Doha Bank, Qatar’s largest private commercial bank, has signed a project finance deal with Leighton Contracting Qatar to support the construction of the Rawdat al Rashed water security mega reservoir project.
The major infrastructure project is being undertaken by the Qatar General Electricity & Water Corporation (KAHRAMAA) and is valued at more than $604 million (USD).
Leighton Contracting Qatar is part of the UAE-based Habtoor Leighton Group, which specializes in building major infrastructure projects for public and private interests around the Middle East and North Africa.
The project in Rawdat al Rashed will be one of five mega reservoirs to be built, with others in Umm Birka, Umm Salal Ali, Abu Nakhla and Al Thumama. The reservoir system have a massive capacity of 100 million gallons of water, which will make them the largest reinforced concrete reservoirs in the world.
Plans call for two building phases. The first will complete reservoirs with the ability to meet the area’s projected water needs in 2026; the second phase will supplement those to handle the amount of water usage expected by 2036.
Doha Bank has issued a number of such project finance guarantees for the reservoir projects.
“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,” Doha Bank CEO R. Seetharaman said. “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.”
