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Tue 18 Apr 2017 02:01 PM

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South Korean builder secures $270m loan to support Qatar projects

Qatar Islamic Bank agrees financing deal with Daewoo Engineering and Construction

South Korean builder secures $270m loan to support Qatar projects
GCC construction, Middle East construction

Qatar Islamic Bank (QIB) has signed a QR1 billion ($270 million) financing deal with Daewoo Engineering and Construction Co to support its construction projects in the Gulf state.

The financing agreement will support Daewoo’s current projects in Qatar including the construction and upgrading of the E-Ring Road, a statement said.

It added that 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 QR2.25 billion and was recently awarded to Daewoo E&C by the Public Work Authority (Ashghal).

In-Hwan Cho, Daewoo E&C’s 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 QR365 million 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."

South Korean giant Daewoo E&C began its activities in Qatar in 2005 with Ras Laffan Refinery project, and so far the company has been awarded five projects, worth a total of QR8.75 billion.

The company said it expects to secure more infrastructure projects related to 2022 FIFA World Cup.

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