South Korea-based Daewoo Engineering and Construction Co (Daewoo E&C) has secured a QAR1bn ($274.6M) financial package from Qatar Islamic Bank (QIB) to fund its ongoing projects in Qatar, including the construction and upgrading of the E-Ring Road.
The E-Ring Road project, valued at QAR2.25bn ($618M), will include the expansion of the number of lanes from eight to 14, the expansion of the highway by 4.5km and the construction of a new 4km-long section.
The contract was awarded to Daewoo E&C by the Public Work Authority (Ashghal) in September 2016.
In-Hwan CHO, Daewoo E&C head of finance, said: “Qatar is one of the key countries we are operating in and this is the second Financing deal signed with QIB following the 365M 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.”
* Data provided by Timetric's Construction Intelligence Center.