Press Release

Last Updated: Fri, Dec 19 2014 | 10:31 PM |

Ahli Bank and KLJ Organic Qatar sign a financing agreement for US$ 100 Million

Posted: Wednesday, 26 December 2012 Company:

Country: Qatar

Industry Sector: Banking


Description: Ahli Bank QSC, Qatar Industrial Manufacturing Company (QIMC) and KLJ Organic Limited of India (KLJ) have signed an agreement on December 25, 2012 for financing KLJ Organic Qatar W.L.L, a new US $ 100 Million chemical manufacturing complex in Qatar. KLJ Organic Qatar W.L.L (KLJQ) is a JV between QIMC (60% shareholding) and KLJ Organic Limited of India (40% shareholding).

Comments: Located in Messaieed industrial area, KLJ Organic Qatar will manufacture Chlorinated Paraffin, Caustic Soda, Hydrochloric Acid, Calcium Chloride, Sodium Hypochlorite & other related chemicals.

The agreement was signed by Mr. Mahmoud Malkawi, Acting CEO of Ahli Bank, Mr. Abdul Rahman Al Ansari, CEO of QIMC and Mr. Hemant Jain, Director of KLJ. The signing ceremony was also attended by a number of officials from both organisations.

On the occasion, Mr. Malkawi said: “This agreement with KLJQ will go a long way in providing a long-term partnership between us and is a strong sign of the confidence QIMC and KLJ has reposed in us. It is also a great honour to sign this agreement on the occasion of Qatar’s National day. We are focused on playing our part in the development of this great country and we would like to be one of the recognized players as we all work towards supporting Qatar’s National Vision 2030.

Mr. Malkawi further added that Ahli Bank is committed to the highest international standards of corporate governance and regulatory compliance, ensuring that Ahli Bank’s financial solidity is without question. We have adopted a disciplined risk and cost management culture which protects both customers and staff”.

Mr. Al Ansari said: “Ahli Bank has collaborated positively in our expansion plan and we hope our relationship will grow further in the years to come. The strategy of QIMC is derived mainly from its objectives to participate in the general development of the industrial sector of Qatar with emphasis on utilizing locally available raw materials, improving skills and employment among the Qatari nationals.

Mr. Al Ansari also said: “QIMC’s strategy is to introduce new technologies and expand the local markets through encouraging foreign firms to invest in Qatar on joint venture basis. QIMC’s investments are diversified into various industrial sectors including chemicals, petrochemicals, construction materials and food processing.

Mr. Hemant Jain said: “We are proud to be the first Indian Company to invest in the Industrial sector of Qatar. We would like to acknowledge the support of Ahli Bank and of our partners QIMC, without their support this project would not have been possible.”

Mr Hemant Jain also said: “KLJ Group is the largest manufacturer and market leader in Plasticizers and Polymer Compounds in South Asia. It has several manufacturing plants in India and in Thailand. With the commissioning of the Qatar Plant, KLJ would become the largest producer of Chlorinated Solvents in the World. KLJ Group with an expertise of over 40 years in the industry is a USD 600 Million group having diversified interests in Plasticizers & Polymer Compounds, Petrochemicals and Real Estate.”

Contact Details:

Contact number: 974 6 6060928
Name: Aref El Nakadi

Details: Founded in 1983, Ahli Bank’s client base over the last 30 years has grown rapidly. Ahli Bank has a large integrated network of 17 branches in Qatar providing a huge range of products and services from Corporate Banking, Treasury and Investments and Retail to Private Banking and Wealth Management. The Bank has affirmed as A- (Stable) by Fitch ratings and Capital Intelligence. Ahli Bank has been recently awarded the coveted “Best Commercial Bank in Qatar” by leading international finance magazine World Finance and by Arabian Business at the prestigious Arabian Business Qatar Awards.

Press Releases Search

<< December 2014
Sun Mon Tue Wed Thu Fri Sat
   1   2   3   4   5   6 
 7   8   9   10   11   12   13 
 14   15   16   17   18   19   20 
 21   22   23   24   25   26   27 
 28   29   30   31       
If you wish to add a press release,
please click the following button
Don't miss
Gov'ts must adopt to rapid changes in the Arab world, says Dubai ruler

Gov'ts must adopt to rapid changes in the Arab world, says Dubai ruler

Sheikh Mohammed said the region will experience economic, political and social changes that...

Prince Alwaleed tops 2014 Arab Rich List with $28.1bn

Prince Alwaleed tops 2014 Arab Rich List with $28.1bn

Saudi prince takes number one slot for eleventh year running

Revealed: Winners of 2nd Arabian Business StartUp Awards

Revealed: Winners of 2nd Arabian Business StartUp Awards

The event highlights the biggest achievers and self-starters within the UAE’s growing start...

6 tips to fast track your career

6 tips to fast track your career

Quick and simple tools can make the biggest differences

Live blog: The 11th annual Arabian Business Forum

Live blog: The 11th annual Arabian Business Forum

Live updates from today's event, with speakers including BBC broadcaster Andrew Neil, Etihad...

Gaza “hero” doctor honoured by Arabian Business

Gaza “hero” doctor honoured by Arabian Business

Dr David Nott takes top prize at awards ceremony

Winners of the Arabian Business Achievement Awards 2014

This year's top winners from across a variety of business sectors

InPicture: Fourth Arabian Business Women's Forum

The one-day event is examining the role of women working in the Arab world, the challenges...

Debate: Is it women, not men, maintaining the glass ceiling?

Debate: Is it women, not men, maintaining the glass ceiling?

Women in male-dominated professions are on the rise, but concerns over equality still persist...

Most Discussed