Lender says it is supporting Qatar's plans to build Water Security Mega Reservoirs Project
Doha Bank is backing a project financing to be used to construct the 2.2 billion riyal ($604.3 million) Water Security Mega Reservoirs Project for Qatar General Electricity & Water Corporation (KAHRAMAA), the bank has said.
The deal has been signed with Leighton Contracting Qatar, a unit of United Arab Emirates-based Habtoor Leighton Group, with Doha Bank adding in the bourse filing it had already issued project-related guarantees to the company.
It did not specify a value for the financing backing the project, nor the terms of the loan.
The reservoirs in the project, named Rawdat Rashed, have a capacity of 100 million gallons each and will be the largest reinforced concrete reservoirs in the world, the statement said, without mentioning the total capacity of the project.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.