Doha Bank signs Project Finance deal with Leighton Contracting

Posted on by rajubora
09 Aug
Fund will support Qatar’s ambitious Water Security Mega Reservoirs Project

Doha Bank, the largest private commercial bank in Qatar, has announced the signing of a project finance deal with Leighton Contracting Qatar, a division of UAE-based Habtoor Leighton Group, for supporting the construction of Qatar General Electricity & Water Corporation’s (KAHRAMAA) Water Security Mega Reservoirs Project- Rawdat Rashed. The project value is QR2.2 billion

The Habtoor Leighton Group (HLG), focused on two core market sectors, Infrastructure and Building, is one of the leading diversified international contractors in the Middle East and North Africa having an extensive track record in large-scale projects across the region. For more than 40 years the Group has built a strong and loyal client base across both the public and private sectors.

The Mega reservoirs, with a capacity of 100 million gallons each, are the largest reinforced concrete reservoirs in the world. The Habtoor Leighton Group (HLG) CEO and Managing Director, José A. López-Monís, said the award validated the high value placed by the client on the capabilities and proven performance of the Group which was awarded this project for KAHRAMAA last March.

“We are pleased at the opportunity to participate in a project that will form the bedrock upon which Qatar’s water security initiatives will be built,” said Dr. R. Seetharaman, Group CEO of Doha Bank, adding that the Bank has already issued project-related guarantees.

“Doha Bank is committed to using our considerable resources to support infrastructure development in Qatar and help build a more prosperous and sustainable future for our nation and its people. As such, we continually look for opportunities to play a greater role in Qatar’s growth story by catering to the financing needs of key strategic entities, both public and private, and we hope to further grow our relationship with Leighton Contracting in the years to come,” Dr. Seetharaman said.

Launched in response to the huge increase in water demand due to the continuous growth and development in Qatar, the Water Security Mega Reservoirs Project aims to provide seven days of strategic water storage within KAHRAMAA’s network system, covering the new mega reservoirs and the existing and future secondary reservoirs.

The first phase of the project will provide seven days of water storage for the expected water demand in 2026, with five mega reservoir sites, while the second phase will provide the seven days of water storage for expected demand in 2036 by adding more reservoirs within the 5 mega reservoirs sites.