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Posted on December 24, 2013

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

“I would like to take this opportunity to express our deep ongoing gratitude to HE Dr. Mohammed Bin Saleh Al Sada, Minister of Energy & Industry and Chairman of the Board of Nakilat, for his invaluable contribution to our activities and our success. We also thank al khaliji for their support of our shipyard joint ventures and their endorsement of the State of Qatar’s marine industry. In addition, we are thankful for the excellent support of Qatar Petroleum, Ras Laffan Industrial City and Nakilat’s Board of Directors.”

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.”

Nakilat is a Qatari marine transport company providing the essential transportation link in the State of Qatar’s LNG supply chain. Its LNG shipping fleet is the largest in the world, comprising 56 LNG vessels. Nakilat also manages and operates four large LPG carriers. Via two strategic joint ventures, N-KOM and NDSQ, Nakilat operates the ship repair and construction facilities at Erhama Bin Jaber Al Jalahma Shipyard. For more information visit: www.nakilat.com.qa.

N-KOM is a joint venture between the State of Qatar’s premier gas shipper Nakilat and leading offshore rig constructor and ship repairer Keppel Offshore & Marine Ltd (Keppel O&M) and was established in 2007. N-KOM offers a comprehensive range of repair, conversion, maintenance and fabrication services for marine vessels, offshore and onshore structures, at its world-class facility located within the Erhama Bin Jaber Al Jalahma Shipyard at the Port of Ras Laffan in the State of Qatar. For more information visit: www.nkom.com.qa.

NDSQ is a joint venture between Nakilat and Dutch shipbuilder Damen and is based at Erhama Bin Jaber Al Jalahma Shipyard in Ras Laffan, State of Qatar. NDSQ began operations in 2010 and builds ships in steel, aluminum and fiber reinforced plastic (FRP), up to 170m in length. For more information visit: www.ndsq.com.qa.

al khaliji is Qatar’s pioneer “next generation bank”, offering a full range of conventional banking products and services to premium, business, corporate and international customers in Qatar, UAE and France. Headquartered in Doha, al khaliji is one of Qatar’s leading banks and a member of the Qatar Exchange since 2007, with QR 34.6 billion in total assets and QR 17.8 billion in customer deposits as of September 30, 2013.

al khaliji was awarded an ‘A-‘ credit rating by international rating firm Fitch in 2011 and reaffirmed in 2012 and 2013, and has access to the international financial markets to provide long-term financing solutions to support large-scale Government hydrocarbon expansion and infrastructure development projects. This, coupled with al khaliji’s know-how and understanding of the requirements of its preferred clients through its select group of banking professionals, ensures that al khaliji is well-placed to harness the tremendous potential of the Qatari economy in the coming years. For more information visit: www.alkhaliji.com.

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