Barwa Bank, GMI sign QR113mn deal
TRIBUNE NEWS NETWORK
BARWA Bank, Qatar’s fastest growing Shari’ah compliant banking service provider, has entered into a QR113 million finance agreement with Gulf Medium Industries (GMI), for funding the establishment of a group of modern factories to manufacture premium highway products in Qatar.
The GMI, which started operations in April 2011, is set to become one of the leading manufacturers and suppliers of street light poles, road barriers, steel fabrications, signage poles and hot-dip galvanizing services.
The GMI is setting up factories to meet the market demand. They are scheduled to be opened in the second quarter of 2013 and will be equipped with sophisticated machinery and a team of qualified and experienced manpower.
Barwa Bank recognised the national start up’s potential and was keen to support its vision to build a world-class production facility delivering premium steel products to the ever-increasing local and regional markets demand.
Keith Bradley, general manager, head of banking, Barwa Bank said, “Barwa Bank is proud to support GMI, both as a local start-up and due to its compelling vision. Infrastructural projects are playing an increasingly important role in the local economy and responding to industry needs, GMI’s business plan is solid and promising. Barwa Bank has a strong presence in all sectors and intends to continue to participate in helping to grow national prosperity.” GMI Managing Director Adel al Sulaiman said, “The Qatari market is all about increasing investment in infrastructural projects, largely driven by the need to meet requirements of important national initiatives and major international events, including of course the 2022 World Cup.
“GMI was established to meet the demands of the local market and expand our presence into the surrounding region. Barwa Bank was prompt to respond and, having understood our long term vision and requirements, have provided the necessary finance to aid our launch and future expansion. The relationship has got off to a very strong start and we are looking forward to strengthening it over the coming months and years.” Capitalising on its strong financial situation and innovative suite of products and services, Barwa Bank will continue to work closely with the industrial sector and other main sectors to achieve its vision of becoming a universal Shari’ah compliant banking group based in Qatar.
Samy Khereldin, head of business banking, Barwa Bank added, “Barwa Bank Business Banking unit is committed to playing a pivotal role in enabling the local economy to reach its full potential across all sectors.
Qatar certainly offers an extremely dynamic business environment with a great deal of potential and opportunities and we intend to help facilitate start-up and existing SMEs to enable further growth and prosperity.”