Joannou & Parakskevaides (J&P), one of the region’s leading construction enterprises, has secured more than QR1 billion ($274 million) financing from Commercial Bank to cover the ambitious West Corridor project in Doha, Qatar.
A leading private lender in Qatar, Commercial Bank said it led a joint mandate club deal along with one of the major regional banks for facilitating finance to Joannou & Paraskevaides (Overseas), which had won the QR1.7-billion ($458 million) West Corridor deal from Public Works Authority (Ashghal).
The awarded project, expected to be completed next year, is part of the East-West Corridor Expressway which connects the Industrial Area to the Hamad International Airport.
This project comprises a 10.5-km-long section starting from west of the future Inner Orbital and extending to the west of the proposed Barwa City Access.
Ashghal awarded the deal to a joint venture of Joannou & Parakskevaides and J&P Avax (see Qatar Review).