Al Khalij Provides Financing for Nakilat Shipyard JVs

Al Khalij Commercial Bank (al khaliji) QSC has provided financing for two Nakilat shipyard joint ventures, Nakilat-Keppel Offshore & Marine (N-KOM) and Nakilat Damen Shipyards Qatar (NDSQ) for $120m and US $40m respectively.

Signing for the financing worth a total of $160m was held at Nakilat’s headquarters on Tuesday 17 December and was attended by senior management of Nakilat, N-KOM, NDSQ and al khaliji.

Upon the occasion of the signing, Managing Director of Nakilat and Chairman of N-KOM and NDSQ Eng. Abdullah Fadhalah Al Sulaiti said: “This agreement is a clear demonstration of the strength of our businesses at Erhama Bin Jaber Al Jalahma Shipyard. N-KOM’s and NDSQ’s track records are testament to the success of the Emiri vision for a world-class marine industry within the State of Qatar. To date over 200 projects have been completed at Erhama Bin Jaber Al Jalahma Shipyard since its inauguration in 2010.”

al khaliji’s Group Chief Executive Officer Robin McCall commented on the financing agreement, saying: “The financing of Nakilat’s on-shore assets solidifies al khaliji’s position as a major player in the marine industry backed by our continued growth, our internationally recognized credit rating, and the trust our clients have placed in us to continue to deliver innovative financing solutions. Nakilat continues to play an instrumental role in establishing the State of Qatar’s marine industry and has built a strategic relationship with al khaliji.”

He further added, “As the State of Qatar continues to generate steady revenues from the hydrocarbon sector to support its plans of diversifying the economy, al khaliji will continue to play an important role in financing Oil & Gas and Marine Industry projects and supporting the country’s solid growth and progress.”

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Press Release, December 24, 2013