Construction

Medco raises finance for Doha New Port project

Qatar’s Middle East Dredging Company Medco has secured financing from the QIB (Qatar Islamic Bank) to support dredging work for the New Port project in Doha. Medco was awarded the $1.2 billion contract in early May by the steering committee overseeing the proje ct. Medco will use financing to purchase the machinery, equipment, labour and […]

Medco was awarded the $1.2 billion contract in early May

Medco was awarded the $1.2 billion contract in early May

Qatar’s Middle East Dredging Company Medco has secured financing from the QIB (Qatar Islamic Bank) to support dredging work for the New Port project in Doha.

Medco was awarded the $1.2 billion contract in early May by the steering committee overseeing the proje

ct. Medco will use financing to purchase the machinery, equipment, labour and other necessary works required by the contract.

The agreement was signed on behalf of Medco by Medco Chairman Abdulrahman A Abdulghani and Medco Management Team and by QIB’s acting CEO, Mr. Ahmad Meshari.

“As a Qatari company, are proud to be awarded this contract, and pleased to have Qatar Islamic Bank as the financier of the project,” said Medco’s GM Laurent Closset. “This partnership further strengthens the solid position of the local Qatari banks and companies. It also embodies the robust and growing economy of Qatar which has been made possible by the vision and leadership of H.H. Emir of Qatar and H. H. The Heir Apparent and the honoured Qatari Government.”

“We extend our thanks and appreciation to the management and the chairman of the New Doha Port HE Abdulaziz Mohamed Al Noaimi; the steering committee members and the managing team for putting trust in Medco to carry out this project,” he added.

QIB’s Meshari commented: “Signing a financing agreement of this size confirms that QIB is capable of providing Islamic Financing solutions that enable large companies to execute large projects. The New Port Project certainly falls into the latter category and is a development that will make a positive contribution to the Qatari economy.”

” When complete, New Port Project will revolutionise the way this country handles imports and exports by sea, contributing to increased maritime trade between Qatar and the rest of the world,” he said. “The investment climate in Qatar offers promising opportunities and the reason why QIB concentrates nearly its entire financing portfolio on the local market.”

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