Posted on September 18, 2014

Qatar Islamic Bank (QIB) – Qatar's leading Islamic Bank – is to be the official bank sponsor of the Qatar Contractors Forum and the second Annual Qatar Contractors Awards, to be held on 22 - 23 September 2014 at the Intercontinental - The City - Hotel in Qatar. The event is bringing together decision makers who are involved with various major projects in Qatar, to discuss the emerging challenges faced by contractors in the country, together with their projects, objectives, financial requirements, procurement strategies, finding reliable partners, and analysing funding options that will facilitate greater profitability.

This important economic forum is taking place at a time when the State of Qatar is undergoing a large urban renaissance in preparation to host the 2022 World Cup, and following Qatar National Vision 2030. Where massive Investments in Qatar’s infrastructure include the construction of the recently inaugurated Hamad International Airport, the new Doha port project and the Qatar Railways project – thought to be the world’s largest civil engineering project, for the design and construction of tunnels and stations for the initial phase of the Doha Metro. All of these and other related projects have multiple areas of construction contracts estimated to be worth up to $140 billion over the next five years.

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Bassel Gamal, QIB’s Group CEO, explained that there are prime reasons for QIB to take on the role of the Official Banking Partner of this event. “QIB is a leading Islamic financial institution in Qatar – and the region as a whole – to provide Islamic financial solutions for the implementation of large projects,” he said.  “As a national banking institution, we are fully committed towards supporting the current upswing in the country to help achieve the Qatar National Vision 2030. This is exactly why, since inception, we have given priority to financing the local market, which currently amounts to the biggest part of our financing portfolio,” Mr. Gamal added.

“QIB’s focus on the local market naturally reflects the availability of performing financing opportunities. The current economic boom in Qatar is the result of continuous economic growth in the past few years, making Qatar one of the strongest and fastest-growing economies worldwide. The increase in construction will present great opportunities as well as new challenges to the contractors who will deliver these projects. In light of this, QIB has a dedicated team which operates exclusively for this sector, so that we are able to offer customised Shari’a compliant solutions to fulfil the contractors’ financial requirements,” Bassel Gamal concluded.