Qatar: QIB, Medco Ink Financing Deal for New Port Project

Qatar Islamic Bank (QIB), one of the largest Islamic banks in Qatar and one of the top-five Shari’a-compliant banks in the world, has announced the signing of a deal with the Middle East Dredging Company (Medco) to finance the company’s requirements to undertake access channel dredging work at the New Port Project.

Earlier this month, the steering committee for the New Port Project awarded a key dredging contract to Medco and that company approached QIB for the financing necessary to purchase the machinery, equipment, labour and other necessary works needed to execute the contract.

The agreement was signed on behalf of Medco by Medco Chairman Mr. Abdulrahman A. Abdulghani and Medco Management Team. and on behalf of behalf of QIB by its Acting CEO, Mr. Ahmad Meshari.

Mr Meshari commented in the wake of the agreement, “Signing a financing agreement of this size confirms that QIB is capable of providing Islamic Financing solutions that enable large companies to execute large projects. The New Port Project certainly falls into the latter category and is a development that will make a positive contribution to the Qatari economy.”

He said, “This financing agreement is a milestone for QIB in that it displays our ability to get involved with the biggest projects. New Port Project is part of the Qatar National Vision 2030 and as such, there is a certain amount of prestige that comes from QIB’s involvement also. When complete, New Port Project will revolutionise the way this country handles imports and exports by sea, contributing to increased maritime trade between Qatar and the rest of the world.”

“Our partnership with Medco through financing this mega-project will reinforce our role as a leading bank with a strategic vision of providing financial support to the market, thus supporting the world’s fastest-growing economy and reinforcing Qatar’s position as a country that attracts foreign investment. This strategy confirms that the investment climate in Qatar offers promising opportunities and the reason why QIB concentrates nearly its entire financing portfolio on the local market,” added Mr Meshari.

Speaking on behalf of Medco, the Management Team headed by Medco General Manager, Mr. Laurent Closset, said, “As a Qatari company, are proud to be awarded this contract, and pleased to have Qatar Islamic Bank as the financier of the project. this partnership further strengthens the solid position of the local Qatari banks and companies. It also embodies the robust and growing economy of Qatar which has been made possible by the vision and leadership of H.H. Emir of Qatar and H. H. The Heir Apparent and the honoured Qatari Government.

“We extend our thanks and appreciation to the Management and the Chairman of the New Doha Port H.E. Mr. Abdulaziz Mohamed Al Noaimi; the Steering Committee Members and the Managing Team for putting trust in Medco to carry out this project,” he added.

The agreement has been signed in the presence of Mr. Bert Deruiter – General Manager – Wholesale Banking, Mr. Abbas Abdul Majeed – Head of Contracting and Real Estate, and Mr. Ahmed Shams, Senior Relationship Manager from QIB side, in addition to the General manager of Medco, Mr. Laurent Closset, along with his Deputy General Manager Mr Raed Mahfouz, and the Chief Finance Officer, Mr. Babar Rais were also present in the signing ceremony.

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Dredging Today Staff, April 23, 2012