Qatar Energy City project
Posted: 15 April 2008
Emirates Islamic Bank has entered into a new strategic agreement with Energy City Development Company WLL to finance partially the Energy City project in Qatar originally sponsored by Gulf Finance House.
The US$ 200 million financing facility was jointly underwritten by Emirates Islamic Bank, Standard Bank Plc of South Africa and Khaleeji Commercial Bank of Bahrain.
Other participating banks in the deal are Abu Dhabi Commercial Bank, Bank of London and the Middle East (UK), United Bank Ltd (UAE), Affin Islamic Bank Berhad (Malaysia), Sharjah Islamic Bank and the National Bank of Umm Al Qaiwain.
The deal was successfully closed with a high-level signing ceremony held on 8th April 2008 at the Head Office of Emirates Islamic Bank in Dubai, United Arab Emirates.
"This new partnership involves some of the largest financial names in the region and beyond," said Speaking on the occasion, Mr. Ebrahim Fayez Alshamshi, CEO of Emirates Islamic Bank.
"The Qatar Energy City is a unique project that symbolizes the vision and futuristic plans of the region in general and Qatar in particular. It is also in line with Emirates Islamic Bank’s core value of playing an integral part in the development of the GCC."
Energy City Qatar is poised to become the region’s first integrated business and residential hub dedicated to the hydrocarbon industry, targeting the oil and gas companies that have a presence in Qatar.
The Energy City project is a US$ 2.6 billion project which was launched in March 2006.
It is divided into two phases ECQ1 and ECQ2. ECQ1 will house corporate offices and other business related infrastructure and the second phase ECQ2 would provide residential facilities to these Corporates having base in ECQ1.
Posted by Richard Price, Editor, EnergyME.com
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