohammad Al Saad, Vice Chairman of Barwa Bank, said, “we are pleased to have
played a key role in bringing together two of the region’s leading companies to form a
major new construction company in Qatar. We hope that the Dukhan Highway project
will be the first of many opportunities for QD-SBG Construction to participate in the development
of Qatar's infrastructure”
The awarding of the Dukhan Highway project by Ashghal is a major step for QD-SBG
Construction on its way to establishing itself as one of the leading construction
companies in Qatar capable of executing large, complicated and diversified
construction jobs, having high quality, on-time delivery and competitive pricing.
QD-SBG Construction has selected Barwa Bank as the bank to finance its first project.
Commenting on the choice, Mr. Keith Bradley, -Head of Banking in Barwa Bank - said:
“Since its inception, Barwa Bank has developed a depth of expertise in corporate and
construction finance. We are privileged to have been selected by QD-SBG
Construction to play a key role in this historic transaction. The company's choice
affirms Barwa Bank’s position as a leading provider of construction finance in Qatar. “
Mike Whitfield, Chief Financial Office at QD-SBG Construction commented: “We were
impressed by the support provided by the team at Barwa Bank; we needed to move
quickly and they responded, we needed flexibility and they provided it. We were able
to focus on project mobilization knowing that we had the support of a strong financial
Capitalizing on its strong financial situation and innovative suite of products and
services, Barwa Bank will continue to work closely with the construction sector and
other main sectors to achieve its vision of becoming a universal Sharia'h compliant
banking group with its roots in Qatar.
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