DOHA: Bemco Contracting Company has signed a finance deal worth QR1bn covering bank facilities for utility systems for the New

Doha International Airport (NDIA).

DOHA: Bemco Contracting Company has signed a finance deal worth QR1bn covering bank facilities for utility systems for the New

Doha International Airport (NDIA).

The finance was arranged in a club deal with five international and Gulf banks, led by Calyon Corporate and Investment Bank, Dubai. The participating banks are Commercialbank, Doha Bank, National Bank of Abu Dhabi and Al-Mashreq Bank.

“The agreement constitutes one of the most important private financing deals for industrial and power projects in Qatar,” a Bemco release here yesterday said. The agreement came after Bemco was awarded the utility systems package for the New Doha International Airport project, for about QR1.5bn.

In accordance with the scope of the contract, Bemco would construct water desalination and power stations in addition to sub-stations and chiller plants for the New Doha International Airport, which is expected to be completed within 22 months.

The execution period is rather short compared to the size of the project, Bemco said. “However, we have built our name and reputation based on our vast experience gained through execution of various such projects in the GCC countries,” it said. At a ceremony held in Dubai, the financing agreement was signed by Henry Sarkissian, Bemco’s general manager, and Amr al-Kabbani, regional manager for Calyon in the Gulf, along with representatives of the participating banks.

On the occasion, both Sarkissian and al-Kabbani expressed their thanks and appreciation to the participating banks for their trust and co-operation in concluding the facility agreement.