Habtoor Leighton secures Qatar reservoir finance
Doha Bank signs up to fund $600mn water project in Qatar.
Leighton Contracting Qatar, a division of UAE-based Habtoor Leighton Group, has secured finance for its work on Qatar’s Mega Reservoirs project.
Doha Bank announced that it would provide project finance for its work on the project which is valued at QAR2.2bn ($600mn).
The reservoirs, with a capacity of 100 million gallons (450,000 m3) each, are the largest reinforced concrete reservoirs in the world. When complete the project aims to provide seven days of strategic water storage within Kahramaa’s network system.
The Habtoor Leighton Group (HLG) CEO and Managing Director, Jose A. Lopez-Monis, said the award validated the high value placed by the client on the capabilities and proven performance of the Group which was awarded this project for Kahramaa last March.
“We are pleased at the opportunity to participate in a project that will form the bedrock upon which Qatar’s water security initiatives will be built,” said Dr. R. Seetharaman, Group CEO of Doha Bank.
“Doha Bank is committed to using our considerable resources to support infrastructure development in Qatar and help build a more prosperous and sustainable future for our nation and its people.
“As such, we continually look for opportunities to play a greater role in Qatar’s growth story by catering to the financing needs of key strategic entities, both public and private, and we hope to further grow our relationship with Leighton Contracting in the years to come,” Dr. Seetharaman said.
The first phase of the project, which is currently under implementation, will deliver storage capacity of about 2,300 million gallons of water in 24 huge concrete reservoirs
The second stage of the project, which will be implemented after 2020, will include construction of additional pipelines and 16 new reservoirs within the 5 mega sites to achieve an ultimate total storage capacity of about 3,800 million gallons of water.
Habtoor Leighton Group is part of the Leighton Group, Australia’s largest project development and contracting group.
Al Habtoor Holdings LLC of the UAE is a minority shareholder in Habtoor Leighton Group.