By Colin Foreman
QDC secures funding for further investment.
Qatar Dredging Company (QDC) has secured a loan of US $25.5 million from Commercialbank to fund its growth around the region.
The funds will be used to purchase additional equipment, including auxiliary marine equipment and a range of specialised dry plant, for reclamation projects around the Gulf.
Funds will also be used to meet the capital costs of the new QDC site offices and port facilities in the region. The loan will be amortised over a five-year period, through cash flow generated by QDC from land reclamation work in Qatar and around the region.
QDC chairman Abdul Rahman Abdulghani said: “The loan agreement was designed by the bank to meet QDC’s specific requirements.
“We are delighted the bank has been able to finance such a specialised requirement here in Doha.” He added: “QDC now has the opportunity to acquire additional dry and floating plant and machinery, thanks to its growing Gulf-wide business, which includes the Pearl-Qatar, the New Doha International Airport, Bahrain’s Lulu Island in Manama, the harbour expansion in Assaluyeh, Iran, and several anticipated new projects.”
Omar Alfardan, managing director of QDC, said that the company had a strong current order book. “QDC has taken out this loan also to ensure that we have the resources available when new contracts are signed in the very near future.”
Qatar Dredging Company is a joint venture established in June 2004. It was established between the State of Qatar, United Development Company and leading international dredging and reclamation specialists, Dredging, Environmental and Marine Engineering of Belgium.