Qatar Islamic Bank (QIB), signed a QR 1 Billion Financing deal with Daewoo Engineering and Construction Co. (Daewoo E&C). The agreement was signed at QIB\u2019s headquarters, by Mr. Tarek Youssef Fawzi, QIB\u2019s General Manager – Wholesale Banking Group and Mr. In-Hwan CHO, Daewoo E&C\u2019s Head of Finance.<\/p>\n\n\n\n
The financing agreement will support Daewoo\u2019s current projects in the State of Qatar including the construction and upgrading of the E-Ring Road. This project will expand the number of lanes from 8 to 14, enlarge the highway by 4.5km and build a new 4km long section. The project value is estimated at QR 2.25 Billion and was recently awarded to Daewoo E&C by the Public Work Authority (Ashghal).<\/p>\n\n\n\n
QIB\u2019s participation in the project comes as part of the Bank\u2019s strategic vision to provide Islamic financing solutions to key stakeholders that are participating in the country\u2019s major development projects. Over the course of the past few years, the Bank has been involved in financing agreements for large projects in the sectors of energy, industry, infrastructure, construction, and trade.<\/p>\n\n\n\n
\u201cQIB is having an important role in Qatar\u2019s economic life for over three decades\u201d said, Tarek Youssef Fawzi, QIB\u2019s General Manager – Wholesale Banking Group: \u201cThe Bank\u2019s strategy is closely tied with Qatar\u2019s National Vision 2030. As the leading Islamic Bank in the country, we are making sure to participate and contribute to the development and diversification of Qatar\u2019s economy. In 2016, our Contracting division continued in this trajectory, supporting and financing infrastructure projects for major government, semi-government and private sector initiatives.\u201d<\/p>\n\n\n\n
Commenting on the agreement, Mr. In-Hwan CHO, Daewoo E&C\u2019s Head of Finance Head of Finance said: \u201cQatar is one of the key countries we are operating in and this is the second Financing deal signed with QIB following the 365 million QR facility granted in 2016. Those agreements support our company to perform existing projects making QIB a key strategic partner to our success in the State of Qatar\u201d.<\/p>\n\n\n\n
Daewoo E&C was established in 1973. It is one of the top-tier construction companies in South Korea actively involved in domestic and international projects. Daewoo E&C began its activities in Qatar in 2005 with Ras Laffan Refinery project, and so far the company has been awarded 5 projects, a total of QR 8.75 Billion. The company expects to secure more infrastructure projects related to 2022 FIFA World Cup.<\/p>\n","protected":false},"excerpt":{"rendered":"
Qatar Islamic Bank (QIB), signed a QR 1 Billion Financing deal with Daewoo Engineering and Construction Co. (Daewoo E&C). The agreement was signed at QIB\u2019s headquarters, by Mr. Tarek Youssef Fawzi, QIB\u2019s General Manager – Wholesale Banking Group and Mr. In-Hwan CHO, Daewoo E&C\u2019s Head of Finance. The financing agreement will support Daewoo\u2019s current projects […]<\/p>\n","protected":false},"author":1,"featured_media":14070,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-15059","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"rttpg_featured_image_url":{"full":["https:\/\/web3unplugged.io\/blog\/wp-content\/uploads\/2021\/08\/ecommerce2.jpg",1000,666,false],"landscape":["https:\/\/web3unplugged.io\/blog\/wp-content\/uploads\/2021\/08\/ecommerce2.jpg",1000,666,false],"portraits":["https:\/\/web3unplugged.io\/blog\/wp-content\/uploads\/2021\/08\/ecommerce2.jpg",1000,666,false],"thumbnail":["https:\/\/web3unplugged.io\/blog\/wp-content\/uploads\/2021\/08\/ecommerce2-150x150.jpg",150,150,true],"medium":["https:\/\/web3unplugged.io\/blog\/wp-content\/uploads\/2021\/08\/ecommerce2-300x200.jpg",300,200,true],"large":["https:\/\/web3unplugged.io\/blog\/wp-content\/uploads\/2021\/08\/ecommerce2.jpg",1000,666,false],"1536x1536":["https:\/\/web3unplugged.io\/blog\/wp-content\/uploads\/2021\/08\/ecommerce2.jpg",1000,666,false],"2048x2048":["https:\/\/web3unplugged.io\/blog\/wp-content\/uploads\/2021\/08\/ecommerce2.jpg",1000,666,false],"post-thumbnail":["https:\/\/web3unplugged.io\/blog\/wp-content\/uploads\/2021\/08\/ecommerce2.jpg",631,420,false],"graptor-sq-xs":["https:\/\/web3unplugged.io\/blog\/wp-content\/uploads\/2021\/08\/ecommerce2.jpg",100,67,false]},"rttpg_author":{"display_name":"admin","author_link":"https:\/\/web3unplugged.io\/blog\/author\/admin\/"},"rttpg_comment":0,"rttpg_category":"Uncategorized<\/a>","rttpg_excerpt":"Qatar Islamic Bank (QIB), signed a QR 1 Billion Financing deal with Daewoo Engineering and Construction Co. (Daewoo E&C). The agreement was signed at QIB\u2019s headquarters, by Mr. Tarek Youssef Fawzi, QIB\u2019s General Manager – Wholesale Banking Group and Mr. In-Hwan CHO, Daewoo E&C\u2019s Head of Finance. The financing agreement will support Daewoo\u2019s current projects…","_links":{"self":[{"href":"https:\/\/web3unplugged.io\/blog\/wp-json\/wp\/v2\/posts\/15059","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/web3unplugged.io\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/web3unplugged.io\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/web3unplugged.io\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/web3unplugged.io\/blog\/wp-json\/wp\/v2\/comments?post=15059"}],"version-history":[{"count":1,"href":"https:\/\/web3unplugged.io\/blog\/wp-json\/wp\/v2\/posts\/15059\/revisions"}],"predecessor-version":[{"id":15061,"href":"https:\/\/web3unplugged.io\/blog\/wp-json\/wp\/v2\/posts\/15059\/revisions\/15061"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/web3unplugged.io\/blog\/wp-json\/wp\/v2\/media\/14070"}],"wp:attachment":[{"href":"https:\/\/web3unplugged.io\/blog\/wp-json\/wp\/v2\/media?parent=15059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/web3unplugged.io\/blog\/wp-json\/wp\/v2\/categories?post=15059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/web3unplugged.io\/blog\/wp-json\/wp\/v2\/tags?post=15059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}