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

Wednesday, 26 Dec 2012
Category: Banking
Countries: Qatar
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).
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

Name: Aref El Nakadi
Job title: Marketing and Corporate Communications Manager
Contact Number: 974 6 6060928
Additional Information: 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.