Qatar Islamic Bank (QIB), signed a QR 1 Billion Financing deal with Daewoo Engineering and Construction Co. (Daewoo E&C). The agreement was signed at QIB’s headquarters, by Mr. Tarek Youssef Fawzi, QIB’s General Manager – Wholesale Banking Group and Mr. In-Hwan CHO, Daewoo E&C’s Head of Finance.
The financing agreement will support Daewoo’s current projects in the State of Qatar including the construction and upgrading of the E-Ring Road. This project will expand the number of lanes from 8 to 14, enlarge the highway by 4.5km and build a new 4km long section. The project value is estimated at QR 2.25 Billion and was recently awarded to Daewoo E&C by the Public Work Authority (Ashghal).
QIB’s participation in the project comes as part of the Bank’s strategic vision to provide Islamic financing solutions to key stakeholders that are participating in the country’s major development projects. Over the course of the past few years, the Bank has been involved in financing agreements for large projects in the sectors of energy, industry, infrastructure, construction, and trade.
“QIB is having an important role in Qatar’s economic life for over three decades” said, Tarek Youssef Fawzi, QIB’s General Manager – Wholesale Banking Group: “The Bank’s strategy is closely tied with Qatar’s National Vision 2030. As the leading Islamic Bank in the country, we are making sure to participate and contribute to the development and diversification of Qatar’s economy. In 2016, our Contracting division continued in this trajectory, supporting and financing infrastructure projects for major government, semi-government and private sector initiatives.”
Commenting on the agreement, Mr. In-Hwan CHO, Daewoo E&C’s Head of Finance Head of Finance said: “Qatar is one of the key countries we are operating in and this is the second Financing deal signed with QIB following the 365 million QR facility granted in 2016. Those agreements support our company to perform existing projects making QIB a key strategic partner to our success in the State of Qatar”.
Daewoo E&C was established in 1973. It is one of the top-tier construction companies in South Korea actively involved in domestic and international projects. Daewoo E&C began its activities in Qatar in 2005 with Ras Laffan Refinery project, and so far the company has been awarded 5 projects, a total of QR 8.75 Billion. The company expects to secure more infrastructure projects related to 2022 FIFA World Cup.
