IBQ provides project finance for Doha Cables
IBQ today announced its role in the project finance of the newly inaugurated Doha Cables company. Doha Cables is the first and only cable manufacturer in Qatar, with IBQ the sole bank financier providing funding valued at QAR350 million.
Doha Cables is a subsidiary of Senyar Industries, a joint venture between Aamal, one of Qatar’s largest publicly held companies, and Elsewedy Electric Group, Middle East’s leading integrated cables and electrical products manufacturer.
Doha Cables was officially launched on Tuesday 25 May 2010 at an important ceremony held at the Sheraton Doha under the patronage of His Excellency Abdullah Bin Hamad Al-Attiyah, Deputy Prime Minister and Minister of Energy and Industry. Also in attendance was Sheikh Faisal bin Qassim Al-Thani, Chairman of Aamal, Ahmed Sadek Elsewedy, Chairman and CEO of Elsewedy Electric Group; Ahmed Fathi Elsewedy, General Manager of Elsewedy Cables Qatar and Commercial Director of Doha Cables, along with high level representatives from the financial and economic community.
“We are proud and honoured to be part of this important development in the Qatari economy, with our unique and market-leading project financing hereby being extended to the premiere plant of its kind in Qatar,” said George Nasra, Managing Director of IBQ of the significant developments.
“This investment is driven by IBQ’s strong belief that such initiatives are integral to Qatar’s infrastructure growth and future economic developments. The bank’s support of such important activities showcases just how committed we are to future growth of the Qatari economy, and it should also serve as a signal for further innovative ventures in the country that we want to continue to support the country’s growth in such critical fields,” Nasra added.
Doha Cables is the only factory in the country to produce the entire range of cables for energy and infrastructure, industry, buildings, as well as residential projects. The company’s product range includes power cables, special cables, overhead cables, and many more types of market leading products.
IBQ is one of the oldest existing banks operating in Qatar and has witnessed significant growth in the last few years. The bank was recently recognised as "the fastest moving bank in the Middle East” in The Banker magazine's Top 1,000 World Bank survey 2009.
“This is a highly significant step forward for Qatar’s infrastructure development on the whole, and we can now press forward with our ambitious development of this sector in the Qatari economy after the official opening of our manufacturing facility. We will now become important and active partners in the economic growth of the country. And it is important to point out that our partnership with IBQ has been integral to the successful completion of this project,” said Ahmed S. Elsewedy, Chairman and CEO of Elsewedy Electric Group.
25 May 2010 marked the successful and much celebrated completion of the project as well as the opening of the modern facility, with production capacity of 40,000 tons of copper per annum, spread across a total area of 70,000 square meters at the very heart of Mesaieed Industrial City. It will add considerable depth to the development of the Qatari economy and employs over 300 employees. First successful production output testing began in March this year, with full production operations now all set to commence.